18. Calculation and Payment of Interest

Interest on deposits is calculated in accordance with market convention on a daily basis on the balance of cleared funds at the close of business on each working day provided there are no minimum balance or other requirements relating to a particular Account or to the Account Holder. Interest on deposits in Sterling and other currencies with no fixed term to maturity is paid and credited to the Account in accordance with the terms relating to that particular type of deposit or on closure of the Account. Interest on deposits with a fixed term to maturity is paid upon the expiration of the fixed term.

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