Easy Access

Summary box

Account Name

Easy Access Issue 1.

What is the interest rate?

• 4.21% Gross*/4.29% AER** (variable) – Monthly

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

Glossary of Terms

*Gross means interest is paid without tax being deducted.

If you choose to have your interest paid to your nominated bank account, you will receive the monthly gross interest each month. If you choose to leave this interest in your savings account, the interest will be compounded over 12 months and will equate to the AER rate.

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

Any time an advertisement for a savings account shows an interest rate, it will also show the AER. This means you’ll be able to easily compare the return you can expect from your savings over time.

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 is based on 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 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 open and manage your account online. We do not accept joint account applications. You can open more than one easy access account.

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

You can add money to your Easy Access account at any time using your nominated bank account, which you provide during your application.

The minimum balance for Easy Access is £1 and the maximum balance is £250,000.

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

– be at least 18 years of age
– 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 a US person on your worldwide income).

The maximum amount that 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. The treatment of your account for tax purposes will depend on your individual circumstances and you may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please visit HMRC website www.gov.uk and search ‘Personal Savings Allowance’. The tax information provided is based on our understanding of current law and HMRC practice, both of which may change.

We use a payments provider called Modulr. 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.