|What is the interest rate?
||Balances of £5,000 - £49,999 0.50% Gross / AER
Balances of £50,000 - £99,999 0.75% Gross / AER
Balances of £100,000+ 1.00% Gross / AER
there is no bonus interest payable.
Interest is variable and calculated daily on the cleared balance. Interest will be applied to the account on the last business day of each month.
|Can Harrods Bank Ltd change the interest rate?
||Interest is variable and we may change the interest rate paid on your account balance.
In line with 27.1 of our T&Cs we may make such changes without notice if the change is in your favour and will inform you of such change within 30 days and in all other cases we will give you at least two months' prior notice of any change we make.
|What would the estimated balance be after 12 months based on a £20,000 deposit?
Assuming an open day of 21 November 2016 and no rate changes. Provided for illustration only and does not take individual circumstances into account.
|How do I open and manage my account?
||These accounts are only open to individuals of 18 years and above.
Account can be opened by postal application or by visiting our branch.
Minimum Deposit £5000
Maximum Deposit £2,500,000
Once open, you can manage your account by phone, by post or in branch. For more information see Contact Us.
|Can I withdraw money?
||Cash at counter – Harrods Bank Ltd.
By arrangement – postal or telephone request.
35 days notice is required for withdrawals. Penalty for early withdrawal – penalty interest (equivalent to the notice period calculated on the amount withdrawn) will be charged.
||Interest is paid at the Gross rate without deducting any tax. Any interest earned will count towards your Personal Savings Allowance and you will be responsible for paying any tax due on interest credited to your account. Please refer to HMRC for further details.
The Bank has the right to withdraw the product at any time and you will not be informed in writing if the Bank does so (please note this does not apply to existing holders of this account).