Annual bonus rates
The table below shows the declared annual bonus rates for 2022, along with the rates for 2021. Annual bonus rates for 2023 will not be decided until the end of the year. Interim annual bonus rates to be paid on claims in 2023 are also shown. These annual bonus rates are applied on a calendar year basis.
| Product | Tables | 2021 Declared Rate |
2022 Declared Rate |
2023 |
|---|---|---|---|---|
|
Tax-exempt savings plans |
8, 10, 11, 21, 22 | 0.50% | 0.75% | 0.75% |
| Standard Savings Plans | 12, 15, 16 | 0.40% | 0.60% | 0.60% |
| Lump Sum ISA, Lump Sum Junior ISA & Regular Premium ISAs prior to 2016 | 24, 25, 28 | 1.00% | 1.50% | 1.50% |
| Fully Paid Standard Option Plans, With-Profit Bonds, With Profit Income Bonds and Flexible Savings Plans | 12, 19, 26, 27 | 0.80% | 1.20% | 1.20% |
|
Fully Paid Tax-Exempt Option Plans, Lump Sum ISA, Lump Sum Junior ISA & Regular Premium ISAs prior to 2016 |
11, 24, 25, 28 | 1.00% | 1.50% | 1.50% |
The table below shows the annual bonus rates for policies where bonus rates are applied on a tax year basis, which starts on the 6th April each year and ends on 5th April the following year. These apply to Monthly Savings ISA and Lifetime ISA policies.
Annual bonus rates for the 2023/24 tax year will not be decided until the end of the year, and the rates shown are interim annual bonus rates to be paid on claims in 2023.
Monthly Savings ISA policies issued between 6th April 2015 and 5th April 2020 receive only an annual bonus. The annual bonus for these policies is usually expected to be higher than the annual bonus for other ISA policies but given the market volatility witnessed during 2022 and the market value reductions being applied by the Society, the margin has been reduced to 0.00% for 2022/23.
| Product | Tables | 2021/22 Declared Rate |
2022/23 Bonus Rate* |
2023/24 |
|---|---|---|---|---|
| Lifetime ISAs** | 31 | 1.00% | 1.50% | 1.50% |
| Monthly Savings ISA & Junior ISA policies issued between 06/04/2015 and 05/04/2020 | 29,30 | 1.50% | 1.50% | 1.50% |
| Monthly Savings ISA & Junior ISA policies issued from 06/04/2020** | 32,33 | 1.00% | 1.50% | 1.50% |
|
*The bonus rate for the 2022/23 tax year will be applied from 6th April 2022 to 5th April 2023. The Society reserves the right to reduce annual bonus rates in 2023 should market movements mean that this is appropriate to maintain fairness for all policyholders. **A guaranteed reversionary bonus rate is applied to new Monthly Savings ISA & Junior ISA policies for the tax year they are opened and to all premiums paid into Lifetime ISA plans in a tax year. Monthly Savings ISA & Junior ISA policies issued and all premiums paid into Lifetime ISA plans during the 2022/23 tax year (6th April 2022 to 5th April 2023) received the guaranteed reversionary bonus rate of 1.5%. The guaranteed reversionary bonus rate for the 2023/24 tax year will also be 1.5%. This will apply to all new Monthly Savings ISA & Junior ISA plans starting and to all premiums paid into Lifetime ISA plans between 6th April 2023 and 5th April 2024. |
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Final bonus rates
With-Profit and Lump Sum ISAs
With-Profit and Lump Sum ISA bonds are normally eligible to receive final bonuses from the third policy anniversary onwards.
| Final Bonuses as at 1 October 2023 | |||||||
|---|---|---|---|---|---|---|---|
| Last Anniversary Date | 2023 Q1 |
2023 Q2 |
2023 Q3 |
2023 Q4 |
|||
| 5 Year | 0% | 0% | 0% | 0% | |||
| 10 Year | 21% | 22% | 18% | 16% | |||
| 15 Year | 41% | 41% | 41% | 40% | |||
| 20 Year | 69% | 68% | 67% | 65% | |||
| 25 Year | 88% | 85% | 82% | 80% | |||
The With-Profit and ISA Bond final bonus rates are for Single Premiums.
Regular Premium, Monthly Savings and Lifetime ISAs
Regular Premium ISA (issued before 1st January 2016), Monthly Savings ISA (issued on or after 6th April 2020), and Lifetime ISA final bonuses are for completed tax years (currently based on 2023 Q2 anniversary), with policies normally eligible to receive final bonuses following three complete tax years.
Flexible Savings Plan final bonuses are for completed calendar years (currently based on 2023 Q1 anniversary), with policies normally eligible to receive final bonuses following three complete calendar years.
Final bonuses do not apply to Monthly Savings ISAs and Monthly Savings Junior ISAs issued between 6th April 2015 and 5th April 2020.
Ten Year Savings Plan / Fixed Term Endowment
| Year of Maturity | ||||||||
|---|---|---|---|---|---|---|---|---|
| Duration | 2020 | 2021 | 2022 | 2023 | ||||
| 10 Years | 13% | 11% | 14% | 6% | ||||
The Ten Year savings plan has a maturity option at 10 years but can be left invested as a lump sum with a maturity option each year thereafter.