AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisem*nt for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.
krbs, Kent Reliance Banking Services and Kent Reliance are trading names of OneSavings Bank plc. Registered in England and Wales (company number 7312896). Registered office: Reliance House, Sun Pier, Chatham, Kent, ME4 4ET. OneSavings Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (registered number 530504). We subscribe to the Financial Services Compensation Scheme and the Financial Ombudsman Service. Visit the MoneyHelper
Why Trust Us? As of June 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
In 2014, the Society passed the management of the Kent Reliance branch network to the Bank and its primary activity has since been to distribute the dividend income it receives from its assets, the shares it holds in OSB GROUP PLC, to charity.
A 1 year fixed rate cash ISA from Kent Reliance means you will know exactly how much tax-free interest you will earn. You can also earn a regular income from your ISA with monthly interest.
Unlike instant-access ISAs, you won't be able to touch your money until the fixed term ends. But, the interest rate will often be higher. Fixed Rate ISAs also offer tax benefits compared to traditional savings accounts. Any interest you earn is tax-free, as long as you stick to the £20,000 annual allowance.
If you do need to access your money early, you may face a penalty. If interest rates rise, and you're locked into a fixed-rate ISA, you won't be able to benefit.
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