Correct as at 3 January 2012.
Interest rates
Credit interest rate
All credit balances |
0.20 |
0.25 |
0.25 |
We set the credit interest rate which is variable. We will give you two months' written notice of any reductions to the credit interest rate. If we increase the credit interest rate on your account, we will make the change immediately. Interest is credited at the end of each calendar month.
Representative Example
9.37% EAR Variable
No arrangement fee
£3,000 total amount of credit
The overdraft interest rates are made up of two parts - the Bank of England Bank Rate (BOEBR) and an amount over the BOEBR (known as the 'margin'), which are both variable rates. We set the margin (on an arranged overdraft) and the unarranged margin (on an unarranged excess). When the Bank of England Bank Rate changes, we change the rate at the beginning of the next business day after the Bank of England announces the change. We will give you two months written notice before we increase the margin or the unarranged margin that applies to your account.
Notes
- You will get an arranged overdraft of at least £50 as standard with a Northern 24/7 account.
Transaction and package fees
| Setting up the arranged overdraft |
No fee for arranged overdrafts of up to £10,000
1% fee for any amount over £10,000 |
n/a |
| Cash withdrawals at a Northern Bank branch counter |
You can make cash withdrawals at a branch counter. For each cash withdrawal out of your account at a Northern Bank branch counter, we will charge you the fee shown opposite. |
£1.00 |
| Cheque payments |
You can make cheque payments. For each cheque paid out of your account, we will charge you the fee shown opposite. |
£1.00 |
If you make a payment out of your account at a branch counter, we will count this as a cheque payment.
A range of charging scenarios is available to show you the charges you will be expected to pay if you try to spend money that isn’t in your account and you haven’t arranged an overdraft or if you spend money that takes your account into unarranged overdraft.
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