Interest Rate Change 1st October 2013

30 September 2013

On October 1st 2013, the Society will be changing the interest rates paid on the majority of its savings accounts. As you may be aware, the Financial Services industry is currently undergoing significant challenges regarding the level of interest rates paid to savers. Interest rates for savings accounts in general have experienced a notable decrease in recent months. The Society’s policy has always been to protect our loyal customer base for as long as possible.

However due to the reductions in interest rates offered by our competitors in the market, the Society has decided to reduce the interest rate paid to savings customers on certain accounts. However, we have also reviewed some of our other accounts and increased the rate on these. Some interest rates also remain unchanged.

As detailed in our General Terms & Conditions for Savings Accounts, the Society may alter interest rates at any time, if we reasonably believe that the change is needed to reflect changes to interest rates generally (including the interest rates paid on similar accounts by other providers of financial services). This is covered in our General Terms & Conditions for Savings Accounts, condition 6.12.

Click here to access the Society’s latest Interest Rate Guide, showing all the interest rates paid to savers as at 1st October 2013. Alternatively, you can view the separate interest rates pages for all our savings products (both current and closed accounts) by clicking here.

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