197calculation of the AER. Instead, AERs on such accounts should be recalculated on a monthly
198basis. This means that posters and leaflets, as well as newspaper advertisements etc, need
199to be changed monthly, if such accounts are being advertised.
201To re-emphasise, an AER including conditional bonuses can only be included if the AER is
202also quoted and given the same prominence.
2077. A general notice to customers of rates need only comply with Sections 2 and 3 above In
208the case of such notices or lists, the words "gross", "tax free" and "AER" as appropriate need
209not appear after each rate. However, it must be clear from the whole of the notice or list
210which term applies to which rate, for example, by the use of column headings or footnotes.
212This means that general notices of rates, for example, which generally are not inherently
213designed to sell products but to inform customers of rates, need comply only with Sections 2
214and 3 above. However, it may also be necessary to give some, or all of the information set
215out in Sections 4 and 6 above in order to identify the amount(s) and/or interest frequencies
216to which the specified rates apply.
222 a. An account may not be described as having instant access or "immediate
223 withdrawal" or any similar statement where withdrawal must be other than by cash.
224 b. Any conditions attached to 'instant' or 'immediate' (or any other similar statement)
225 withdrawal must be made clear, for example if:
226 • the number of withdrawals that may be made without transactional charges, loss
227 of interest, loss of bonus or any similar charge being made, is limited.
228 • the amount of cash that can be withdrawn in a transaction is limited by the
229 account should be clearly stated in the main part of the advertisement.
231These provisions relate to an historic Advertising Standards Authority decision regarding the
232use of the words "instant access". "Instant access" and any similar wording should be used
233only where it is possible to make cash withdrawals (without charge), whether in a branch or
234via an ATM. Accounts which do not offer this facility should not be described as "instant
235access". Accounts which themselves do not have the facility to withdraw cash, but which
236allow immediate real-time transfers to a side account from which cash may be withdrawn are
237also acceptable. UK Finance and the BSA have both recommended that, to avoid confusion,
238accounts should not have "instant access" in their titles if they do not actually offer instant
241However, it is possible to describe an account as having "instant access", where the number
242of withdrawals that may be made is limited for good reason. For example, it would be within
243the spirit of Section 8b to limit the number of withdrawals on a savings account to ensure