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Bank account interest rates and fees
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1.
Ultimate Reward Current Account monthly maintaining the account fee
The Ultimate Reward Current Account has a monthly maintaining the account fee of £19. Each month's fee will be paid from your account on the second working day of the following month.
If you open or close your account part way through the month, then you'll pay a lower fee for that month based on the number of days the account was open during that month.
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 maintaining the account fee is due to be taken from your account.
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2.
Reward Current Account monthly maintaining the account fee
The Reward Current Account has a monthly maintaining the account fee of £3 or No fee*. Each month’s fee will be paid from your account on the second working day of the following month.
*We'll waive the £3 monthly maintaining the account fee in any month you pay in £1,500 or more.
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3.
Fees for special services
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.
Stopped cheque - No fee
Bank reference - £101
Extra statement - No fee
CHAPS (Clearing House Automated Payment System) payment - £25
Foreign currency - No fee
Foreign cheques - No fee
1We do not charge these fees if you are aged under 18.
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4.
Sending money outside the UK or in a foreign currency
View information on our fees and charges to send money outside the UK or in a foreign currency.
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5.
Electronic payments received from outside the UK or in a foreign currency
View information on our fees and charges to receive money from outside the UK or in a foreign currency.Â
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6.
Using cash machines
If you take money in pounds from your account using any Halifax or Bank of Scotland cash machine in the UK, 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.
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7.
Buying goods and services in a foreign currency
Withdrawing cash in a currency other than pounds, or withdrawing pounds outside the UK, (at a cash machine or over the counter)
View information on our fees and charges
We won't charge our debit card fees when you use your Ultimate Reward debit card at home or abroad.
We also won’t charge these fees in relation to other current accounts you hold, for your selected weeks if you have Travel Ready added to the account.
Buying goods or services in a currency other than pounds
View information on our fees and charges
We won't charge our debit card fees when you use your Ultimate Reward debit card at home or abroad.
We also won’t charge these fees in relation to other current accounts you hold, for your selected weeks if you have Travel Ready added to the account.
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1.
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Date
Account
Balance
AER
Gross (before tax each year)
Net (after tax each year)
Date
Prior to 06 Dec 2009
Account
Balance
The first £2,500
AER
2.50%
Gross (before tax each year)
2.47%
Net (after tax each year)
1.98%
Date
Prior to 06 Dec 2009
Account
Balance
Any amount over £2,500
AER
0.10%
Gross (before tax each year)
0.10%
Net (after tax each year)
0.08%
Date
Prior to 06 Dec 2009
Account
Balance
Any amount
AER
0.10%
Gross (before tax each year)
0.10%
Net (after tax each year)
0.08%
Date
Prior to 20 Feb 2009
Account
Balance
Any amount
AER
2.02%
Gross (before tax each year)
2.00%
Net (after tax each year)
1.60%
Date
Prior to 24 Sept 2018
Account
Cardcash^
(People under 18)Balance
Any amount
AER
1.51%
Gross (before tax each year)
1.50%
Net (after tax each year)
1.20%
Date
Prior to 24 Sept 2018
Account
Balance
Any amount
AER
1.51%
Gross (before tax each year)
1.50%
Net (after tax each year)
1.20%
Interest we pay on credit balances
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
|
Account |
AER% |
Gross (before tax each year) % |
|---|---|---|
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Account Student Current Account |
AER% 0.50 |
Gross (before tax each year) % 0.50 |
|
Account Expresscash account opened before 23 August 2021 |
AER% 0.50% on balances between £0.01 and £2,499.99 |
Gross (before tax each year) % 0.50% on balances between £0.01 and £2,499.99 |
|
Account Expresscash account opened on or after 23 August 2021 |
AER% 0.50% on balances between £0.01 and £999.99 |
Gross (before tax each year) % 0.50% on balances between £0.01 and £999.99 |
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.)
Please note interest paid before 6th April 2016 will have been paid net (unless you registered the account with us to receive gross interest). Net is the rate of interest payable after allowing for the deduction of income tax at the rate specified by law (currently 20%).
From 6th April 2016 interest is paid Gross, meaning we will not deduct tax on your behalf. Dependent on your personal circumstances, tax may be due on your interest and it is your responsibility to disclose and pay any tax due directly to HMRC.
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.
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