monthly income bond
Do you want a monthly income from your savings?
With our Monthly Income Bond we can help make your savings work hard for you. With your interest paid monthly, it has been especially designed to give you a regular income from your investment. To give you easy access, you can choose whether to have your interest paid into another of our savings accounts or direct into your bank account.
You can open an account with £10,000 and save more whenever you wish. And if you do need access to your savings at any time, you can give us 60 days' notice to withdraw from your account without losing interest.
So if you want a Monthly Income account which makes your savings work for you, take a closer look.
What are the full terms and conditions?
- Account name:
- Monthly Income Bond
- Minimum amount to open the account:
- £10,000.00
- Maximum Investment:
- £500,000.00
- Investment conditions:
- You can make investments at any branch or agency or by post, and at any time, until you reach the maximum balance of £500,000.
- Withdrawal conditions:
- You can withdraw money at branch or agency (subject to their withdrawal limits) or by post. You can withdraw money at any time, but unless you give us the required notice, you will lose 60 days' interest on the amount you withdraw.
If the balance in the Bond falls below £10,000 after you have made a withdrawal you will earn interest at a rate equivalent to the £1+ band of our Instant Access Account for the period of the time the balance remains below £10,000. - Notice period:
- You can give us 60 days' notice to withdraw money from the account without losing interest.
If you choose to make an immediate withdrawal, or you do not give us the full 60 days' notice, you will lose 60 days' interest on the amount you withdraw. - Interest payment:
- Interest is calculated on a daily basis and is paid monthly. It can be transferred to another appropriate Darlington Building Society account or credited direct to your bank account. It cannot be added to this bond.
- Eligibility:
- The Bond may be held in single or joint names. You can hold an accounts in trust for someone else.
- Notes:
- As this bond is a limited edition it may be closed to investors by the Society at any time without notice.
Current interest rates
| Amount | Gross * | Gross AER # | Net * |
|---|---|---|---|
| £10000+ | 5.60% | 5.60% | 4.48% |
Please make sure that you have read and fully understand the full terms and conditions before you decide to open this account. If you need any further information please telephone 01325 366366, email sales@darlington.co.uk or contact your local branch.
You should also read our general terms and conditions which you can download to the left of this page and which also form part of the terms and conditions of this account.
We are part of the Financial Services Compensation Scheme.
* - The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, and the net rate is the rate of interest which would be payable after allowing for the deduction of income tax at the specified rate. Interest will be payable net after the lower rate of income tax has been deducted or, subject to the required certification, gross. Where the tax deducted exceeds an investor's tax liability (if any), a claim may be made to the Inland Revenue for repayment of tax. For individuals whose income falls within the lower or basic rate bands, the tax deducted will match their liability to tax on the interest and they will have no more tax to pay on it. Individuals who are liable at the higher rate of income tax of 40% will have to pay an additional tax on the interest to cover the difference between the tax deducted and the higher rate of tax due.
# - A.E.R. stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
