From the 1 August 2024, we'll be reducing our M Plus, Club M and M Power Account rates.
Rates until 31 July 2024
| Balance | Gross (% p.a.) | AER (% p.a.) |
|---|---|---|
| Balances up to £1,000 | 2.00% | 2.02% |
| Balances over £1,000 | 0% | 0% |
New rate - from 1 August 2024
| Balance | Gross (% p.a.) | AER (% p.a.) |
|---|---|---|
| Balances up to £1,000 | 1.00% | 1.00% |
| Balances over £1,000 | 0% | 0% |
AER Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Gross rate interest payable without taking account of any tax payable. Credit interest is Calculated daily on the cleared credit balance in your account.