Find out everything you need to know about our overdrafts, such as fees & interest rates, managing your overdraft limit and more.
Find out interest rates we paid on balances that were in credit.
If you qualify, you will receive one reward payment which will be paid into your Reward Current Account by the second working day of the following calendar month. If you do not qualify, you won't receive any reward payment the following calendar month. Please see the table below for details. If you close your Reward Current Account or change it to a different type of current account before qualifying for the reward payment as set out below, you will not receive a reward payment on closure or account change.
|If in a calendar month you ||Amount of Reward payment you will receive will be
||£5. This payment is ‘net’ of income tax, which means we pay it after taking off income tax at the rate set by law (currently 20%). If you’re a higher-rate taxpayer, you may have to pay extra income tax on the reward payment. (The gross amount is £6.25. This is the amount before income tax is taken off.)|
As well as the qualifying requirements set out in the above table, in order to receive a reward payment, your account must be open/not changed to another type of current account at the time the reward payment is due to be paid into your account.
If you have a Student Current Account, Cardcash account (account holders aged 16 and 17 only) or Expresscash account, we will pay you interest on the money in your account.
|Interest paid on credit balances|
|AER %||Gross (before tax each year) %||Net (after tax each year) %|
|Student Current Account||0.10||0.10||0.08|
AER stands for annual equivalent rate and shows what the interest rate would be if interest were paid and compounded each year. (In other words, you earn interest on the money you leave in your account.)
The gross rate is the rate of interest we pay before we take income tax at the rate set by law. The net rate is the interest rate we pay after tax (currently 20%).
If you are eligible you can register your account to receive gross interest, you can do this in branch or by telephone. Or you may be eligible for a lower rate of tax on your savings income based on the thresholds set by Government. More details about the lower rate and how to reclaim tax deducted are available on HMRC website or from your tax office.
We will pay interest to your account between the last day of the month and the first working day of the month after that. Interest is paid on the full amount in your account.
All interest rates are variable.
The Ultimate Reward Current Account has a monthly account fee which we take from your account by the second working day of the month (“the fee debit day”). The Ultimate Reward Current Account fee is £15. A lower monthly account fee may apply. Please see the table below for details.
Account fees are paid in arrears monthly. Your first monthly account fee will be pro-rated by the number of days the account has been open.
If you close your account or change it to a different type of current account before qualifying for the lower Ultimate Reward Current Account monthly account fee as set out below, the lower monthly account fee will not apply.
The full £15 monthly account fee will apply instead and will be pro-rated from the last fee debit day, to the date of closure or account change.
|If you... ||then you... ||Monthly account fee
||will pay a lower monthly account fee the following calendar month||£10|
||will pay the full monthly account fee the following calendar month||£15|
As well as the qualifying requirements set out in the above table, your Ultimate Reward Current Account must be open/not changed to another type of current account at the time the Ultimate Reward Current Account monthly account fee is due to be taken from your account.
The section below outlines the fees we can take from all accounts in different circumstances. When you request a special service, you will be told when we will take the fee out of your account.
|Fees for special services
||Stopped cheque (except for lost or stolen cheques)||£10|
|Special presentation of cheque||£10|
|CHAPS (Clearing House Automated Payment System) payment||£25|
|Foreign drafts, foreign currency and travellers cheques||Please ask for details|
*We do not charge these fees if you are aged under 18.
|International payments using Online Banking, Telephone Banking or at your local branch.||£9.50|
|International payments into your account for £100 or less (after we’ve converted the money received into your account into sterling)||£2|
|International payments into your account over £100 (after we’ve converted the money received into your account into sterling)||£7|
We’ll convert the money you’ve received into pounds sterling on the day we pay it into your account.
If you take money from your account using any Halifax or Bank of Scotland cash machine, we won’t charge you for the withdrawal.
However, if you use a cash machine that isn’t a Halifax or Bank of Scotland cash machine, you may be charged by the machine owner. If so, the machine will show you the amount and tell you that it will be taken from your account when you withdraw the cash.
If you use your debit card to withdraw cash or pay for goods and services in a currency other than sterling, the exchange rate we use will be the Visa Payment Scheme Exchange Rate. We will charge a non-sterling transaction fee of 2.75% of the amount of the transaction and a £1.50 non-Sterling purchase or non-Sterling cash fee for each payment or withdrawal. Alternatively if you choose to complete your cash withdrawal using the overseas Bureau or cash machine providers conversion rate to Sterling, we will only charge a foreign cash fee of £1.50. The provider of the foreign currency may make a separate charge for conversion.
You may have to pay bank fees if:
See the scenarios table which gives some examples of how you might use your account when you haven’t enough money in the account, and our fees if you do so.
We developed these examples with the Financial Conduct Authority and leading consumer groups to help you to think about how changing the way you use your account can affect the amount we may charge you. These examples are meant to show how different actions can result in different fees. They are only examples so you shouldn’t see them as actions you might take or fees you might have to pay.
We may not allow you to use your account in the ways shown in the scenarios table. You should avoid going overdrawn wherever possible and you should contact us if you need help to manage your account.
We could add other fees and interest to your account if you try to make payments when you do not have enough money. Choose an example from the scenarios table which shows how you might manage your account. If you have recent bank statements, use these to help you choose. Once you have worked out reasons why you might be charged, it could help you to avoid fees in future.