Municipal bank interest rates

Current interest rate with effect from 1 December 2019 

Balance

Gross */ AER

£1+

0.20%

*Gross Rate is the rate which will be paid to customers without the deduction of income tax.

As from 6 April 2016 income tax is no longer deducted at source.

Interest is calculated on the minimum monthly balance and paid annually on 30 April.

N.B. North Lanarkshire Municipal bank is not a member of the Financial Services Compensation Scheme(FSCS). The protection of depositor balances is provided by North Lanarkshire Council per the definition of a 'municipal bank' under Section 103 of the Banking Act 1987.

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