Another mind-boggling building society advert from 1967. I think this is actually pretty much the same as saying 4.25% net interest. Though the language here almost implies that the saver receives the gross interest, and the building society, out of the goodness of their heart, pays the tax due.
If I understand this correctly, then tax at 8/3 in the pound is equivalent to 99 old pence in the old pound (240 pence) – which is equal to 41.25% income tax! So taking 41.25% of 7.25p does leave 4.25p or thereabouts.
As to the Walthamstow Building Society itself – well it seems that was taken over by Cheltenham & Gloucester in 1990, with C&G being taken over by Lloyds TSB in 1997. As a result of the de-merger of Lloyds TSB, any old Walthamstow Building Society accounts are now effectively held with the newly formed TSB.
- Walthamstow Building Society