Simply Savings Account
An account for every savings goal, this account makes it easy for you to start saving!
Minimum opening deposit is only £50, and just £25 minimum for minor account owners under age 18.
Minimum average quarterly balance is £200. A quarterly fee of £3 is charged if your account
balance falls below the minimum. Minimum balance fees are waived for minor account owners under
age 18.
Accrue interest on cash deposits immediately, and non-cash items the business day we receive
credit for the deposit.
Receive quarterly statements unless combined with a checking account statement.
Transaction fee of £1.75 per withdrawal if withdrawals exceed nine per quarter.
Transaction fee waived with £500 minimum balance maintained during statement period and for
minor account owners under the age of 18.
Daily Balance Information
Our Simply Savings Account account has different daily balance requirements based on levels of interest earned. The interest rate and the annual percentage yield are paid based on account balance determined daily according to the following tier structure:
Level 1: Daily balance of £250,000 or more
Level 2: Daily balance of £100,000-£249,999.99
Level 3: Daily balance of £25,000-£99,999.99
Level 4: Daily balance of less than £25,000
Interest on this variable rate account will be compounded and credited quarterly.
Health Savings Account (HSA)
Save tax-free for current and future qualified medical expenses.
These days, most families spend at least a few thousand dollars a year on out-of-pocket medical bills. Even with expensive insurance plans, deductibles seem to never be reached and costs are continually high.
With current regulations, healthcare is a requirement for every adult in the country. More than that, it’s vital to at least have catastrophic coverage in case of a serious emergency. You don’t want to break your arm and be stuck owing tens of thousands of dollars.
How High Deductible Health Plans Work
For catastrophic coverage, there’s the High Deductible Health Plan. It works like this: You pay a smaller monthly premium and are given coverage for emergency situations. Your deductible, the amount that must be covered prior to getting any coverage, is higher – and changes every year. This plan doesn’t cover standard doctor visits outside of those that fall under the definition of “preventive” – such as annual physicals. It also does not cover prescription drugs.
About Health Savings Accounts
Because of the high out-of-pocket expenses with High Deductible Health Plans, federal institutions instituted the Health Savings Account (HSA). This is a tax-free savings account that allows you to directly deposit money from your paycheck before federal and state taxes. You use this money to pay for qualified medical expenses such as doctor visits and prescription drugs.
The medical expenses you pay out of your HSA are also tax-free, and any leftover money in the account at the end of the year just rolls over into the next year.
The account has a limited amount of annual deposits, and changes every year. Your Brit Investment Bank Retail Banker will let you know all the numbers.
Breaking Down the Brit Investment Bank HSA
Minimum opening deposit is only £50
HSA set-up fee is only £20
NO annual fee
Your investment income grows tax-free
FREE HSA Visa® Check Card
FREE Digital Banking with Bill Pay
Interest paid monthly
Higher interest rates with balances of £2,500 or more
Distributions made from your account to pay or reimburse qualified medical expenses are tax-free
Only £6 monthly service charge if minimum balance falls below £500.
Interest compounded and credited monthly*
Daily Balance Information
Our Health Savings Account has different daily balance requirements based on levels of interest earned. The interest rate and the annual percentage yield are paid based on account balance determined daily according to the following tier structure:
Level 1: Daily balance of £25,000 or more
Level 2: Daily balance of £10,000 – £24,999.99
Level 3: Daily balance of £2,500 – £9,999.99
Level 4: Daily balance of Less than £2,500