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| The information contained in this table summarises key product features and does not replace any terms and conditions. |
Summary Box
Key Product Information for our Egg Savings Account (Internet) |
| Account name | Egg Savings Account (Internet) | | Interest rates (AERs) | 2.50% gross pa/AER variable (includes an introductory 12 month fixed bonus rate of 1.25% gross pa from the date your account is opened) on balances up to £1,000,000. No interest is payable on balances over £1,000,000 during introductory bonus offer period.
After 12 months our standard variable rate will apply - currently 1.25% gross pa/AER (variable). | | Tax status | Interest is paid net of basic rate unless you are eligible to receive gross interest in which case you must notify us. | | Conditions for bonus payment | The bonus rate only applies to new accounts and to new money into Egg that is not already held within an existing Egg Savings Account (Internet) or Egg Savings Account (Investor). |
| Withdrawal arrangements | No notice period or penalties for withdrawals. | | Access | Online. |
Minimum deposit £1, maximum deposit for the first 12 months £1,000,000. Any balances above £1,000,000 will receive no interest on that portion of their money during the first 12 months. After the first 12 months there is no maximum. Interest is paid annually.
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Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. In other words, the figure you see is the rate that will be used to work out the interest you'll be paid before income tax is taken off.
AER means the Annual Equivalent Rate and is a notional rate which illustrates the contractual interest rate as if paid and compounded on an annual basis.
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.
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