Easy Access

Product summary

Account Name

Easy Access.

What is the interest rate?

• 4.21% Gross*/4.29% AER** – Paid monthly

Interest is calculated daily. Interest is paid monthly, starting one calendar month after we receive your initial deposit.

Glossary of Terms

• *Gross: Is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. The payment is made monthly.
• **AER: AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if paid and compounded each year.

Can Hodge Bank change the interest rate?

Yes. Your interest rate is variable, which means we may increase or decrease your interest rate. If we change the interest rates we’ll email you to let you know. When we increase interest rates, we’ll tell you as soon as we can. If we reduce the rate, we’ll give you at least 14 days’ notice of the interest rate change. The reasons we might change your interest rate are explained in your Terms and Conditions.

What would the estimated balance be after 12 months based on deposit of £1,000?

£1042.9

This illustrative example assumes one initial deposit of £1,000, with no further deposits or withdrawals, no changes to the interest rate, with interest paid monthly and added to the Hodge savings account. This projection is provided for illustrative purposes only and does not take into account the individual circumstances of a customer.

How do I open and manage my account?

You can open your account online and manage it using online banking.

You will need to pay your initial deposit into your Easy Access account within 14 days of account opening. The minimum initial deposit is £1.

You can add money to your Easy Access account at any time using your nominated bank, which you provide during your application. The minimum deposit permitted is £1.

The maximum balance allowed in your Easy Access Account is £250,000.

We use a payments provider called Modulr. When making a payment to your Hodge account, you may notice a reference to Modulr Finance when setting up payee details. This allows you to confirm you’re paying the correct amount and means we receive your payment more quickly.

To be eligible for a Hodge savings account, you must:

– be aged 18 years or older
– be living in the UK and a UK tax resident only
– hold a UK National Insurance number
– hold a valid unique email address
– hold a valid UK mobile number
– hold a UK current account in your name
– not be a US citizen (a resident, green card holder, or US person on your worldwide income).

The maximum amount that may be held by you can hold with us across all products may not in aggregate exceed £5,000,000 but we may waive this limit at our absolute discretion.

Can I withdraw money?

You can withdraw money from your Easy Access account at any time. The minimum withdrawal permitted is £1.

The minimum balance permitted in your account is £1. If your balance falls below £1, your account will be closed.

To withdraw money from your Easy Access account, log in to online banking.

Withdrawals are made using faster payments to your nominated bank account, which you provide during your application. You’ll usually receive your money on the same day the withdrawal is made. On the rare occasion of any delays, you’ll receive your money by the end of the next working day.

Additional Information

If, after 14 days of account opening, no money has been added to your account, then we will close the account.

We will pay interest without tax deducted. However, if the total amount of interest you earn exceeds your Personal Savings Allowance then you may have to pay tax directly to HMRC. For more information visit www.gov.uk and search ‘Personal Savings Allowance’.