Rates, rewards & fees

Reward payments expandable section

Interest we pay on credit balances

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) %
Account Student Current Account	AER% 0.10	Gross (before tax each year) % 0.10
Account Cardcash 16-17	AER% 0.50% on balances between £1 and £2,499.99	Gross (before tax each year) % 0.50% on balances between £1 and £2,499.99
Account Expresscash account opened before 23 August 2021	AER% 0.50% on balances between £1 and £2,499.99	Gross (before tax each year) % 0.50% on balances between £1 and £2,499.99
Account Expresscash account opened on or after 23 August 2021	AER% 0.50% on balances between £1 and £999.99	Gross (before tax each year) % 0.50% on balances between £1 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.

Account fees expandable section
1. Jump to Ultimate Reward Current Account monthly maintaining the account fee

2. Jump to Reward Current Account monthly maintaining the account fee

3. Jump to Fees for special services

4. Jump to Sending money outside the UK or in a foreign currency

5. Jump to Electronic payments received from outside the UK or in a foreign currency

6. Jump to Using cash machines

7. Jump to Buying goods and services in a foreign currency
1.

Ultimate Reward Current Account monthly maintaining the account fee

The Ultimate Reward Current Account has a monthly maintaining the account fee of £17. 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

Banker’s draft - No fee

Bank reference - £10¹

Extra statement - £5

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.
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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)

If you use your debit card to withdraw cash in a currency other than pounds, or to withdraw cash in pounds outside the UK, the amount is converted to pounds on the day it is processed by Visa using the Visa Payment Scheme Exchange Rate. We will charge you a foreign currency transaction fee of 2.99% of the amount of the transaction, this is a fee for currency conversion. We will also charge you a foreign currency cash fee of £1.50 for each withdrawal, except for withdrawals of Euro inside the EEA where you will not be charged a foreign currency cash fee. Where you elect to allow the cash machine operator/financial service provider to make the conversion to pounds for you, we will only charge a foreign cash fee of £1.50 for each withdrawal, except for withdrawals of Euro inside the EEA where you will not be charged a foreign cash fee. The provider of the foreign currency may make a separate charge for conversion.

Buying goods or services in a currency other than pounds

If you use your debit card to make a purchase in a currency other than pounds, the amount is converted to pounds on the day it is processed by Visa using the Visa Payment Scheme Exchange Rate. We will charge you a foreign currency transaction fee of 2.99% of the amount of the transaction, this is a fee for currency conversion. We will also charge you a foreign currency purchase fee of £0.50 for each payment, except for payments of Euro inside the EEA where you will not be charged a foreign currency purchase fee.
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Reward Extras payments for the Reward Current Account

Add Reward Extras to your Reward Current Account and get £5 a month or a lifestyle benefit if you meet a set of conditions. You can choose to qualify for your Reward by selecting one of two conditions: 1. Spend £500 with your debit card or 2. Maintain a balance of £5,000 or more in your account throughout the duration of the month.

Spending £500 with your debit card	Maintaining a balance of £5,000
Spending £500 with your debit card Spend at least £500 with your debit card, and Pay at least £1,500 into your account*, and Keep your balance at £0 or above.	Maintaining a balance of £5,000 Keep £5,000 or more in your account each day over the whole month, and Pay at least £1,500 into your account*

* a £3 monthly maintaining the account fee will apply for each month you pay in less than £1,500, and you’ll not receive the rewards for that month.

Reward Extras payments for the Ultimate Reward Current Account

Add Reward Extras to your Ultimate Reward Current Account and get £5 a month or a lifestyle benefit if you meet a set of conditions. You can choose to qualify for your Reward by selecting one of two conditions: 1. Spend £500 with your debit card or 2. Maintain a balance of £5,000 or more in your account throughout the duration of the month.

Spending £500 with your debit card	Maintaining a balance of £5,000
Spending £500 with your debit card Spend at least £500 with your debit card, and Pay at least £1,500 into your account, and Keep your balance at £0 or above	Maintaining a balance of £5,000 Keep £5,000 or more in your account each day over the whole month, and Pay at least £1,500 into your account

If you’ve done all the things we asked of you at the end of the month, you’ll get your reward around the 12th of the following month.

If you’ve selected a lifestyle benefit, you’ll receive your reward each month to your registered email address.

If you’ve selected the £5 offer, we’ll pay it into your account and it’ll appear on your statement. It’s as simple as that.

All offers will last for at least 12 full calendar months from the day you choose to add it to your account. So if you added the offer on 10 July this year, it would end on 31 July next year. If you met the conditions for the reward from 10 July to 31 July this year, then you'd still get the reward for July as well.

Once you’ve added a Reward Extras offer, you can’t switch to another offer until the 12 months have passed. We’ll contact you before the end of the offer period to tell you what will happen next.

Want to find out more about Reward Extras? Visit the Reward Extra hub.