4. Interest & Statements

When is interest paid?

Interest is paid annually on 31 December or upon closure of your account.

What is the interest rate?

The interest rate for this product can be viewed either on our website or online at MyBankOffshore.

• Website – Click on Interest Rates to find all current and previous interest rates.
• MyBankOffshore – Once you have logged in, click on your eSaver Offshore (Issue 2) account number to view your interest rate.

Interest is not payable below the minimum balance of £15,000.

Taxation of interest

One of the main benefits to saving with an international bank based on the Isle of Man is that, subject to your circumstances, interest on your savings can be paid without deduction of tax. Many people prefer to receive their interest gross because it allows them to manage their own financial affairs more efficiently. Benefits may be gained for example from the deferral of payment of any tax due on interest.

All customers should note that it is their responsibility to declare interest earned to the relevant tax authority. Customers who are residents of an EU member state are subject to the European Union Savings Tax Directive which requires information on interest payments to be supplied to the relevant EU member state tax authority. Further details can be found in the accompanying General Terms & Conditions (clause 9.4) or by referring to our EUSD User Guide.

How do I change the account to which my interest is paid?

Login to MyBankOffshore and send us a secure message advising us of your new account details to which your interest is to be paid. One of our advisors will process your new details.

How often will I receive a statement?

Statements for this account are provided online and may be accessed at any time on MyBankOffshore. You may print your online statement for any time period you choose. Paper Statements or paper Certificates of Interest are not routinely provided for this type of account, though can be supplied in return for a fee. Please see Section 8 of this guide for more information.