Your Annual Summary explained


Useful information

An Annual Summary statement is issued to all current account customers to provide them with the detail of any charges, refunds or interest accrued on their current account in the last 12 months.


Summary of charges and rates of interest

The first page of your Annual Summary highlights the total amount of charges, refunds and interest you have had in the last year.

Breakdown of charges and refunds

This section shows any charges or refunds on your account over the last year. It's a breakdown of the summary from the previous page. For an explanation of these terms please see the Glossary of Terms tab.

Where you have a current account fee this is shown as an annual fee on your Annual Summary, however this is paid on a monthly basis. Fee paying accounts include travel, protection and leisure benefits.

Breakdown of interest

Here you can see the interest you paid for either an arranged or unarranged overdraft.

Debit and credit interest rates

This section shows the debit and credit interest rates that currently apply to your account. If you do not have an agreed overdraft, this section will only show the credit interest rate.

As part of our commitment to being Britain's most helpful bank, we can help you manage your account and avoid fees in the future. Find out more about our range of text alerts or for free, impartial guidance on how to manage your money see our Moneysense page.

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Annual Equivalent Rate or AER – AER shows the rate of interest you'll receive over a year if the cash is left in your account for a full year. For example, if you deposit £1,000 in a savings account that pays an interest rate of AER 5%.
At the end of the year the account balance would be £1,050, the extra £50 being the interest paid.

Equivalent Annual Rate or EAR – EAR is quoted when you are borrowing money in the form of an overdraft. It gives you an idea of how much your borrowing will cost if you were to remain overdrawn for a whole year. It takes into account the rate of interest being charged, how often it is charged and the effect of charging interest on interest over the year.

In February 2011 we made some changes to help simplify the way we charge for unarranged overdrafts.


Charges that applied
before February 2011		Charges that apply
after February 2011

Maintenance Charge
(as of February 2011 this was replaced with Unarranged Overdraft Fee)

If your account went overdrawn or you went over your arranged overdraft limit, a monthly Maintenance Charge would apply. For example, if you had a Direct Debit that took you over your agreed overdraft limit you would have been charged for each month you didn’t have enough funds in your account to make the payment (£20 per monthly charging period).

Unarranged Overdraft Fee



This is created when your account becomes overdrawn without prior notice, or any arranged overdraft limit is exceeded. This fee of £6 is charged for each day when at close of business that day your account is over your agreed limit by £6 or more. We've also stopped charging interest on unarranged overdrafts.

Paid Referral Fee
(as of February 2011 this was replaced with Unarranged Overdraft Fee)

You would have paid this if you went over your overdraft limit by making a withdrawal or payment. You'd have been charged the fee for each day we had to provide funds. For example, if you had a Direct Debit that took you over your agreed overdraft limit you would have been charged every time we made the payment for you (£15 for each transaction up to a maximum of £90 in any charging period).

Guaranteed Card Payment Fee
(as of February 2011 this was replaced with Unarranged Overdraft Fee)

If you guaranteed a cheque payment using your Cheque Guarantee Card, we are obliged to make the payment on your behalf. If this meant you exceeded any agreed overdraft limit, you would have been charged this fee (£15 for each transaction up to a maximum of £90 in any charging period).

Unpaid Item Fees
(as of February 2011 this was replaced with Returned Item Fee)

An Unpaid Item Fee of £5 would have been charged for each item we returned unpaid. An item (e.g. a Direct Debit) would be returned if the payment could not be met from funds in your account or any unused arranged overdraft facility and we decided at our discretion not to make the payment (£5 per item up to a maximum of £50 in any charging period).

Returned Item Fee



A Returned Item Fee of £6 is charged for each item we return unpaid. An item (e.g. a Direct Debit) will be returned if the payment cannot be met from funds in your account or any unused arranged overdraft facility and we decide at our discretion not to make the payment (£6 per item up to a maximum of £60 in any charging period).


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I have mislaid my Annual Summary, can I please have a copy?


We are only able to produce a copy of the Annual Summary once a year. However, information about charges will be on your regular statement.


I have a joint account will I get a separate Annual Summary?


If you usually receive separate statements then you will also receive separate Annual Summaries.


I don't have an overdraft, why have I received this?


All our Current Account customers will receive an Annual Summary on an annual basis as part of our commitment to provide a clear product range with simply explained features and charges.


I really like this, can I get it more regularly?


The Annual Summary will only be produced on a 12 month basis, but for more information on charges to your account, please see your regular statement.


Can I view my Annual Summary online even if I get one through the post?


You can get your next Annual Summary digitally. Simply register for Digital Banking and choose to receive Paperless Statements.


Can I switch my Annual Summary to online?


Yes, for future Annual Summaries register for Digital Banking and opt for Paperless Statements to receive this digitally.


How often will I get my Annual Summary?


You will receive your Annual Summary every 12 months on the anniversary of your account opening.


How do I find out when I get my next Annual Summary?


To find our when your account was opened please call into your nearest branch and speak to a member of staff.


Can I change the date that I receive my Annual Summary?


No, unfortunately we can only send your Annual Summary on the anniversary of when your account was opened.


Why have I received a summary for each account?


You will receive an Annual Summary for all accounts held by you.


Where can I find out about the benefits on my account?


For more information on these and how to make the most of your benefits please visit Royalties Benefits.


I am unsure about the charges in my Annual Summary, what can I do?


All the charges are explained in the Glossary of terms section in this booklet, however, if there's still something you're unsure of call into your nearest branch or call us on 08457 888 444 (Minicom 0800 404 6161). Please note that we will always give you notification before charging your account.


I don't want to receive another Annual Summary


All banks must send this out on an annual basis as part of our commitment to provide a clear product range with simply explained features and charges.


I'd like to change my overdraft borrowing limit


You can do this by logging into Digital Banking or by going into your nearest branch.


I just got my Annual Summary from another bank, why is it different?


All banks must send a Summary out on an annual basis as part of our commitment to provide a clear product range with simply explained features and charges. Whilst the information within this will be the same as other banks' Annual Summaries, some features may be different.


What does it mean by average debit and credit interest?


Your average debit balance is the average amount which we would apply debit interest to.

Your average credit balance is the average amount which we would apply credit interest to if applicable.


Do I need to keep this for tax reasons?


No, you are not required to retain this for tax reasons. This is only for your own information.


How do I reduce the charges in the future?


If you need help managing your money and want more control of your account, turn to the Helpful tips on managing your account section. It features information on our MoneySense service as well as details for setting up alerts on your account.


If I change my product through the year how will that show on my Annual Summary?


You will receive one Annual Summary for the whole year, covering both products as your account number will not change.


I have two accounts but only one Annual Summary, why is that?


This is because you will receive your Annual Summaries on the anniversary of each account being opened and this date may not be the same for both accounts.


There aren't any charges on my Annual Summary - why have I been sent this?


We are sending the Annual Summary out to all customers to highlight any charges that may have occurred on your account. If you haven't incurred any charges then only the interest rates that apply to your account will be shown.


I have a charge showing as "overdraft charge" but I'm not sure what this charge is


Please refer to page 25 of our Terms and Conditions booklet (PDF, 1350KB).


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