Common use of Interest on Accounts Clause in Contracts

Interest on Accounts. 17.1 We will pay interest on the credit balances in your Accounts at the Credit Interest Rate. 17.2 We may vary the Credit Interest Rate from time to time as set out in paragraph 25 (Variations). 17.3 Interest will be calculated daily using the applicable Day Count Convention (see the definition in Part 5 (Definitions) for an explanation of what this means). 17.4 Interest will be paid monthly in arrears. The first payment of interest is made on the last day of the calendar month when you opened the Reference Account. 17.5 Where you have an Income Account in a particular Available Currency, we will credit all interest earned on credit balances on Accounts in that Available Currency to that Income Account net of any withholding taxes that we may be required to deduct under Applicable Law. 17.6 Where interest is paid in respect of credit balances on an Income Account, we will credit that Income Account with the interest earned net of any withholding taxes that we may be required to deduct under Applicable Law, or any withholding we may make under paragraph 30 (Our reporting requirements). 17.7 We may set-off the credit interest earned against any debit interest payable by you in the same period and in the same Available Currency. For information about our rights of set- off, please see paragraph 27 (Set-Off). 17.8 Where you ask us to close an Account before the date on which interest is to be paid, we will calculate the accrued interest we owe you and credit the relevant Account or Income Account before closing it and/or the corresponding Income Account.

Interest on Accounts. 17.1 19.1 We will pay interest on the credit balances in your Accounts at the Credit Interest Rate. 17.2 19.2 We may vary the Credit Interest Rate from time to time as set out in paragraph 25 (Variations). 17.3 19.3 Interest will be calculated daily using the applicable Day Count Convention (see the definition in Part 5 (Definitions) for an explanation of what this means). 17.4 19.4 Interest will be paid monthly in arrears. The first payment of interest is made on the last day of the calendar month when you opened the Reference Account. 17.5 19.5 Where you have an Income Account in a particular Available Currency, we will credit all interest earned on credit balances on Accounts in that Available Currency to that Income Account net of any withholding taxes that we may be required to deduct under Applicable Law. 17.6 19.6 Where interest is paid in respect of credit balances on an Income Account, we will credit that Income Account with the interest earned net of any withholding taxes that we may be required to deduct under Applicable Law, or any withholding we may make under paragraph 30 (Our reporting requirements). 17.7 19.7 We may set-off the credit interest earned against any debit interest payable by you in the same period and in the same Available Currency. For information about our rights of set- off, please see paragraph 27 (Set-Off). 17.8 19.8 Where you ask us to close an Account before the date on which interest is to be paid, we will calculate the accrued interest we owe you and credit the relevant Account or Income Account before closing it and/or the corresponding Income Account.

Interest on Accounts. 17.1 18.1 We will pay interest on the credit balances in your Accounts at the Credit Interest Rate. 17.2 18.2 We may vary the Credit Interest Rate from time to time as set out in paragraph 25 (Variations). 17.3 18.3 Interest will be calculated daily using the applicable Day Count Convention (see the definition in Part 5 (Definitions) for an explanation of what this means). 17.4 18.4 Interest will be paid monthly in arrears. The first payment of interest is made on the last day of the calendar month when you opened the Reference Account. 17.5 18.5 Where you have an Income Account in a particular Available Currency, we will credit all interest earned on credit balances on Accounts in that Available Currency to that Income Account net of any withholding taxes that we may be required to deduct under Applicable Law. 17.6 18.6 Where interest is paid in respect of credit balances on an Income Account, we will credit that Income Account with the interest earned net of any withholding taxes that we may be required to deduct under Applicable Law, or any withholding we may make under paragraph 30 (Our reporting requirements). 17.7 18.7 We may set-off the credit interest earned against any debit interest payable by you in the same period and in the same Available Currency. For information about our rights of set- off, please see paragraph 27 (Set-Off). 17.8 18.8 Where you ask us to close an Account before the date on which interest is to be paid, we will calculate the accrued interest we owe you and credit the relevant Account or Income Account before closing it and/or the corresponding Income Account.