Account with extras

We’re committed to helping you get the most out of your account – which includes making you aware of the charges and rates of interest that apply to your account.

All charges and rates shown are correct as at 1 February 2011 and may change. The interest rates shown have been rounded to two decimal places.

Full copies of the fees and terms and conditions that apply to our personal accounts can be downloaded from our website terms and conditions.

Throughout this page, you'll see various terms being used. Here's what they mean:

Annual Equivalent Rate (AER)
This is a notional rate used for interest bearing accounts which illustrates what the gross credit interest rate (excluding any bonus interest payable) would be if paid and compounded on an annual basis. It helps you to compare the effective rates of credit interest on different accounts.

Effective Annual Rate of Interest (EAR)
This is the real annual cost of an overdraft, stated as an annual rate, which takes into account how often interest is charged to the account. All other charges, such as arrangement fees, must be shown separately from the EAR.

Gross Rate
This means the interest rate you are paid before the deduction of income tax.

Nominal Rate
The rate charged excluding compounding of interest and other charges associated with a borrowing, e.g. arrangement and security fees.

p.a.
per annum (per year).

As long as you stay in credit, you can receive the following services without any separate charge being made:

• payments by debit card in the UK, cheque, Direct Debit or standing order;
• sterling transactions using your debit card or ATM card in any Isle of Man Bank, NatWest, RBS International, Royal Bank of Scotland cash machines, or almost all other UK cash machines. There are some cash machines in the UK and abroad where the owner of the machine may charge a fee. You will be advised on the screen about any charges before you withdraw cash. You can then stop the transaction if you do not want to be charged;
• account statements (but a charge is made for copies);
• cheque books, paying-in books and statement holders;
• telephone and online banking – apart from the cost of the phone call and any charges your Internet Service Provider may charge you for accessing the service;
• use of our counter services. There may be additional fees if we have to make special arrangements or provide specialist services.

The following monthly account fee is payable by GOLD Account customers. Membership includes access to all the benefits listed in the appropriate webpages, brochures and user guides. These also contain details of other fees and services.

Application of account fees

The account fee for each monthly charging period will be debited from your account 21 days after the end of that charging period (or on the next business day if this is a Saturday, Sunday or Bank Holiday). The fee will appear on your statement as ‘CHG’. The charging period normally ends on the date that we issue your statement to you.

From time to time we may alter the interest rates we charge on arranged overdrafts.

When we do this we will notify you personally not less than 30 days before the change comes into effect, unless your arranged overdraft interest rate is linked to an internal reference rate (for example, set at a margin over our base rate).

The annual rates of interest paid on credit balances;

Updated: 18th May 2009

Calculation and application of interest

Interest is calculated on a daily basis and paid into the account once a month.

For GOLD Account, Current Account and Current Plus

If you have arranged an overdraft facility with us in advance and you use this facility within the thresholds shown below, you will not pay any interest. If the amount you overdraw under an arranged overdraft facility exceeds these thresholds, you will pay interest at the rates shown in the tables below on the overdrawn balance – please note that this includes the part of the balance which is within any interest free threshold that applies to your account. However, we will not charge interest on any part of the overdrawn balance which is an unarranged overdraft or represents fees, charges or costs of the kind described below under the heading `Sums which do not bear interest`.

If you have arranged an overdraft facility with us in advance under which you pay interest at a rate other than the rates shown in the tables below, the interest free thresholds shown below will not apply to your account.

Interest free thresholds

Current rates

The rate you pay will change automatically as our Bank’s base rate changes in line with interest rates generally.

Calculation and application of interest

Interest on arranged overdrafts is calculated on a daily basis and charged monthly.

The interest we charge in each charging period will be debited from your account 21 days after the end of that charging period (or on the next business day if this is a Saturday, Sunday or Bank Holiday.

The charging period normally ends on the date that we issue your statement to you.

If we are going to debit interest from your account, we will give you not less than 14 days’ notice of how much we are going to debit and when.

Sums which do not bear interest

We do not charge interest on unarranged overdrafts. Nor do we charge interest on any part of an arranged overdraft which represents:

• a Default Notice Fee or other sum (apart from interest) you must pay us in connection with a breach of your obligations under your agreement with us; or
• a Returned Item Fee or Unarranged Overdraft Fee

Any amount overdrawn without an arranged overdraft or in excess of an arranged overdraft limit will be charged at the following rates:

Arranged Overdrafts, Unarranged Overdrafts, Returned Items and Enforcement Charges

The charges shown in this section do not normally apply to the other accounts we offer to Personal Banking customers. However, we sometimes allow other accounts (including savings accounts) to be operated in a way which enables the customer to give instructions for a withdrawal or other payment which cannot be met from the funds in the account. If this happens, the charges listed below under the heading ‘Unarranged overdrafts and returned items – charges’ will apply.

Changes to charges

From time to time we may alter the charges set out in this section. If we increase a charge, we will notify you personally not less than 60 days before the change comes into effect.

Arranged overdrafts - arrangement and renewal fees

Unarranged overdrafts and returned items

If we are going to charge you an Unarranged Overdraft Fee and/or a Returned Item Fee, we will give you not less than 14 days’ notice of how much we are going to charge you and when.

Enforcement Charges

Our Customer Promises have been created from the responses you gave us through our extensive customer surveys and cover the most important things you expect when dealing with us. They are at the heart of our culture, and every single member of our team is committed to them.

I listen, understand and respond to your needs

• I take time to understand individual circumstances and needs
• I suggest the best options to meet your needs

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I do what I say

• I am committed to getting things right, first time
• I work to an agreed timeframe and keep you informed of progress
• I explain how decisions are made

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I act where problems arise

• I act quickly to resolve matters and will provide you with a dedicated contact
• If things do go wrong, I'll put them right and say sorry
• I learn from problems to improve things for the future