We have made changes to J1, J2 and J3 as follows:

  • Removing the two age bands for J1 (55-69 and 70+)
  • Increasing J1 by 0.25% (based on current interest rates for age band 70+)
  • Reducing J2 by 0.10%
  • Reducing J3 by 0.09%

Please see details below:

New J1 interest rates as follows (WITHOUT CASH FACILITY OR INTEREST SERVICING):

roduct Cash Back Set Up Fee Minimum Advance Age Range Interest Rate
(AER)		 Interest Rate
(MER)		 Interest Rate
(APR)
J1 0 £0 £10,000 55+ 3.64% 3.58% 3.6%
J1 2% £0 £10,000 55-85 3.85% 3.78% 3.9%
J1 5% £0 £10,000 55-85 4.16% 4.08% 4.2%

New J2 interest rates as follows (WITHOUT CASH FACILITY OR INTEREST SERVICING):

J2 0 £0 £10,000 55+ 3.72% 3.66% 3.7%
J2 2% £0 £10,000 55-85 3.93% 3.86% 3.9%
J2 5% £0 £10,000 55-85 4.24% 4.16% 4.2%

New J3 interest rates as follows (WITHOUT CASH FACILITY OR INTEREST SERVICING):

J3 0 £0 £10,000 55+ 4.64% 4.54% 4.6%
J3 2% £0 £10,000 55-85 4.84% 4.74% 4.8%
J3 4% £0 £10,000 55-85 5.05% 4.94% 5.1%
J3 5% £0 £10,000 55-85 5.16% 5.04% 5.2%

Please note:

  • For customers who choose to take the option of a cash facility, there will be a 0.05% increase to the MER rates (in order to then calculate the AER rates, you need to add the 0.05% increase to the MER first)
  • There are four tiers of interest rate reduction for those customers who choose to service some or all of the monthly interest:
    • If servicing >0.01% of the monthly interest amount there will be a 0.01% reduction
    • If servicing >25.01% of the monthly interest amount there will be a 0.10% reduction
    • If servicing >50.01% of the monthly interest amount there will be a 0.15% reduction
    • If servicing >75.01% of the monthly interest amount there will be a 0.30% reduction
  • All cashback is capped at £10,000