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Current accounts

Interest rates and charges

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 3 January 2017 and may change. The interest rates shown in this leaflet have been rounded to two decimal places.

The price for your banking services

The charges and rates of interest set out in this section include the monthly account fee we charge if you have a Gold account, the interest rates we charge you if your account is overdrawn and our overdraft and returned item charges.

These charges and rates of interest work together as the main elements of the pricing structure we use for our current accounts. The way we charge puts you in control of what you pay.

As long as you stay in credit, you can enjoy the services listed under `Services you can receive without separate charge` without any separate charge being made. This is possible because our pricing structure enables us to charge for the provision of the account through the fees, charges and interest set out in this section.

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

Information contain within this section

Interest rates and charges

Interest we pay you

The annual rates of interest paid on credit balances;

Common definitions



Type of current account Amount held in account Gross Rate % AER% (variable)
Gold Account
£0+ 0.15 0.15
Select account
£0 + 0.00 0.00
Card Plus
£0 + 1.00 1.00

Updated: 3 January 2017

Calculation and application of interest

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

Interest rates and charges

Services you can receive without separate charge

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

  • payments in the UK, Channel Islands, Isle of Man or Gibraltar by debit card, cheque, Direct Debit or standing order;
  • sterling transactions using your debit card in any NatWest, Isle of Man Bank, 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.

Interest rates and charges

Gold account fees

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

Type of current account Account fee
Gold Account £15.00 per month will be payable from your Gold Account

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’.

Your charging period runs from month to month, usually from the date you opened your account. For example, if you opened your account on 15 August, your charging period will run from the 15th of each month to the 14th of the next month. You can find out your charging period by contacting us.

Interest rates and charges

Arranged overdraft interest

Gold account, Select account, Current account and Current Plus
(Current account and Current Plus are not available to new customers)

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 arranged overdraft interest. If the amount you overdraw under an arranged overdraft facility exceeds these thresholds, you will pay arranged overdraft 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 arranged overdraft 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

Type of account Interest free threshold
Gold Account £100
Select account, Current account & Current Plus £10

Please note: if the overdraft facility you have agreed with us is less than or equal to the thresholds shown above and you exceed your arranged overdraft facility, you will pay arranged overdraft interest at the rates shown below on the entire arranged overdraft facility.

Common definitions



Type of account Amount Nominal
monthly rate %
Nominal
annual rate %
EAR % variable
Gold Account All amounts 0.63% 7.5% 7.76%
Select account, Current account and Current Plus Credit Zone Overdrafts All amounts 1.52% 18.28% 19.89%

Student account

Your overdraft is available at a preferential rate while you hold a Student account. If at any time you cease to be a Student customer for any reason, then the interest rate you pay on your overdraft will revert to the standard rate which applies to Select account customers.

Student account arranged overdrafts are interest free and available subject to status. If you request an arranged overdraft with a limit which exceeds the thresholds set out below, you will need to provide additional information to support your application.

All Student account customers entering their second, third, fourth or fifth year of university will have the following thresholds applied:

Interest free thresholds Nominal
monthly rate %
Nominal
annual rate %
EAR % variable
Year 2 (£1,400) 0.00% 0.00% 0.00%
Year 3 (£1,600) 0.00% 0.00% 0.00%
Year 4 (£1,800) 0.00% 0.00% 0.00%
Year 5 (£2,000) 0.00% 0.00% 0.00%
0.0% EAR Typical

From 2010 all Student account customers starting their first year of university will have the following thresholds applied

Interest free thresholds Nominal
monthly rate %
Nominal
annual rate %
EAR % variable
Year 1 (£1,000) 0.00% 0.00% 0.00%
Year 2 (£1,250) 0.00% 0.00% 0.00%
Year 3 (£1,500) 0.00% 0.00% 0.00%
Year 4 (£1,750) 0.00% 0.00% 0.00%
Year 5 (£2,000) 0.00% 0.00% 0.00%
0.0% EAR Typical

Calculation and application of interest

Arranged overdraft interest on arranged overdrafts is calculated on a daily basis and charged monthly.

The arranged overdraft 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).

Your charging period runs from month to month, usually from the date you opened your account. For example, if you opened your account on 15 August, your charging period will run from the 15th of each month to the 14th of the next month. You can find out your charging period by contacting us.

If we are going to debit arranged overdraft 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 arranged overdraft interest on any part of an arranged overdraft which represents an Unpaid Transaction Fee or Unarranged Overdraft Usage Fee.

Changes to Interest Rates

From time to time we may alter the interest rates we charge on arranged overdrafts set out in this section.

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) when it will change when the reference rate changes.

Interest rates and charges

Arranged overdraft, unarranged overdraft and unpaid transaction fees

Gold account, Select account, Current account, Current Plus, Student account and Basic account
(Student and Basic accounts will only pay the Returned Item Fee.)

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 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 item charges” will apply.

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

Arranged Overdraft Usage Fee

Description When charged Fee amount
An Arranged Overdraft Usage Fee will be charged where arranged overdrafts are used by more than £10.

21 days after the end of the charging period (or the next business day if this is a Saturday, Sunday or Bank Holiday). Your charging period runs from month to month, usually from the date you opened your account.

For example, if you opened your account on 15 August, your charging period will run from the 15th of each month to the 14th of the next month. You can find out your charging period by contacting us.

£6 per charging period where arranged overdrafts are used by more than £10.

Unarranged Overdraft Usage Fee

Description When charged Fee amount

An Unarranged Overdraft Usage fee will be charged for each day on which there is an unarranged overdraft of greater than £10 on your account at close of business on that day.

Please note: we will only charge an Unarranged Overdraft Usage Fee for a non business day (i.e. a Saturday, Sunday or Bank Holiday) if there is an unarranged overdraft of greater than £10 owing on your account at close of business on the first following business day.

21 days after the end of the charging period (or the next business day if this is a Saturday, Sunday or Bank Holiday). Your charging period runs from month to month, usually from the date you opened your account.

For example, if you opened your account on 15 August, your charging period will run from the 15th of each month to the 14th of the next month. You can find out your charging period by contacting us.

£6 per day for unarranged overdrafts greater than £10 (subject to a maximum of £90 in any charging period).

Unpaid Transaction Fee

Description When charged Fee amount

An Unpaid Transaction Fee will be charged if:

  • you informally request an unarranged overdraft by issuing instructions for a withdrawal or other payment; and
  • the payment cannot be met from the funds in your account or any unused arranged overdraft facility; and
  • we decide in our discretion not to make the payment.

21 days after the end of the charging period in which we decide not to make the payment (or the next business day if this is a Saturday, Sunday or Bank Holiday). Your charging period runs from month to month, usually from the date you opened your account.

For example, if you opened your account on 15 August, your charging period will run from the 15th of each month to the 14th of the next month. You can find out your charging period by contacting us.

£6 for each returned item (subject to a maximum of £60 in any charging period).

Making an informal request for an unarranged overdraft means you will normally have to pay an Unpaid Transaction Fee or an Unarranged Overdraft Useage Fee.

Changes to charges

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

Repayment of your overdraft

We can withdraw your overdraft from your account, or demand repayment of your overdraft, if we have a valid reason for doing so and we give you written notice. We will normally give you at least 30 days’ prior notice, but our notice may take effect immediately in certain cases. For more information on when we can withdraw or demand repayment of your overdraft in this way, please see General Condition 6.5.2 (Repayment and termination of your overdraft) in our leaflet Personal Banking - Terms and Conditions.

Interest rates and charges

Debit card and ATM card charges

The section below sets out our charges for the transaction types listed below. It does not reflect any charges which a third party might charge you (for example, commission rates or ATM fees).

Debit card charges

Transaction Type Charges
Sterling cash withdrawals from any UK, Channel Islands, Isle of Man or Gibraltar cash machine (ATM) No charge
Sterling cash withdrawals from any NatWest branch in the UK, Channel Islands, Isle of Man or Gibraltar No charge
Sterling cash withdrawals in the UK, Channel Islands, Isle of Man or Gibraltar in any bank, travel agent, bureau de change or other outlet displaying the Visa logo No charge
Purchase of foreign currency or travellers cheques in the UK, Channel Islands, Isle of Man or Gibraltar No charge
Foreign currency withdrawal from any cash machine (ATM) in the UK, Channel Islands, Isle of Man or Gibraltar

We will charge a Foreign Cash Fee of 2% of the value of the transaction (minimum £2, maximum £5). We will also charge a Non-Sterling Transaction Fee of 2.75% of the value of the transaction.

If you elect for the transaction to be converted into Sterling at the point of sale or withdrawal, we will not charge a Non-Sterling Transaction Fee, however the transaction handler may charge you a separate fee.

Cash withdrawals or the purchase of currency or travellers cheques outside the UK, Channel Islands, Isle of Man or Gibraltar

We will charge a Foreign Cash Fee of 2% of the value of the transaction (minimum £2, maximum £5). We will also charge a Non-Sterling Transaction Fee of 2.75% of the value of the transaction.

If you elect for the transaction to be converted into Sterling at the point of sale or withdrawal, we will not charge a Non-Sterling Transaction Fee, however the transaction handler may charge you a separate fee.

Purchases made outside the UK, Channel Islands, Isle of Man or Gibraltar (for example, purchasing goods in a shop) We will charge a Foreign Purchase Fee of 2.75% of the value of the transaction (minimum £1).
Purchases made anywhere in a foreign currency (for example, online/telephone purchases made in or outside the UK, Channel Islands, Isle of Man or Gibraltar) We will charge a Foreign Purchase Fee of 2.75% of the value of the transaction (minimum £1).

ATM card charges

Transaction Type Charges
Sterling cash withdrawals from any UK, Channel Islands, Isle of Man or Gibraltar cash machine (ATM) No charge
Sterling cash withdrawals from any NatWest branch in the UK, the Channel Islands, Isle of Man or Gibraltar No charge
Foreign currency withdrawal from any cash machine (ATM) in the UK, Channel Islands, Isle of Man or Gibraltar

We will charge a Foreign Cash Fee of 2% of the value of the transaction (minimum £2, maximum £5). We will also charge a Non-Sterling Transaction Fee of 2.75% of the value of the transaction.

If you elect for the transaction to be converted into Sterling at the point of withdrawal we will not charge a Non-Sterling Transaction Fee, however the transaction handler may charge you a separate fee.

Cash withdrawals from any cash machine (ATM) outside the UK, Channel Islands, Isle of Man or Gibraltar

We will charge a Foreign Cash Fee of 2% of the value of the transaction (minimum £2, maximum £5). We will also charge a Non-Sterling Transaction Fee of 2.75% of the value of the transaction.

If you elect for the transaction to be converted into Sterling at the point of withdrawal we will not charge a Non-Sterling Transaction Fee, however the transaction handler may charge you a separate fee.

Where a charge in the tables above is stated as a percentage, this is a percentage of the Sterling transaction amount.

Visa Payment Scheme Exchange Rate
Any transaction made in a foreign currency using your debit card or ATM card is converted by us into Sterling using the Visa Payment Scheme Exchange Rate. To see the up-to-date rates used for debit cards and ATM cards visit www.visaeurope.com.
Transaction withdrawal limit
In most cases, you can withdraw funds up to your ATM daily withdrawal limit, provided there are sufficient funds in your account. Within Europe some cash dispenser networks have imposed a maximum value per transaction of €150 (equivalent to around £135). To withdraw more than this you will have to carry out more than one transaction. There is a daily limit for cash withdrawals using a Visa Debit card in any other bank, travel agent, bureau de change or other outlet displaying the Visa logo.

Interest rates and charges

Additional services payments & travel money

Additional Services
Obtaining copies of statements £3 per request
Certificate of debit interest No fee
Certificate of credit interest £10
Tailored loan arrangement fee 2% of amount borrowed (minimum fee £100)
Stopping a cheque (unless it has been lost or stolen) £10

Payments

Domestic payments
Obtaining a sundry payment cheque £12
Obtaining a special cheque clearance £15 (£25 in Gibraltar)
CHAPS payments £23
International Payments
Including currency transfers in the UK currency inward collections 0.3% (minimum fee £23, maximum fee £40) plus £10 agents charge where applicable
Euro Standard Payments - Gibraltar only
Our Single Euro Payments Area (SEPA) compliant payment method for sending a payment up to €100,000 £10
ibanking plus payments
CHAPS reduced tariff £15 per payment
International payments
  • £5,000 or less - £15
  • Over £5,000 - 0.3%(max £40)
Inward payments from overseas
Depending on payment instructions these charges may be for the beneficiary or remitter
  • Up to £100 - no charge
  • Over £100 - £7.50 plus agents charges where applicable
Outward/Inward payment investigations
Within 6 months of payment release Up to £25 per investigation
6 - 12 months from payment release Up to £50 per investigation
Over 12 months from payment release Up to £100 per investigation
Foreign Cheques
Cheques drawn at foreign banks in local currency are usually negotiated Negotiation 0.25%
(minimum fee £7, maximum fee £45)
The Bank reserves the right to obtain proceeds on a collection basis where appropriate Collection 0.25%
(minimum fee £20, maximum fee £70)
Foreign draft £40

Currency notes and travellers cheques

To buy currency notes and travellers cheques
Currency notes 0% commission
Currency travellers cheques 0% commission
Sterling travellers cheques 1% of value (2% in Gibraltar)
(min £3.00, max £50.00)
To cash in currency notes and travellers cheques
Currency notes 0% commission
Currency travellers cheques 0% commission
Sterling travellers cheques 0% commission

Currency notes paid into or withdrawn from a currency account
(Not applicable to Gibraltar customers. Please ask in branch for further details.)

Currency Amount Commission rate
US Dollar
US $25,000 and under 1% (min $10)
US $25,001 to US $100,000 0.5%
Over US $100,000 Ask for details
Euro
€25,000 and under 1% (min €10)
€25,001 to €100,000 0.5%
Over €100,000 Ask for details
All other currencies
£25,000 and under 1% (min £5)
£25,001 to £100,000 0.5%
Over £100,000 Ask for details

Safe Custody
(Please note that we no longer accept new items into Safe Custody)

Boxes and parcels annual holding charges
Large box £55 (plus VAT where applicable)
Small box £40 (plus VAT where applicable)
Sealed envelope £20 (plus VAT where applicable)
Inspection fee £10 (plus VAT where applicable)