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Interest Paying Current Account
The simple way to manage
your everyday finances
Our Interest Paying Current Account does everything you'd expect - and more. It could be the straightforward current account you're looking for.
- Access your funds - guarantee cheques for up to £100, withdraw up to £300 daily from cash machines and by debit card.
- Interest-free overdraft - up to £100 if you decide to apply (subject to status).
- No charges - as long as you're in credit and within your agreed overdraft limit. (For overdrafts over £100, interest will be charged on the outstanding balance).
- Monthly statement - with details of all your transactions, interest, charges and your current balance.
- Mini statements - from any Royal Bank of Scotland machine in the UK, Channel Islands and Isle of Man.
Interest rates
Interest you earn when in credit (Creditor Interest Rates)
| Amount | Gross rate % | AER % |
|---|---|---|
| All balances | 0.10 | 0.10 |
Overdraft rates (Debtor Interest Rates)
| Amount | Monthly % | EAR % |
|---|---|---|
| Within agreed facility | 1.48 | 19.24 |
| 19.24% EAR typical | ||
Application of interest
Interest is calculated on a daily basis and paid into your account monthly, usually the day after we send your statement to you.
Gross rate
Gross rate - is the interest rate paid before the deduction of tax.
Annual Equivalent Rate (AER)
Annual Equivalent Rate (AER) - illustrates what the interest rate would be if paid and compounded each year.
Effective Annual Rate of Interest (EAR)
This is the real annual cost of an overdraft stated as annual rate which takes into account how often interest is charged to the account. All other charges, for example arrangement fees, are shown separately from the EAR.
back to topUnarranged overdraft rates
Any amount overdrawn in excess of the arranged overdraft limit will be charged at a rate of 1.48% per month, which is equivalent to an Effective Annual Rate of 19.24% pa
back to topCharges
There are a number of ancillary services available to you. The most common of these are listed with their costs. These charges are in respect of personal banking. Also listed are services which we may have to perform for you.
| Charges for Borrowing | |
|---|---|
| To arrange a personal overdraft | Up to £100 Free Over £100 2% of facility (Min £45) |
| To renew an overdraft at existing level | 1% of facility (Min £45) |
| Charges for additional services | |
|---|---|
| Stopping a cheque (except for lost /stolen cheques) | £10 |
| Special presentation of a cheque | £15 |
| Copies of paid cheques including providing details of paid cheques | £5 per cheque (max £150) |
| Duplicate statement/historic copy | £5 per request |
| Certificate of balance or interest | No charge |
| CHAPS Payment (Same Day Value Payment) | £23 (discounted to £15 for ibanking Plus customers) |
| Charges for Unarranged Borrowing | |
|---|---|
| Unarranged overdraft - maintenance charge. If you borrow more than your agreed overdraft limit you will be liable for a maintenance charge applied monthly 16 days after the end of the charging period (or the next business day if this is a Saturday, Sunday or Bank Holiday). The charging period is normally in line with the date that we send your statement to you | £20 per month |
| Paid referral fee - Payable when you informally request an overdraft by issuing a payment instruction on your account where there are either insufficient funds or insufficient unused agreed overdraft facility to meet the payment and we in our discretion make payment which results in or increases an unarranged overdraft. The fee will be applied 21 days after the end of the charging period in which the transaction was paid or taken from your account (or on the next business day if this is a Saturday, Sunday or Bank Holiday). The charging period normally ends on the date that we issue your statement to you. | £15 for any day on which a paid referral(s) occurs (max £90 in any charging period) |
| Letter to inform you of an unarranged overdraft | Free |
| Unpaid Item fee - Payable when a cheque, Standing Order or Direct Debit is not paid due to their being insufficient funds available in your account | £5 per item (max £50 in any charging period) |
| Guaranteed card payment fee - Payable when you informally request an overdraft by making a payment supported by cheque guarantee or Maestro where there are insufficient funds or insufficient unused agreed overdraft facility to meet the payment. When your account is overdrawn in excess of any agreed overdraft limit, a maintenance charge will also be applied. | £15 per item (max £90 in any charging period) |
| Default Notice Charge | £30 each |
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