| Tier 1 | ||
| Balance | Gross % | AER % |
| £1 – £999.99 | 0.50 | 0.50 |
| Tier 2 | ||||
| Balance | First 12 months | After 12 months | ||
| Gross % | AER % | Gross % | AER % | |
| £1,000 – £9,999.99 | 1.30 | 1.30 | 0.50 | 0.50 |
| Tier 3 | ||||
| Balance | First 12 months | After 12 months | ||
| Gross % | AER % | Gross % | AER % | |
| £10,000 – £19,999.99 | 1.50 | 1.50 | 0.50 | 0.50 |
| Tier 4 | ||||
| Balance | First 12 months | After 12 months | ||
| Gross % | AER % | Gross % | AER % | |
| £20,000 – £49,999.99 | 1.60 | 1.60 | 0.50 | 0.50 |
| Tier 5 | ||||
| Balance | First 12 months | After 12 months | ||
| Gross % | AER % | Gross % | AER % | |
| £50,000+ | 1.70 | 1.70 | 0.50 | 0.50 |
Open an AA Internet Extra (Issue 10)
All rates are variable. Rates correct at 1 February 2013.
If you would like to transfer your existing AA Internet Extra into our AA Internet Extra (Issue 10), just call us on 0845 603 3358. We will transfer your account on the day you call.
AER stands for annual equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once a year. As every advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.
Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
| Account name | AA Internet Extra (Issue 10) |
| Interest rates (gross/AERs) | Balances of £1 to £999.99 earn 0.50% gross/AER variable Balances of £1,000 to £9,999.99 earn 1.30% gross/AER variable including a fixed 12-month bonus of 0.80% Balances of £10,000 to £19,999.99 earn 1.50% gross/AER variable including a fixed 12-month bonus of 1.00% Balances of £20,000 to £49,999.99 earn 1.60% gross/AER variable including a fixed 12-month bonus of 1.10% Balances of £50,000+ earn 1.70% gross/AER variable including a fixed 12-month bonus of 1.20% After 12 months, the rates that include a bonus, will revert to the variable rate without bonus, currently 0.50% gross/AER variable |
| Tax status | Interest will be paid net after the deduction of income tax (currently 20%) unless you register your account to receive gross interest |
| Conditions for bonus payment | A fixed bonus will be paid for the first 12 months from the date of the first deposit, as long as your balance remains £1,000 or over. For everyday in the first 12 months your balance is less than £1,000 your interest rate will be 0.50% gross/AER variable. |
| Withdrawal arrangements | Unlimited withdrawals online via your linked account |
| Access | Online |
AER stands for annual equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once a year. As every advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.
Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
Our agreement with you is made up of general conditions contained in the AA General Investment Conditions (General Conditions) and the AA Internet Extra Issue 10 (the Account) conditions below. If there is any overlap or conflict between the account conditions and the General Conditions, the account conditions apply. In these conditions 'we', 'our' and 'us' means Bank of Scotland plc – Birmingham Midshires is a division of Bank of Scotland.
The Account is a variable interest rate savings account that is operated online, and we treat this as a payment account. We explain what a payment account is in condition 1 of the General Conditions. You will see from conditions 18 and 19 of those conditions that we may treat payment and non-payment accounts differently if we make any changes to your conditions or interest rate.
1. Eligibility
1.1 To have an Account you must be 18 or over and resident in the UK.
2. Opening and using your account
2.1 The minimum opening balance for this account is £1,000. The maximum balance is £1 million.
2.2 Your opening payment should be a cheque from your linked account made payable to yourself (see Condition 6 for more information about your linked account). Your name must be pre-printed on the cheque. Once we have made sure the details on the cheque match your linked account we will pay it into your Account.
2.3 To run your Account you must contact us online. We will not accept instructions by email or post, other than as outlined in condition 2.5.
2.4 This Account is only available as a sole account so it cannot be held in joint names. You can only open the Account in your own name.
2.5 You will need to write to us to change your personal details, as these cannot be changed by telephone or online.
3. Putting money in your account
3.1 Deposits into your Account are unlimited, subject to the maximum balance in condition 2.1.
3.2 After your first payment in by cheque (referred to in condition 2.2) any payment in must be made by direct debit from your linked account and deposits by cheque will not be allowed.
4. Taking money out of the account
4.1 There is no restriction on the number of withdrawals you can make from the Account.
4.2 When you ask us to do so, we will move money from your Account to your linked account by faster payments service. There will be no charge for this. Withdrawal by cheque will not be allowed.
5. Interest
5.1 Interest is calculated daily.
5.2 The Account pays variable interest and the rate will depend on the balance in your Account. You can find the out the current interest rates by visiting our website at theaa.com/savings.
5.3 We will pay you a bonus on the money in your Account from the day we start to pay interest on your opening cheque deposit (see condition 5.2 of the General Conditions) until 12 months after the date we credit that deposit to your account. The bonus will be paid into the account that your interest is paid into – see condition 5.4 for more information.
5.4 Interest is paid yearly and will be paid 12 months after the date we credit your Account with your opening deposit, or if that is not a bank working day, the first bank working day after that. Interest can be paid into your Account, to another AA account or to another bank or building society account – you will make this choice when you open your Account. Interest payments will reach non-AA accounts on the next bank working day.
6. Linked account
6.1 You must set up one linked account to operate your Account. A linked account must be a personal current account with direct debit facilities at a UK bank or building society. The linked account must be in your name. It may be in your name jointly with another person, but only if either of you can set up direct debits on the linked account. You will be able to transfer money between your Account and your linked account. The same conditions apply to any new linked account you may set up. If you wish to change your linked account details, you may amend them by deleting the original and adding another while online.
7. Cancellation
7.1 If you are not happy with your Account, you can cancel it within 14 days of opening your Account. Even if you miss the 14 day deadline, you may still close your account at any time. There are no charges for cancelling or closing your Account and you do not have to give any advance notice. To cancel this agreement please close the Account online and we will transfer any money you have paid in, together with any interest due, to your linked account.
Issue date 1 February 2013
