An annual interest summary is automatically produced at the end of the tax year for personal account holders that have earned interest in the previous tax year. Starting mid-April, we will send these via secure email. Business and Charity customers can request a manual interest summary, if required, by contacting us here.
What is an Annual Interest Summary?
This is an annual summary of the interest earned on all of your personal savings accounts held with United Trust Bank for the 2024/25 tax year.
Why am I receiving my annual interest statement digitally this year?
As part of our commitment to sustainability and environmental responsibility, we are now providing annual interest statements digitally. This helps reduce paper usage and our overall carbon footprint.
What if I prefer to receive a paper statement?
If you prefer to receive a paper statement, you can update your contact preferences by contacting our customer service team. They will assist you in making the necessary changes.
Your annual summary will be sent in the post if you currently receive paper statements.
Can I request a paper copy of my annual interest statement if needed?
Yes, you can request a paper copy of your annual interest statement at any time by contacting our customer service team. They will be happy to assist you.
Why have I received this?
We issue this information to all our personal customers annually, to assist them with their tax returns.
Does this show my interest as being paid GROSS or NET?
In accordance with UK tax legislation from 6 April 2016, interest is paid gross. If you are a UK taxpayer, you may have to pay tax on interest earned in excess of your Personal Savings Allowance (PSA). The current PSA for the basic rate income tax band is £1,000. The interest you earn on your money in a cash ISA remains tax free for the life of the ISA, providing all ISA conditions are met.
How is the interest calculated on my joint account?
We confirm who the account holders were at the time the account earned interest and provide the total interest that was earned, irrespective if the account is held in sole name or joint names. The interest amount is not split between the number of account holders to the account.
If I want to change how my interest is paid, how do I arrange this?
For notice accounts and fixed term accounts greater than 1 year, you can update your interest instructions by logging on to your online banking and making these changes yourself. Alternatively, you can call our dedicated team on 020 7190 5599 or Freephone 0800 083 228 between 9am and 5pm, Monday to Friday.
The interest amount I received is incorrect.
Please be aware that having your interest compounded or paid away annually to your nominated bank account can affect the amount of interest you receive. If you still feel your interest amount is incorrect, you can send us a secure message by logging on to your online banking. Alternatively, you can call our dedicated team on 020 7190 5599 or Freephone 0800 083 228 between 9am and 5pm, Monday to Friday.
I have a missing account on my summary.
The accounts included on your annual interest summary are only those accounts that received interest between 6th April 2024 and 5th April 2025. If you still wish to discuss any discrepancies on your annual interest summary, you can send us a secure message by logging on to your online banking.
Alternatively, you can call our dedicated team on 020 7190 5599 or Freephone 0800 083 228 between 9am and 5pm, Monday to Friday.
Can I change how I receive account information from United Trust Bank?
As we continue to make saving with United Trust Bank even easier and aim to further reduce our impact on the environment, we are now sending some account information by email. If you would like to change the format or how you receive your account information, you can send us a secure message by logging on to your online banking. Alternatively, you can call our dedicated team on 020 7190 5599 or Freephone 0800 083 2228 between 9am and 5pm, Monday to Friday.