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Interest on HiSAVE accounts
We calculate interest on a daily basis on the total balance in your account at the end of the day, at the relevant gross rate (subject to you meeting our minimum balance criteria). Interest on HiSAVE Fixed Rate Accounts is non-cumulative (we do not pay compound interest i.e. interest is paid only on the initial amount invested).
Deposits: Interest is calculated from the working day on which we receive the deposit of funds into your HiSAVE account.
Withdrawals: Interest is paid on money transferred from your account up to the day of (but not including) the day of transfer.
HiSAVE Savings Account or HiSAVE SuperSaver Savings Account
You can choose whether you’d like your interest to be paid monthly or annually for HiSAVE Savings Account.
Interest is paid monthly for HiSAVE SuperSaver Savings Account.
With annual interest, interest is paid on 31 March each year.
With monthly interest, interest is paid on the last day of each month. If the last day is not a working day we will pay your interest on the following working day.
HiSAVE Fixed Rate Accounts
Your interest will be paid according to the terms of your account.
HiSAVE Fixed Rate Accounts (with a term of 12 months or less) - maturity interest: interest is paid at the end of the fixed term.
HiSAVE Fixed Rate Accounts (all other terms) - annual interest: interest is paid on the anniversary of the account opening.
For example, if you hold a two-year HiSAVE Fixed Rate Account opened on 15 August 2009, then you’ll receive yearly interest on 15 August 2010 and 15 August 2011, provided these are business days. If they’re non-business days you’ll receive your interest the following working day.
HiSAVE Fixed Rate Accounts (all terms) - monthly interest: interest is paid on the last day of the month. If the last day is not a working day, we will pay your interest the following working day.
HiSAVE Savings Account or HiSAVE SuperSaver Savings Account – interest is paid into this account.
HiSAVE Fixed Rate Accounts – interest is paid into your linked HiSAVE Savings Account or HiSAVE SuperSaver Savings Account. This will be set up for you when you open a HiSAVE Fixed Rate Account.
No. However you can set up regular payments from your HiSAVE Savings Account or HiSAVE SuperSaver Savings Account.
This is the interest rate set by the Bank of England. It acts as reference rate on which banks are prepared to lend money.
The base rate is set by the Bank of England’s Monetary Policy Committee, which meets every month to decide whether interest rates will remain the same or go up or down.
For more information, please visit the Bank of England website.
We are committed to keeping our savers informed about our interest rates. As per Hisave Terms and Conditions 11.10.2, we will communicate any change in interest rate to you by posting it on the Website, informing the Customer Service Centre and writing to you by post or email in the following ways:
- If the change is to your advantage, we will tell you about the change within 30 days of the change
- If a change in interest rate is not to your advantage, we will always notify you in advance of the change taking effect
- For Easy access savings accounts – we will inform you before any other changes about in advance a period of 30 days
- Where we reduce the interest rate on your account you will have an option to close your account (subject to that account’s terms and conditions) without incurring charges or loss of interest or switch to another account (subject to the terms and conditions of your existing HiSAVE and new account). If you wish to switch or close your account, please inform us accordingly.
Read the T&C for complete information.
For changes in the interest rate payable on the HiSAVE Fixed Rate Account, we will communicate the change to you by posting a notice on our website, informing our Customer Service Centre and writing to you by (by post or email) within 30 days of the change.
