Credit and debit interest rates and quarterly package fees, where applicable are detailed below. Where we have to pre-notify you under the Banking Code, interest fees or charges will be applied to your account 12 working days after the date of the calculation. Interest fees or charges will be calculated to the last calendar day in March, June, September and December. All interest rates are variable and are correct as at 14th April 2008. There is no minimum balance requirement on any of the personal banking packages. For more detail on fees and charges applicable to personal banking packages please see our fees and charges explained leaflets which are available in any Northern branch.
Northern Personal Access
| All rates are shown in percentages (%) | Gross† | AER* | Net** |
Credit interest rate
All credit balances | 0.25 | 0.25 | 0.20 |
 | Debit rate (per annum) | EAR†† |
Debit interest rate
Authorised borrowing | N/A | N/A |
Read about unauthorised borrowing and definitions.
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Northern Discovery
| All rates are shown in percentages (%) | Gross† | AER* | Net** |
Credit interest rate
All credit balances | 1.25 | 1.26 | 1.00 |
| Debit rate (per annum) | EAR†† |
Debit interest rate
Authorised borrowing | N/A | N/A |
Read about unauthorised borrowing and definitions.
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Northern Choice
| All rates are shown in percentages (%) | Gross† | AER* | Net** |
Credit interest rate
All credit balances | 1.50 | 1.51 | 1.20 |
| Debit rate (per annum) | EAR†† |
Debit interest rate
Authorised borrowing | 7.49 | 7.70 |
Read about unauthorised borrowing and definitions.
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Northern Choice Plus
| All rates are shown in percentages (%) | Gross† | AER* | Net** |
Credit interest rate
All credit balances | 3.00 | 3.03 | 2.40 |
| Debit rate (per annum) | EAR†† |
Debit interest rate
Authorised borrowing | 7.49 | 7.70 |
Terms and fees
Northern Choice Plus package fee: £30 per quarter.
Read about unauthorised borrowing and definitions.
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Northern Prestige
| All rates are shown in percentages (%) | Gross† | AER* | Net** |
Credit interest rate
All credit balances | 3.50 | 3.55 | 2.80 |
| Debit rate (per annum) | EAR†† |
Debit interest rate
Authorised borrowing | Negotiable max
7.49 | Negotiable max
7.70 |
Terms and fees
Northern Prestige package fee: £50 per quarter.
Read about unauthorised borrowing and definitions.
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Northern Freedom
| All rates are shown in percentages (%) | Gross† | AER* | Net** |
Credit interest rate
All credit balances | 1.25 | 1.26 | 1.00 |
| Debit rate (per annum) | EAR†† |
Debit interest rate
Authorised borrowing | 0.00 | 0.00 |
Terms and fees
Northern Freedom is available for personal customers aged 18-27 years old.
Read about unauthorised borrowing and definitions.
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Unauthorised borrowing
If you exceed your arranged overdraft facility or if you go overdrawn without prior arrangement, interest will be payable at the Unauthorised Borrowing rate detailed below. This Unauthorised Borrowing rate will only apply to any borrowing which is in excess of any agreed overdraft facility.
Personal current accounts
All rares are shown in percentages (%) | Debit rate (per annum) | EAR†† |
| Unauthorised borrowing | 15.00 | 15.87 |
Other fees and charges applicable to unauthorised borrowing may apply to personal banking packages - please see our fees and charges explained leaflets which are available in any Northern branch.
Definitions
* AER stands for Annual Equivalent Rate and indicates what the rate would be if interest were paid and compounded once a year.
** Net is the Gross rate less the lower rate tax at the prevailing rate (currently 20%).
† Gross interest is the rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%).
†† EAR is the Effective Annual Rate to express the cost of borrowing. It takes account of the interest rate charged, the frequency it is levied and the compounding of interest. It does not include overdraft fees.
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Important information
Northern Bank Limited is a member of the Financial Services
Compensation Scheme (FSCS) established under the Financial
Services and Markets Act 2000. You may be entitled to
compensation from the scheme if we cannot meet our obligations.
Most depositors, including individuals and small firms, are
covered.
In respect of deposits with a UK office, payments under the
scheme are limited to 100% of the first £35,000 of a depositor’s
total credit balances with the Bank.
Further details of the scheme are available from us on request or
from the FSCS at www.fscs.org.uk or Financial Services
Compensation Scheme, 7th Floor, Lloyds Chambers, Portsoken
Street, London, E1 8BN.