Interest Rates & Charges

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Current Account

Intelligent Finance no longer offer Current Accounts to new customers.

Item EAR* AER**/Gross Gross Monthly Interest
Credit Balance   0.05% 0.05%
Arranged overdraft 10.05%    
Unarranged overdraft # 25.25%    
Representative Example
The interest rate for using an arranged overdraft is 10.05% Variable.

# If you go over your overdraft limit, or if you do not have an arranged overdraft and your current account goes overdrawn, we will charge you interest on the amount of your overdraft which has not been arranged at the rate 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.

We will pay your interest Gross, this means that we will not deduct tax automatically from your interest. Dependent on your personal circumstances tax may be due on the interest and it is your responsibility to disclose and pay any tax due directly to HMRC.

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. £10.00 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

When you use your Intelligent Finance debit card abroad and make transactions other than in sterling, the amount of each transaction is 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. The exchange rate we use will be the Visa payment scheme exchange rate. We’ll charge a non sterling transaction fee of 2.25% of the amount of each foreign currency transaction. We’ll also deduct a non sterling purchase or non sterling cash fee of £1.50 for each transaction.

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