Current account rates

Credit and overdraft interest rates

 

Credit interest rates

If you want to see previous rates for our products see our 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.

Classic Plus account interest rates

Added value accounts (Platinum, Gold, Premier, Select) with Plus also receive the rates of interest shown below.
 
Balance Interest paid monthly
  AER % Gross %
£0 - £1,500 1.50% 1.49%
 
These interest rates are correct as at 02/05/2020.

Please note the credit interest on this account will be removed from 2 December 2020

Interest rates are variable.  
 

Classic Plus interest is paid on balances up to £1,500.  To earn interest (which is paid monthly):

  • pay in a minimum £500 a month, and

  • register for Internet Banking, and

  • sign up for Paperless Statements and Correspondence.

 

Please note: Interest rates apply to your balance up to £1,500.  We do not pay interest on balances above £1,500.

For more information about Classic Plus including the conditions that apply see Classic Plus

Classic account Enhance interest rates

Balance Interest paid monthly
  AER % Gross %
£0+ 0.25  0.25 
£1,000+ 0.25 
0.25 
£3,000 up to £5,000 0.25 
0.25 
These interest rates are correct as at 04/01/2017.

Please note the credit interest on this account will be removed from 2 December 2020

Interest rates are variable. Customers are limited to a total of three Enhance accounts. 
 

Enhance interest is paid on balances up to £5,000. To get interest paid each month, you need to:

  • pay at least £1,000 into your account during the calendar month, and

  • keep your account in credit during the monthly billing period.

We do not pay interest on amounts above £5,000.

For more information about Enhance including the conditions that apply see Enhance

Explanation of terms

Silver account Enhance interest rates

Balance Interest paid monthly
  AER % Gross %
£0+ 0.25  0.25 
£1,000+ 0.25 
0.25 
£3,000 up to £5,000 0.25  0.25 
These interest rates are correct as at 04/01/2017.

Please note the credit interest on this account will be removed from 2 December 2020

Interest rates are variable. Customers are limited to a total of three Enhance accounts. 
 

Enhance interest is paid on balances up to £5,000. To get interest paid each month, you need to:

  • pay at least £1,000 into your account during the calendar month, and

  • keep your account in credit during the monthly billing period.

We do not pay interest on amounts above £5,000.

For more information about Enhance including the conditions that apply see Enhance

Explanation of terms

Gold account Enhance interest rates

Balance Interest paid monthly
  AER % Gross %
£0+ 0.25  0.25 
£1,000+ 0.25  0.25 
£3,000 up to £5,000 0.25  0.25 
These interest rates are correct as at 04/01/2017.

Please note the credit interest on this account will be removed from 2 December 2020

Interest rates are variable. Customers are limited to a total of three Enhance accounts. 
 

Enhance interest is paid on balances up to £5,000. To get interest paid each month, you need to:

  • pay at least £1,000 into your account during the calendar month, and

  • keep your account in credit during the monthly billing period.

We do not pay interest on amounts above £5,000.

For more information about Enhance including the conditions that apply see Enhance

Explanation of terms

Platinum account Enhance interest rates

Balance Interest paid monthly
  AER % Gross %
£0+ 0.25  0.25
£1,000+ 0.25 
0.25
£3,000 up to £5,000 0.25 
0.25
These interest rates are correct as at 04/01/2017.

Please note the credit interest on this account will be removed from 2 December 2020

Interest rates are variable. Customers are limited to a total of three Enhance accounts. 
 

Enhance interest is paid on balances up to £5,000. To get interest paid each month, you need to:

  • pay at least £1,000 into your account during the calendar month, and

  • keep your account in credit during the monthly billing period.

We do not pay interest on amounts above £5,000.

For more information about Enhance including the conditions that apply see Enhance

Explanation of terms

Premier account Enhance interest rates

Balance Interest paid monthly
  AER % Gross %
£0+ 0.25  0.25 
£1,000+ 0.25  0.25 
£3,000 up to £5,000 0.25  0.25 
These interest rates are correct as at 04/01/2017.

Please note the credit interest on this account will be removed from 2 December 2020

Interest rates are variable. Customers are limited to a total of three Enhance accounts. 
 

Enhance interest is paid on balances up to £5,000. To get interest paid each month, you need to:

  • pay at least £1,000 into your account during the calendar month, and

  • keep your account in credit during the monthly billing period.

We do not pay interest on amounts above £5,000.

For more information about Enhance including the conditions that apply see Enhance

Explanation of terms

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

Account
Interest
 
% per month 
% EAR

Premier account

2.84 

39.90 

Platinum account

2.84 

39.90 

Gold account

2.84 

39.90 

Silver account

2.84 

39.90 

Spend & Save

2.84 

39.90

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

EAR
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.

Switch Guarantee

 

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

Or, we’ve already prepared some examples of the fees you’ll pay if you use our Unarranged Overdraft service, which you’ll find here.
Some fees explained (PDF)

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