The terms of accounts included in our 'reference group' must meet the following criteria:
- Interest rate: Unconditional and independently set. This means that the interest rate offered must not be linked to other rates or indices, such as Bank of England Bank Rate, or to groups of other savings products and with no part of the interest being a time limited additional interest rate, bonus rate or otherwise on conditional terms, for example not exceeding a set number of withdrawals.
- No opening restrictions: Stand alone accounts only, by which we mean that the account terms must not require other accounts to be opened or other products purchased in order to qualify for the advertised interest rate.
- Availability: Accounts must be available to individuals resident anywhere in the UK aged 25 years or older.
- Withdrawals: Available immediately with no notice or penalty.
- Account operation: Opened and operated by post or telephone or internet.
- Affinity accounts: We exclude accounts which require membership of a third party organisation or which include a donation to such an organisation.
- Duplication: We only include one account where a company or group of companies offers accounts on similar terms across more than one brand and / or distribution channel.
The firms included in the reference group and / or the criteria for inclusion of accounts may be changed by us giving three calendar months advance notice to do so. Notification of such changes will be published alongside a quarterly review outcome on our website.
Unless we have made a clear calculation error then our determination of the interest rate at each review date will be binding upon account holders.