Interest rates

Interest rates

Closed issues from 12th August 2003

Current interest rates

These are the interest rates we are currently paying on balances that are in credit.

Accounts	Customer	Balance	AER	Gross (before tax each year)	Net (after tax each year)
Ultimate Reward Current Account More info Apply now		The first £2500 Any amount over £2500.01	5.12% 0.10%	5.00% 0.10%	4.00% 0.08%
High Interest Current Account More info Apply now	If you pay in at least £1000 a month	The first £2500 Any amount over £2500.01	5.12% 0.10%	5.00% 0.10%	4.00% 0.08%
High Interest Current Account More info Apply now	If you pay in less than £1000 a month	Any amount	0.10%	0.10%	0.08%
moneyback Current Account* (You can no longer apply for this account)		Any amount	0.10%	0.10%	0.08%
Current Account More info Apply now		Any amount	0.10%	0.10%	0.08%
Student Current Account More info Apply now	Students	Any amount	2.02%	2.00%	1.60%
Easycash More info	Customers over 16	Any amount	0%	0%	0%
Cardcash^ More info	People under 18	Any amount	1.51%	1.50%	1.20%
Expresscash More info	11 to 15 year olds	Any amount	1.51%	1.50%	1.20%

^Please note that we do not pay interest on balances that are in credit in Cardcash accounts held by customers over the age of 18.

The Annual Equivalent Rate (AER) shows what the interest rate would be if we paid interest on the full balance once a year.

The before tax rate is the rate of interest we pay before we take income tax at the rate set by law.

After tax is the amount of interest which we would pay after allowing for tax (currently 20%).

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These are the interest rates we are currently charging on overdrafts.

Accounts	Customer	Variable arranged overdraft	Variable unarranged overdraft
Ultimate Reward Current Account	Overdrafts over £300	1.50% a month (Typical 19.5% EAR)	2.20% a month (29.8% EAR)
High Interest Current Account	If you pay in at least £1000 a month	1.24% a month (15.9% EAR)	2.13% a month (28.8% EAR)
High Interest Current Account	If you pay in less than £1000 a month	1.50% a month (Typical 19.5% EAR)	2.20% a month (29.8% EAR)
moneyback Current Account* (You can no longer apply for this account.)		0.56% a month (6.9% EAR)	2.13% a month (28.8% EAR)
Current Account		1.50% a month (Typical 19.5% EAR)	2.13% a month (28.8% EAR)
Student Current Account	Overdrafts of up to £3000	Interest-free (0% EAR)	1.82% a month (24.2% EAR)
Student Current Account	Overdrafts over £3000	0.58% a month (7.2% EAR)	1.82% a month (24.2% EAR)
Easycash		Not available	Not available
Cardcash		Not available	2.20% a month (29.8% EAR)
Expresscash		Not available	Not available

'Student' is defined in the Bank of Scotland Bank Account conditions. For arranged student overdrafts over £3000 we will charge interest at the arranged rate on the whole of the overdraft.

EAR is the equivalent annual rate. It shows what the interest rate would be if interest was taken from your account once a year.

*To earn moneyback you must pay in at least £1000 a month.

If you have an arranged overdraft you must pay your salary (grant cheque, student loan or parental contribution if you are a student) or other regular payment into your account. The minimum overdraft we would agree to is £100. You must pay off any overdraft when we tell you to.

Money Market Cheque Account (London)

Rates from 01/05/2008

Balance

AER %

Gross (before tax each year) %

Net (After tax each year %

Credit interest

Up to £2499

£2500 - £99999

£100000 - £249999

£250000 - £499999

£500000+

0.25

2.17

2.22

2.94

2.99

0.25

2.15

2.20

2.90

2.95

0.20

1.72

1.76

2.32

2.36

	Balance	A month %	Variable EAR %
Arranged overdraft	N/A	N/A	N/A
Unarranged overdraft	Any	22.5% p.a. over Bank's base rate	N/A

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Please note that we do not pay interest on balances that are in credit in Easycash, Cardcash and Bill Payment accounts held by customers over the age of 18.

The Annual Equivalent Rate (AER) shows what the interest rate would be if we paid interest on the full balance once a year.

The before tax rate is the rate of interest we pay before we take income tax at the rate set by law.

After tax is the amount of interest which we would pay after allowing for tax (currently 20%).

Next Steps

If there’s anything you don’t understand or can’t find, phone us on 08457 21 31 41 between 8am and 8pm, seven days a week.

Calls from BT landlines to 0845 numbers will cost no more than 4p a minute plus a 6p connection fee. The price of calls through other phone companies and mobile phones will vary.