The current interest rate on the account is variable and specified as an Annual Equivalent Rate ("AER"). The AER allows you to see what you could earn over the full course of a year.
The interest rate on your account is based on the Bank of England base rate (“base rate”). The interest rate you receive is equal to the base rate (gross) minus 0.73% (the “margin”), as determined by Marygold & Co. and Griffin.
To monitor the Bank of England base rate visit this page.
If at any point the base rate is equal to or below the margin, the interest rate you will receive will be 0.00%.
Interest accrues daily, based on the balance available in your account, and is paid monthly on the first calendar day of the following month.
If you close your account at any point in the month, interest accrued up until that point will be paid immediately and no further interest will be accrued.