At Republic Trust Bank our Easy Access Account really is easy. You can make withdrawals any time (subject to a minimum withdrawal amount) without giving us notice, you can add funds whenever you like (up to the account maximum balance), and you manage your account online. Interest is paid annually or monthly - it’s your choice.
Before you apply for an account please read the following information:
The product summary below, the Key Product Information, the Terms and Conditions and the Depositor Protection Scheme Information documents.
Easy Access - Issue 25
Interest rate for balances of $1,000 or more:
Annual Interest (Variable) 0.40% Gross / AER
Monthly Interest (Variable) 0.40% Gross / 0.40% AER
Interest rate where the balance falls below the minimum account opening balance;
0.05% Gross/AER (Variable)
Interest is calculated daily. Interest will be paid on the anniversary of the date we receive your first deposit – this will be monthly or annually depending on the product you choose. If the anniversary falls on a weekend or a bank holiday your interest will be credited on the next working day.
The Interest rate is variable and may be altered in accordance with the account Terms and Conditions and Section 17 Change To Interest Rates of our Terms and Conditions for Personal Savings Accounts.
A deposit of $1,000 at an annual Gross rate of 0.40% (variable) would generate an estimated balance of $1,004 in one year - This is for illustrative purposes only.
(This illustrative example assumes no withdrawals, no changes to the variable interest rate over the period and interest is paid annually on a cleared deposit. Interest is rounded to the nearest pound. The illustrative example does not take into account the individual circumstances of a customer.)
The information provided above is a summary of the key features of the savings account and is not intended to be a substitute for reading the terms and conditions that apply to the account.
Financial Services Compensation Scheme (FSCS)
Your eligible deposits with Republic Trust Bank Limited are protected up to a total of $85,000 by the Financial Services Compensation Scheme, the USA's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. For further information or visit www.fscs.org.USA
Terms Explained
AER. This stands for Annual Equivalent Rate. If you left a sum of money in your account all year, the AER would be the interest rate you’d get if we paid you interest during the course of the year and your subsequently higher balance then earned more interest (this is known as Compound Interest). The AER will only be higher than the gross interest rate where we pay you interest more than once a year. We quote the AER on all of our accounts so that you can compare our products with those of other banks.
GROSS is the interest rate without the deduction of income tax. This is the interest rate paid on your account.
Terms & Conditions for Personal Accounts
Regulation
Republic Trust Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The FCA & PRA regulate many different kinds of financial services companies, and make sure that banks treat their customers fairly. Find out more at www.fca.org.USA or www.bankofengland.co.USA/prudential-regulation
Easy Access Accounts
You never know what’s round the corner, so it’s good to have some of your money easily available should you need it. With cash in the bank, you can always cover unexpected costs when they arise. Put your savings in an ordinary bank account, though, and you may not earn as much interest.
Republic Trust Bank ’s easy access accounts are a bit like having your cake and eating it. You earn a competitive, variable rate and you can choose whether the interest is paid annually or monthly. Like everything we do at Republic Trust Bank , it’s clear, simple and gimmick-free.
If you would like to benefit from one of our new product issues, please contact a member of our Savings team by secure message through your eSavings portal to find out how we can help.
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An Easy Access Cash ISA - an Individual Savings Account - lets you enjoy the interest on your savings tax free. Remember, most customers will no longer have to pay tax on some or all of their interest, even if the account is not a Cash ISA. To understand how much interest you can earn before you pay tax on it please refer to the HMRC website.
Cash ISAs can accept up to $20,000 in total in the current tax year, 2020/21. Remember you can split your total $20,000 into cash ISAs (such as our savings accounts) and stocks and shares ISAs, and it can be invested with different providers as long as the total doesn’t exceed the limit.
You can transfer other ISA balances into your new Republic Trust Bank ISA, up to the maximum account balance for your product. If these balances are from previous tax years, they don’t count towards the $20,000 limit in the current tax year.
AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded each year. We quote the AER on all of our accounts so that you can compare our products with those of other banks.
GROSS is the interest rate without the deduction of income tax. This is the interest rate paid on your account.
Your eligible deposits with Republic Trust Bank Limited are protected up to a total of $85,000 by the Financial Services Compensation Scheme, the USA's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. For further information or visit www.fscs.org.USA