Round-Up Account Terms and Conditions
Choose to round up your spending to the nearest £1, and we’ll autosave the difference for you in a round-up account. Then, we'll give your round-up balance a 5% AER (4.89% gross) variable interest boost.
Things to know about the account:
- you can’t make payments into the account other than through round-ups on debit card payments;
- you can only withdraw money by transferring funds to other accounts held with us or other UK banks;
- you can’t make debit card payments, set up Direct Debits or standing orders, or have an overdraft; and
- you can’t spend directly from the account.
These terms add to the General Terms and Conditions. If there's a conflict between any term in the General Terms and Conditions and one here, then the terms here will apply.
You can find a copy of these terms and the General Terms and Conditions in the app.
Other things to be aware of
About the account: The round-up account will accelerate your savings on round-up payments when you're using your debit card for normal payments for everyday goods and services. We'll pay interest at a rate of 5% AER (variable) per annum.
Annual transfer: We’ll transfer any funds (including interest) in the account to an account of your choosing annually.
If you close your other accounts: You must have at least one account (in addition to the round-up account) open at any time to continue to hold the round-up account.
We'll close the round-up account and transfer any funds (including interest) in it to you when the last of your other accounts held with us is closed.
You may only hold one round-up account at any time.
Closing the account: You can close the round-up account at any time without charge, in addition to any statutory cancellation rights you might have. We'll transfer any funds held in it (including interest) to you.
AER and gross: AER is short for Annual Equivalent Rate and shows the interest rate for a year, taking into account any interest payments made during the year. The AER enables you to easily compare the interest rates on accounts from different banks/building societies where interest may be calculated or paid at different frequencies/times.
Gross is the interest rate used to calculate your monthly interest payments, before tax.