Chetwood Bank reliability

nprey

I am ready to invest  a 5 figure sum in fixed savings account with Chetwood but seen in a dreview that they do not issue Tax Statements of interest which is unusual.  Any one have an opinion as to why this should be so? 

masonic

They pay interest annually, so there will typically be 1, or at most 2, interest payments per tax year. For terms greater than one year, given that interest is paid into the fixed account, a tax statement may be inaccurate as interest would all be taxable at maturity. Tax statements date from a time when basic rate tax was deducted at source and the primary purpose was to communicate how much tax had been deducted for those completing tax returns.

A growing number of providers have stopped issuing them, or only issue them on request.

RunsFromRobots

nprey said:

I am ready to invest  a 5 figure sum in fixed savings account with Chetwood but seen in a dreview that they do not issue Tax Statements of interest which is unusual.  Any one have an opinion as to why this should be so? 

I don't know why they won't issue a tax statement, but having had to do a self-assessment recently, it's easy enough to download a transaction statement which was acknowledged by HMRC.

gt94sss2

nprey said:

I am ready to invest  a 5 figure sum in fixed savings account with Chetwood but seen in a dreview that they do not issue Tax Statements of interest which is unusual.  Any one have an opinion as to why this should be so? 

You can get the amount of interest paid from their website if you need it for self assessment/tax returns.

It's not necessary to have a certificate of interest for this purpose. Banks also now report the interest paid each year to HMRC.

Chetwood also include the following in their FAQ:

As of 6th April 2016, HMRC rule changes removed the requirement for a certificate as savings interest is paid gross without any tax deducted.