Interest and charges for approved overdrafts
If you require an overdraft facility with your current account, interest will be charged at the following rates:
Overdraft Interest Rates
|
If you pay in £1,500 or more each
month
| 11.15%
(11.74% EAR typical variable) |
|
If you pay in £500 or more each
month
| 12.99%
(13.79% EAR typical variable) |
|
If you pay less than £500 each
month
| 19.13%
(20.90% EAR typical variable) |
Interest rates are variable. EAR stands for Equivalent Annual Rate and does not take into account any additional charges (e.g.arrangement fees/security charges/monthly fees) which may be applicable.
We will charge you interest on the whole of the overdrawn balance for each full day your account is overdrawn.
Interest and charges for unapproved overdrafts
If you exceed your approved overdraft facility, we will charge you interest at our unapproved overdraft rate, which is currently 22.44%
(24.90% EAR typical variable), on the amount by which you exceed your approved overdraft facility. The remainder of your overdraft will be charged at one of our approved overdraft rates.
We will also charge you a £19 monthly fee if you exceed your approved overdraft facility at any time during each month.
Click here for examples of what you could be charged if you go overdrawn.