Bank Account Glossary.

Fee-free amount

A fee-free amount is the amount you can go overdrawn by without incurring a daily arranged overdraft fee.

Contactless

Contactless technology is a convenient way to pay for goods and services of £30 and under without entering a PIN. Contactless cards have an antenna in the plastic so that when it is used at a contactless reader it securely transmits purchase information to and from the contactless reader. All you have to do is touch your contactless card onto the contactless reader to make the payment.

Direct Debit

A Direct Debit is an instruction from you to your bank or building society authorising the organisation you want to pay to collect varying amounts from your account – but only if you’ve been given advanced notice of the amounts and dates of collection. Once agreed, the money is deducted automatically.

Mobile alerts

Our mobile alerts service offers a simple way to stay on top of your finances without even having to think about it. So if we have a mobile number for you, we’ll help you keep an eye on your balance. This service is available to all eligible current accounts holders.

Overdraft

An overdraft is a type of borrowing facility, it lets you borrow money through your bank account. Typically used for: an unexpected bill or an essential repair, it's a convenient way of accessing extra money when you need it quickly.

Arranged overdraft

An overdraft you have agreed in advance with us. With an arranged overdraft we agree to an amount you can borrow. This is your arranged overdraft limit.

Daily arranged overdraft fee

If you use your arranged overdraft, you’ll pay a daily arranged overdraft fee of 1p for every £7 you borrow, over your fee-free amount (if your account has one).

The daily arranged overdraft fee will be charged at the end of each day you use your arranged overdraft – so you’ll pay for what you borrow on the day you borrow it.

Standing order

A standing order is an instruction to make payments from your account, usually on a regular basis, to a specified UK bank or building society. Examples of use include fixed monthly payments and annual club membership fees.