RATES, REWARDS & FEES.


Overdrafts

Find out everything you need to know about our overdrafts, such as fees & interest rates, managing your overdraft limit and more.


Previous interest rates

Find out interest rates we paid on balances that were in credit.

Reward payments for the Reward Current Account

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

  • pay in £750 or more into your Reward Current Account and
  • have a minimum of two different direct debit instructions paid from your Reward Current Account and
  • have not had a debit balance (planned or unplanned) on your Reward Current Account by the end of any day during the calendar month

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.

£3. 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 £3.75. This is the amount before income tax is taken off.)

  • don't pay in at least £750 into your Reward Current Account or
  • have fewer than two different direct debit instructions paid from your Reward Current Account or
  • have had a debit balance (planned or unplanned) on your Reward Current Account at the end of any day during the calendar month

you won't receive any reward payment the following calendar month.

None

  • pay in £750 or more into your Reward Current Account and
  • have a minimum of two different direct debit instructions paid from your Reward Current Account and
  • have not had a debit balance (planned or unplanned) on your Reward Current Account by the end of any day during the calendar month

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.


Amount of Reward payment you will receive will be

£3. 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 £3.75. This is the amount before income tax is taken off.)

  • don't pay in at least £750 into your Reward Current Account or
  • have fewer than two different direct debit instructions paid from your Reward Current Account or
  • have had a debit balance (planned or unplanned) on your Reward Current Account at the end of any day during the calendar month

you won't receive any reward payment the following calendar month.


Amount of Reward payment you will receive will be

None

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.

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.

AER %

Gross (before tax each year) %

Student Current Account

0.10

0.10

Cardcash account

1.51

1.50

Expresscash account

1.51

1.50

Student Current Account


AER %

0.10

Gross (before tax each year) %

0.10

Cardcash account


AER %

1.51

Gross (before tax each year) %

1.50

Expresscash account


AER %

1.51

Gross (before tax each year) %

1.50

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.

Ultimate Reward Current Account monthly account fee

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
  • pay in £750 or more into your Ultimate Reward Current Account each calendar month and
  • have a minimum of two different direct debit mandates paid from your Ultimate Reward Current Account each calendar month and
  • have not had a debit balance (planned or unplanned) on your Ultimate Reward Current Account by the end of any day during the calendar month
will pay a lower monthly account fee the following calendar month £12
  • don’t pay in £750 or more into your Ultimate Reward Current Account in the calendar month or
  • have fewer than two different direct debit mandates paid from your Ultimate Reward Current Account in the calendar month or
  • have had a debit balance (planned or unplanned) by the end of any day during the calendar month
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.

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.

Fees for special services Stopped cheque (except for lost or stolen cheques) £10
Special presentation of cheque £10
Banker’s draft £20[1a]
Bank reference £10[1b]
Extra statement £5
CHAPS (Clearing House Automated Payment System) payment £25
Foreign drafts, foreign currency and travellers cheques Please ask for details

1We do not charge these fees if you are aged under 18.[a] [b]

International payments from your account

International payment from your account. £9.50[2] [3a] ^

Electronic payments received from outside the UK other than by SEPA credit transfer

Receiving a payment up to and including £100 £2[3b]
Receiving a payment of over £100 £7[3c]

2 For international payments in euro or another EEA currency to a bank account in the EEA, Switzerland or Monaco, you will pay our charges (including the charges of any agent bank we use) and the recipient will pay their bank’s charges.[^]

For any other international payments made through:

  • Online Banking you will pay our charges and the recipient will pay their bank’s charges and those of any agent bank;
  • one of our branches or Telephone Banking you may opt:
    a) to share charges in the same way as non-EEA payments through Online Banking, or
    b) to pay all charges, where you also agree to pay the charges of the recipient’s bank and any agent banks we use, instead of the recipient paying them.

We will not always be able to tell you in advance what the recipient’s bank or any agent bank will charge.

3This fee will not apply to payments in sterling sent to a bank account within the EU from our Basic Account or received from a bank account within the EU to our Basic Account.[a] [b] [c]

We’ll convert the money you’ve received into pounds sterling on the day we pay it into your account.

Using cash machines

If you take money in sterling 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.

Buying goods and services in a foreign currency

Withdrawing cash in a currency other than sterling, or withdrawing sterling 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 sterling, or to withdraw cash in sterling outside the UK, the amount is converted to sterling on the day it is processed by Visa using the Visa Payment Scheme Exchange Rate. We will charge you a nonsterling transaction fee of 2.75% of the amount of the transaction and a non-sterling cash fee of £1.50 for each withdrawal. Where you elect to allow the cash machine operator/financial service provider to make the conversion to sterling for you, we will only charge a foreign cash fee of £1.50 for each withdrawal. The provider of the foreign currency may make a separate charge for conversion.

Buying goods or services in a currency other than sterling

If you use your debit card to make a purchase in a currency other than sterling, the amount is converted to sterling on the day it is processed by Visa using the Visa Payment Scheme Exchange Rate. We will charge you a non-sterling transaction fee of 2.75% of the amount of the transaction and a non-sterling purchase fee of £0.50 for each payment.

Bank fees

You may have to pay bank fees if:

  • you do not have enough money in your account and have not agreed a planned overdraft with us, or
  • the payment takes you over the limit of your planned overdraft.

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.

Important changes from 6th April 2016

The government has introduced a tax-free Personal Savings Allowance on the interest you earn on your savings and interest paying bank accounts.

More about Personal Savings Allowance