Investors are reminded that, with the exception of Fixed Rate Savings, all interest rates are variable and can be changed at any time. Changes will be notified to you on or before the effective date by advertisement in two or more local newspapers of our choice and by general notice in our branches or by personal notice to you in writing. The newspapers we use are Express & Star, Sandwell Chronicle, Dudley Chronicle and Wolverhampton Chronicle. Interest is paid net (the tax deducted may be reclaimed by non-tax payers) or, subject to the required registration, gross.

*AER stands for Annual Equivalent Rate and is a notional rate which illustrates what the gross or tax free rate would be if the interest rate was paid and compounded each year.

Tax free means the rate of interest payable where interest paid is exempt from income tax.

**Individuals who are non-taxpayers, and who have not registered to receive their interest without tax deducted, can claim a repayment of tax from the Inland Revenue. Individuals with taxable income in the starting rate band of 10% who are due to pay less tax than the amount deducted from their interest can also claim such a repayment. Individuals whose interest falls within the basic rate band of 22% will have no more tax to pay on their interest, as the tax deducted from it at 20% will satisfy the tax due. Individuals who are higher rate taxpayers will have to pay the extra tax due on their interest (the difference between tax deducted at 20% and the higher rate of 40%).

***Interest earned on ISA's is tax free as long as the statutory conditions of the scheme are not breached.

On all notice accounts### we will ensure that the minimum interest rate paid will be no lower than 3% below the Bank of England repo rate (known as the 'base rate'). If a change in the 'base rate' results in a breach of this commitment we shall increase the interest rate within 2 calendar months. Also we shall give you at least 90 days notice if we intend to change this condition.

###Notice accounts currently comprise: Hallmark 90, Investment, Premier 90 and Investment Monthly Income Shares together with Notice deposits.

Page last updated on 1 May 2008.