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%
|
|
|
|
| Representative Example |
|
The interest rate for using an overdraft limit of £1,200 is
10.05% EAR 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.
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. |
£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.
Find out more about interest rates & charges (251kb)
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