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BREXIT OPTIMIST BOND

The Brexit Bond key features are: 

  • Fixed interest rate of 1% per annum gross, payable until 1 May 2019
  • Interest added to the account annually on 30 April and on maturity
  • If payable, bonus interest will be added to the account on 30 April 2019
  • Save from £10,000 up to to £150,000
  • You cannot switch between the Optimist Bond and Pessimist Bond once your chosen account has been opened
  • Transfers from other savings accounts with us are permitted to open the Brexit Bond, if allowed by the usual withdrawal terms of the relevant account 
  • No additions are allowed once the account is opened
  • No partial withdrawals or closure are allowed prior to the maturity date
  • Automatic reinvestment on maturity into the easy access variable rate Market Tracker Saver

 

Operation of your account

Your Brexit Optimist Bond can be operated via the the Online Service, visiting our branch or by the post.

Interest rates


FREQUENTLY ASKED QUESTIONS

What happens if the UK has not left the EU by 29 March 2019?

We will still use the daily spot exchange rate published by the Bank of England for 29 March 2019. This date will not change.

What period is it based on?

The Brexit Bond is a fixed term investment to 2 May 2019. The bonus interest is based on the change to the Pound:Euro exchange rate between 28 March 2017 and 29 March 2019.

What is the bonus I will get?

You will either receive no bonus or a bonus of 2%. Whether you receive a bonus depends on the change to the Pound:Euro exchange rate and which version of the Brexit Bond (either Brexit Optimist or Brexit Pessimist) you have chosen. 

What is Article 50?

Article 50 is part of the EU law (the Treaty of Lisbon) that sets out how member States may withdraw from the EU.

What was the €Euro worth when Article 50 was triggered?

As published by the Bank of England for 28 March 2017, the exchange rate was UK £1.00 to Euro €1.1535.

What happens if the Pound:Euro rate stays the same?

You won't receive any bonus interest. However, you will still receive the 1% per annum fixed rate interest.

What happens if the Bank of England is no longer providing the Pound:Euro exchange rate data on 29 March 2019?

If this is the case we will use our reasonable judgment to select the Pound:Euro exchange rate published by another appropriate and independent financial organisation. 

How do I get paid the bonus?

The bonus will be added to your Brexit Bond on 30 April 2019.

Is the bonus taxable?

The bonus is taxable in the same way as normal savings interest. Due to the introduction of the Personal Savings Allowance (PSA), you will need to declare any income from the bonus earned over your PSA through a self-assessment tax return to HM Revenue & Customs. 

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Epsom
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