Current accounts rates and charges

Keep in mind, we no longer offer current accounts to new customers.

Current account interest rates

Current account interest rates

Item

EAR*

AER**/Gross

Gross monthly interest

Item

Credit balance

EAR*

AER**/Gross

0.05%

Gross monthly interest

0.05%

Item

Arranged overdraft

EAR*

19.90%

AER**/Gross

18.29%

Gross monthly interest

18.29%

Representative example

The interest rate for using an arranged overdraft limit of £1,200 is 19.90% EAR Variable.

  • EAR is the Equivalent Annual Rate. This is the actual annual interest rate of an overdraft. This means you are charged over the year based on how often and how much you are overdrawn by, and the effect of compounding it – charging interest on interest already charged. This does not include any other fees and charges.
  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded once each year. As every advertisement for a savings product, which quotes an interest rate, contains an AER you will be able to compare more easily what return you can expect from your savings over time.
  • Gross rate means we will not automatically deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC).

How much does my overdraft cost in pounds and pence?

You can use our overdraft calculator to work out how much your expected arranged overdraft borrowing would cost.

As an example, the interest cost of borrowing £500 is:

Overdraft costs

7 days

30 days

60 days

7 days

£1.75

30 days

£7.52

60 days

£15.14

Fees and charges

Fees and charges

Item

Charge

When the fee is collected

How often the fee is made

Item

Copy of paid cheque

Charge

£5

When the fee is collected

On request

How often the fee is made

On request

Item

Cancelled cheque (except for lost or stolen cheques)

Charge

£7.50

When the fee is collected

On request

How often the fee is made

On request

Item

CHAPS payments from your jar to another UK account

Charge

£25

When the fee is collected

On request

How often the fee is made

On request

Item

Debit card withdrawal or payment in a foreign currency (excludes euro transactions in the UK or EEA)
Debit card withdrawal or payment in pounds outside the UK

Charge

2.25% plus £1.50

When the fee is collected

On request

How often the fee is made

On request

Item

Debit card payment in euro within the EEA or UK; Cash withdrawal of euro within the EEA or UK

Charge

2.25%

When the fee is collected

On request

How often the fee is made

On request

Using your debit card abroad

If you use your Intelligent Finance debit card abroad and make transactions in a foreign currency, or in pounds when you are abroad, the amount of each transaction will be changed to pounds 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 will charge a foreign currency transaction fee of 2.25% of the amount of each foreign currency transaction, and for transactions in pounds outside the UK. This is a fee for currency conversion. We will also deduct a foreign currency cash or foreign currency purchase fee of £1.50 for each transaction.

We won’t charge a foreign currency cash fee if you use your debit card to:

  • withdraw euro within the EEA or UK
  • withdraw euro from outside the EEA or UK and the cash machine operator’s payment service provider is based in the EEA or UK.

We won’t charge a foreign currency purchase fee if you use your debit card to:

  • make a payment in euro within the EEA or UK
  • make a payment from outside the EEA or UK in euro, if the seller’s payment service provider is based in the EEA or UK. The exchange rate and the foreign purchase amount shown above may be in a different currency than the one used in the country you made the transaction. Your debit card enables you to withdraw up to £300 per day from any cash machine. If for medical or disability reasons you are unable to use the PIN provided for your debit card please get in touch.

Using your debit card abroad

About overdrafts

An arranged overdraft can be used as a short-term safety net. Find out if it's right for you with our cost calculator.

More about overdrafts