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Your statement explained

Your statement shows the interest paid within the statement period 6 April 2024 to 5 April 2025. Interest is paid on different dates depending on the type of account you hold. The interest shown on your statement relates to the period from 6 April 2024 to 5 April 2025, but the actual payment date may differ for each account.

Here’s how interest is paid for different types of accounts:

Fixed Term ISAs & Bonds: Annual interest is paid on the anniversary of your account opening (or at maturity if it’s a 1 year fixed term). You can see your maturity date on your statement.

ISAs (variable rate): Annual interest is paid on 6 April.

Variable Rate Accounts (excluding ISAs): Annual Interest is paid on 1 January. If your account is a Monthly Saver, 30 Day Direct or 60 Day Direct, your interest is paid on the anniversary of your account opening.

Monthly interest: Monthly interest for fixed term bonds is paid one month after your account opening, and every month after that. Monthly interest for an ISA is paid on the 6th of each month. For variable non-ISA accounts, interest is paid on the 1st.

Need help understanding your statement?

Our statement explanatory guide can help you understand when interest has been paid on your variable rate savings account, including a list of all variable rate changes throughout the year.

Summary Rate Guide and Statement Explanatory Notes

FSCS Information Sheet and Exclusion List

Different types of accounts pay interest at different times, the date varies depending on which type of account you hold:

  • Fixed Term ISAs & Bonds: Annual interest is paid on the anniversary of your account opening or at maturity. If your fixed-term account hasn’t reached its anniversary or maturity by 5 April 2025, no interest will be paid during the statement period, and the statement will show zero interest. You can see your maturity date on your statement.
  • ISAs (variable rate): Annual interest is paid on 6 April. Interest earned during the statement period (6 April 2024 – 5 April 2025) won’t appear on this statement. It will be paid on 6 April 2025 and will show on next year's statement.
  • Variable Rate Accounts (excluding ISAs and online accounts): Annual interest for these accounts is paid on 1 January each year. The interest earned from 1 January 2024 to 31 December 2024 is paid on 1 January 2025, and this will appear on your statement issued in April 2025.
    • If your account is a Monthly Saver, 30 Day Direct or 60 Day Direct, your interest is paid on the anniversary of your account opening.
    • If you have a variable account, the rate may have changed throughout the year, so the total amount of interest paid may have been calculated at different rates.
    • If you are unsure when interest is paid on your variable account, or your previous interest rates, you can find this information in our Statement explanatory notes.

If you have a variable rate savings account, your interest is calculated daily based on the balance in your account and the interest rate at that time. If the interest rate changes during the year, your interest is calculated using the rate in effect for each period.

For example:

  • If your account had a 3.00% interest rate from January to June, interest was calculated daily at that rate during this period.
  • If the rate then decreased 2.50% from July to December, interest was calculated daily at the new lower rate from that point onward.

Your annual statement will show the total interest paid to you during the statement period, based on all rate changes throughout the year.

You can read our Statement explanatory notes to see a full list of variable rate changes for your account.

If you have an online account, (i.e. your account name includes ‘online’), you will receive a digital statement via the online platform. If your account is an online ISA you’ll receive a statement in April, all other online accounts receive a statement in January. Other accounts, such as fixed term bonds and ISA’s, that are opened online will receive a statement by post.

If you have a joint account, you will receive a separate statement addressed to you and your joint account holder(s). So you may receive more than one statement if you have personal accounts and joint accounts.

If you have closed an account, this account won’t appear on your statement, but you can request one by contacting us.

You can request a tax statement through secure message (via the online platform), calling us or visiting your local branch.