Current account rates

Credit and overdraft interest rates


Credit interest rates

From 2 December 2020 credit interest is no longer paid on Plus or Enhance current accounts​. interest-bearing non-marketed account rates

The following tables change from time to time. The date of the last change is detailed beneath each table.

Student account interest rates

Balance Interest paid monthly
  AER % Gross %
£1 - £500 5% 4.89%
These interest rates are correct as at 1/08/2014.
Interest rates are variable. Customers are limited to one Student bank account
Interest rates apply to your balance up to £500. We do not pay interest on balances above £500. 

Under 19's account

Balance Interest paid quarterly
  AER % Gross %
£1-£2,500 2.50  2.47 
£2,501+ 0.1 0.10 
These interest rates are correct as at 09/09/2013.
Interest rates are variable.

For information about Under 19s account

Overdraft rates

Personal Overdrafts - Arranged and Unarranged Overdrafts

% per month 

Premier account



Platinum account



Gold account



Silver account



Spend & Save Plus 2.84 39.90

Spend & Save



These interest rates are correct as at 14/07/2020. Interest rates are variable. Interest rates are variable, and apply to variants of the listed accounts i.e. Plus, and Enhance.

Student account - Arranged and Unarranged Overdrafts

Student account % per month % EAR
£0 - £1,500 0.00  0.00 
£1,500+ 2.84 39.90
These interest rates are correct as at 02/04/2020. Interest rates are variable.

Graduate account - Arranged and Unarranged Overdrafts Graduate account % per month

Graduate account % per month % EAR
£0 - £2,000 0.00 0.00
£2,000+ 2.84 39.90
These interest rates are correct as at 02/04/2020. Interest rates are variable.

We’ll never charge you more than £30 each monthly billing period for the total of all these fees:

  • Unarranged Overdraft interest
  • Returned Item Fees

To make comparing bank products easier for you, banks are setting a maximum monthly charge for unarranged borrowing fees. Each bank may charge different fees, but all banks are explaining it the same way, with the same wording.

Monthly cap on unarranged overdraft charges

  1. Each current account will set a monthly maximum charge for:
    a) Going overdrawn when you have not arranged an overdraft.
    b) Going over/past your arranged overdraft limit (if you have one).
  2. This cap covers:
    a) Interest for going over/past your arranged overdraft limit.
    b) Fees for each payment your bank allows despite lack of funds.
    c) Fees for each payment your bank refuses due to lack of funds.

Explanation of terms

Gross rate
The contractual rate of interest payable before deduction of income tax at the rate specified by law.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

EAR is the Equivalent Annual Rate. This is the actual annual rate of an overdraft. It doesn't take into account other fees and charges.

Interest is normally paid at the net rate unless the account falls within an exempt category or the account holder qualifies to receive interest gross. Interest rates may vary from time to time. All rates are per annum except where stated.

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Full details of our fees and charges can be found in our Banking Charges Guide.

Banking Charges Guide (PDF)

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