Current Account
| Item |
EAR* |
AER**/Gross |
Gross Monthly Interest |
Net Monthly Interest |
| Credit Balance |
|
2.25%
|
2.23%
|
1.78%
|
| 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. The net rate is the rate of interest payable after allowing for the deduction of income tax at the specified rate (currently 20%).
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 |
| Cash withdrawal from LINK ATM |
Nil |
| Copy of paid cheque |
£5.00 |
| Stopped cheque (except for lost or stolen cheque) |
£7.50 |
| Express Payment (also known as CHAPS) - same day electronic funds transfer between banks. |
£25.00 |
| Bill payment, Standard Payment (also known as BACS), cheque, direct debit or standing order not able to be paid due to insufficient funds. |
£30.00 |
| Unarranged overdraft |
£28.00 |
| Copy statements |
£5.00 |
| Overseas transaction |
2.25% plus £1.50 |
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.
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