The European Savings Directive
The European Savings Directive ("ESD") was implemented from 1 July 2005. If you live in a country affected by ESD you may elect to have interest paid gross, however certain information about you and the savings income you receive will be reported to your tax authority. Otherwise interest will be paid to you net of withholding tax. It is your responsibility to be aware of any tax requirements in your country of permanent or tax residence and in the country in which you hold a bank account. If you have any further questions please consult our European Savings Directive 'Frequently Asked Questions' factsheet*. We always recommend that you seek independent professional tax or legal advice.

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