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
