Rates correct as at 1 October 2011.
When your account is in credit
| Northern Personal Access |
0.00% |
0.00% |
0.00% |
| Northern Discovery |
0.08% |
0.10% |
0.10% |
| Northern Freedom |
0.08% |
0.10% |
0.10% |
| Northern Choice |
0.08% |
0.10% |
0.10% |
| Northern 24/7 |
0.20% |
0.25% |
0.25% |
| Northern Choice Plus |
0.12% |
0.15% |
0.15% |
| Northern Prestige |
0.20% |
0.25% |
0.25% |
| Northern Re:pay |
0.08% |
0.10% |
0.10% |
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.
Arranged overdraft interest rates
| Northern Personal Access |
Does not apply |
Does not apply |
| Northern Discovery |
Does not apply |
Does not apply |
| Northern Freedom |
0.00% |
0.00% |
| Northern Choice |
9.99% |
10.46% |
| Northern 24/7 (see note 5) |
8.99% |
9.37% |
| Northern Choice Plus |
8.99% |
9.37% |
| Northern Prestige |
Negotiable |
Negotiable |
Unarranged overdraft interest rates
| All personal current accounts on sale (see note 5) |
20.50% |
22.54% |
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 apples to your account.
Notes
- The net interest rate is the gross rate, less the tax at the rate set by law (currently 20%).
- 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).
- 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.
- 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.
- You will get an arranged overdraft of at least £50 as standard with a Northern 24/7 account
