Current Account
Intelligent Finance no longer offer Current Accounts to new customers.
| Item |
EAR* |
AER**/Gross |
Gross Monthly Interest |
Net Monthly Interest |
| Credit Balance |
|
0.05%
|
0.05%
|
0.04%
|
| Arranged overdraft |
10.05%
|
|
|
|
| Unarranged overdraft # |
25.25%
|
|
|
|
# If, without agreement, your current account goes overdrawn or you go over your overdraft limit, we will charge you interest on the amount of your overdraft that has not been arranged at the rate that we set for unarranged overdrafts.
* EAR is the Equivalent Annual Rate. If we agree to let you have an overdraft, we will decide your overdraft limit and tell you what it is. Overdrafts are repayable on demand.
** AER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded each year. The gross rate of interest payable before the deduction of income tax at the rate specified by law is the contractual rate specified by law (currently 20%). The net rate is the rate of interest payable after allowing for the deduction of income tax at the specified rate.
Unarranged overdrafts and payments you do not pay when you are meant to are not taken into account for the balance netting calculation.
Fees & Charges
| Item |
Charge |
When is the fee collected |
How often is the fee made |
| Cash withdrawal from LINK ATM |
Nil |
n/a |
n/a |
| Copy of paid cheque |
£5.00 |
on request |
on request |
| Stopped cheque (except for lost or stolen cheque) |
£7.50 |
on request |
on request |
| CHAPS - same day electronic funds transfer between banks. |
£25.00 |
on request |
on request |
| Unpaid item fee – when we decide to return unpaid any cheque, direct debit, standing order or other payment instruction because there are insufficient funds or no Arranged Overdraft to pay the transaction. |
£30.00 |
On the last day of the next calendar month after the fee was incurred |
Fee is charged per unpaid item. Standing orders and payment instructions are subject to 1 fee per day |
| Unarranged overdraft fee – this is charged when your current account goes overdrawn without a pre-arranged overdraft or when it exceeds an Arranged Overdraft |
£28.00 |
On the last day of the next calendar month after the fee was incurred |
once a calendar month |
| Copy statements |
£5.00 |
on request |
on request |
| Overseas transaction |
2.25% plus £1.50 |
on request |
on request |
If you use your debit card abroad and make transactions other than sterling, the amount of each transaction will be changed to sterling on the date we take it out of your current account jar. This may not be the same date that the transaction is carried out. We will choose the exchange rate which will always be a reasonable one. We will charge a conversion fee of 2.25% of the amount of each foreign currency transaction. We will also deduct a service charge of £1.50.
Find out more about interest rates & charges (219kb)
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