Personal current accounts no
longer on sale

We set the credit interest rates.  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.

Notes

1. The net interest rate is the gross rate, less the tax at the rate set by law (currently 20%).
2. The gross interest is the rate of interest we pay before taking off income tax at the rate set by law (currently 20%, except for Cash ISAs which are tax-free).
3. AER stands for 'annual equivalent rate' and shows what the yearly rate would be after taking into consideration how often interest is added to the account, and assuming no withdrawals are made.

Arranged overdraft interest rates

The overdraft interest rates are made up of two parts - the Bank of England Base 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 Base 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 apples to your account.

4. EAR stands for 'effective annual rate' and is used to show the costs of borrowing. It takes into consideration the interest rate charged and how often the interest is applied to the account. It does not include any fees related to overdrafts.