Current accounts
| Balance | Credit interest | |
|---|---|---|
| Gross2 | AER1 | |
| On all balances | 4.25% p.a. | 4.33% |
The gross rate of interest payable on this account is 1% below the Bank of England base rate.
Changes in the Bank of England base rate may be made at any time, will normally be applied on the same or the next business day and will be notified in accordance with the Terms for the Private Current Account (download a copy from our useful downloads page).
| Balance | Credit interest | |
|---|---|---|
| Gross2 | AER1 | |
| On all balances | 4.25% p.a. | 4.33% |
The gross rate of interest payable on this account is 1% below the Bank of England base rate.
Changes in the Bank of England base rate may be made at any time, will normally be applied on the same or the next business day and will be notified in accordance with the Terms for the Current Account Tracker (download a copy from our useful downloads page).
Savings accounts
| Balance | Credit interest | |
|---|---|---|
| Gross2 | AER1 | |
| £1,000,000 and over | 5.50% p.a. | 5.61% |
| £500,000 to £999,999 | 5.25% p.a. | 5.35% |
| £0 to £499,999 | 5.00% p.a. | 5.09% |
You may only open a Private Savings Account if you have a Current Account Tracker or Private Current Account with us in the same name(s) and you may only maintain that Private Savings Account if you maintain these accounts as described in the terms and conditions (download a copy from our useful downloads page).
The gross rate of interest payable is linked to the Bank of England base rate as detailed below. This is subject to change at any time.
0.25% below Bank of England base rate for balances £0 – £499,999, equal to Bank of England base rate for balances £500,000 – £999,999 and 0.25% above Bank of England base rate for balances £1,000,000 and over.
Changes in the Bank of England base rate may be made at any time, will normally be applied on the same or the next business day and will be notified in accordance with the Personal and Private Banking Account terms and conditions (download a copy from our useful downloads page).
Credit interest is calculated on the cleared credit balance on a daily basis and is applied in arrears on the last business day of each calendar quarter.
| Balance | Credit interest | |
|---|---|---|
| Tax free* | AER1 | |
| £1 and over | 1.50% p.a. | 1.50% |
*Tax free means interest payable is exempt from income tax.
Current account mortgages
| Balance | Credit interest | |
|---|---|---|
| Gross2 | AER1 | |
| On all balances | 4.25% p.a. | 4.33% |
| Balance | Credit interest | |
|---|---|---|
| Gross2 | AER1 | |
| On all balances | 4.25% p.a. | 4.33% |
Overdraft terms
| Debit interest rates | Per annum (Variable) | EAR% |
|---|---|---|
| Arranged Overdraft | 13.97% | 14.90% |
| Unarranged Overdraft | 13.97% | 14.90% |
Representative example
Rate of interest - 13.97% per annum (variable)
Total amount of credit - £1,200
Representative APR - 30.90% variable
A representative APR is the rate you may pay and is designed to let you compare costs with other credit products, taking into account that you may pay interest on interest and includes any fees which apply. If no fees apply, the APR will be the same as the EAR*. APRs are variable and may change. The maximum rate offered will be 30.90%. Your rate will apply to both Arranged and Unarranged borrowing and will be advised upon successful application.
This example is for illustration purposes only.
As an example, if you borrow £500 it will cost you:
| 7 days | 30 days | 60 days |
|---|---|---|
| £1.33 | £5.74 | £11.54 |
This is an example based on 14.90% EAR*/30.90% APR.
*The Effective Annual Rate (EAR) is the cost of borrowing on current accounts. This takes into account the rate of interest charged, how often it’s charged and the fact that if interest is not paid, you'll pay interest on interest. The EAR can change.
