Savings rate calculator

We've introduced tiered interest rates on our variable rate savings products. Changing how we apply interest means we can increase rates on lower balances, helping more members.

The balance and interest rate are calculated presuming:

  • There will be no withdrawals made within the 12 months
  • There are no changes to the current interest rate
  • All interest earned is added to the account
  • Where a savings product has a fixed rate term of over 12 months, interest will be added at the end of the fixed term

How tiered interest works

Products with two interest rate tiers

Balance up to £20,000 £20,000.01 and above
3.95% 3.85%
For example, the balance of £30,000 earns interest across two different rates; the first £20,000 earns 3.95% interest and the additional £10,000 earns 3.85%. After 12 months, your estimated balance would be £31,175.00 using a blended interest rate of 3.91% based on the rates in both tiers
Saving balance of £30k
Image of graph with scale on the left hand side with £30k at the top down through £20k and £10k to £0. There is light red shading at the top with a label that says tier 2 and 3.85% on balances above £20k and dark red shading at the bottom with a label that says tier 1 and 3.95% on balances up to £20k.