If you are an individual resident in a European Union Member State and earn interest on an account with us, then you will be affected by the EU Savings Tax Directive, which came into effect on 1 July 2005. Under this Directive we are required to apply the 'Retention Tax' option to your accounts, unless you have advised us otherwise. This means that any interest payments made to you by us will be paid net of 20% 'Retention Tax'. Please note that this rate will increase to 35% from 1 July 2011. To calculate your net interest rate, enter your current interest rate and then click on the ‘Calculate’ button.
