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Interest Rates

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Correct as of 24 March 2009

Classic Account interest rate

Standard rates Bonus rate for customers with maturing Wesleyan policies^
Account balance AER* Gross** Net*** AER* Gross** Net***
£5,000+ 0.50% 0.50% 0.40% 0.84% 1.50% 1.20%
£1,000 - £5,000 0.10% 0.10% 0.08% 0.57% 1.50% 1.20%
£100 - £1,000 0.10% 0.10% 0.08% 0.10% 0.10% 0.08%
Under £100 0.10% 0.10% 0.08% 0.10% 0.10% 0.08%

Interest is calculated on the daily cleared balance of the account and is added to the account twice a year on 30 June and 31 December.

^The bonus rate is guaranteed to be at least equal to base rate for six months following the first maturity or surrender deposit (the offer is for Wesleyan and Wesleyan Medical Sickness customers investing funds from a maturing or surrendered policy), for balances over £1,000.

The bonus rate will apply to the full balance of the account if this is over £1,000. After six months the rates will drop back to the standard account rates as shown above.

Privilege Account interest rate

Standard rates Bonus rate for customers with maturing Wesleyan policies^
Account balance AER* Gross** Net*** AER* Gross** Net***
£10,000+ 1.00% 1.00% 0.80% 1.17% 1.50% 1.20%
£5,000 - £10,000 0.75% 0.75%
 0.60% 1.00% 1.50% 1.20%
£1,000 - £5,000 0.10% 0.10% 0.08% 0.57% 1.50% 1.20%
Under £1,000 0.10% 0.10% 0.08% 0.10% 0.10% 0.08%

Interest is calculated on the daily cleared balance of the account and is added to the account twice a year on 30 June and 31 December.

^The bonus rate is guaranteed to be at least equal to base rate for six months following the first maturity or surrender deposit (the offer is for Wesleyanand Wesleyan Medical Sickness customers investing funds from a maturing or surrendered policy), for balances over £1,000.

The bonus rate will apply to the full balance of the account if this is over £1,000. After six months the rates will drop back to the standard account rates shown above.

Cheque Account interest rate

Account balance AER* Gross** NET***
£10,000+ 0.10% 0.10% 0.08%
£5,000 - £10,000 0.10% 0.10% 0.08%
£1,000 - £5,000 0.10% 0.10% 0.08%
Under £1,000 0.10% 0.10% 0.08%

Interest is calculated on the daily cleared balance or the account and is added to the account quarterly on the last day or March, June, September & December.

Cash ISA interest rate

Balance Gross p.a.**/AER*
£9,000 + 2.00%
£3,001 - £9,000 1.75%
£100 - £3,000 1.00%
Under £100 0.10%

Interest on the Wesleyan Bank Cash ISA is exempt from income tax. The interest on the Cash ISA is at a rate of no lower than 1.5% below the Bank of England Base Rate and may vary in line with changes to the base rate. Interest is calculated on the daily cleared balance of the account and added to the account annually on 5 April.

Wesleyan SIPP Trustee Bank Account interest rate

Balance AER* Gross p.a.**
£5,000 and over 0.50% 0.50%
£1 - £4,999 0.10% 0.10%

Interest on the Wesleyan SIPP Trustee Bank Account is paid without the deduction of tax and is calculated on the daily cleared balance of the account. Interest rates are tiered and apply to the portion of the balance according to the rate applicable to the band into which it falls. Interest will be added to the account twice a year on 30 June and 31 December.


* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest rate was paid and compounded each year As every advert 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.

** Without UK tax deducted

*** at 20% lower rate for illustrative purposes.

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