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Important information

For customers with current accounts opened before 4th July 2011 who have not been notified of a change to their current account and the applicable Terms, and for customers with savings accounts:

Throughout this page, you'll see various terms being used. Here's what they mean:

• Annual Equivalent Rate (AER) - this is a notional rate used for interest bearing accounts which illustrates what the gross credit interest rate (excluding any bonus interest payable) would be if paid and compounded on an annual basis. It helps you to compare the effective rates of credit interest on different accounts.
• Effective Annual Rate of Interest (EAR) - this is the real annual cost of an overdraft, stated as an annual rate, which takes into account how often interest is charged to the account. All other charges, such as arrangement fees, must be shown separately from the EAR.
• Gross Rate - this means the interest rate you are paid before the deduction of income tax.
• Net Rate - this means the interest rate you are paid after the deduction of income tax.
• Nominal Rate - the rate charged excluding compounding of interest and other charges associated with a borrowing, e.g. arrangement and security fees.
• p.a. - per annum (per year).

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R21 Account* and Revolve Account

Type of account	Gross rate %	AER %	Net Rate %
R21 Account	0.80%	0.80%	0.64%
Revolve Account	0.55%	0.55%	0.44%

Royalties Premier*, Royalties Gold, Current Account, Student Royalties, Graduate Royalties

These accounts do not pay interest on credit balances

* These accounts are not available to new customers

Interest due on arranged overdrafts

* These accounts are not available to new customers

Student Royalties

Your overdraft is available at a preferential rate. If at any time you cease to be a Student Royalties customer, for any reason, then the interest rate you pay on your overdraft will revert to the standard rate which applies to Current Account customers.

Student Royalties arranged overdrafts are interest free and available subject to status.

To help you budget, we normally recommend limits as shown below. However, you can apply for £2000 interest free at any time but the overdraft you get will depend on your personal circumstances and the year you opened your Student Royalties account. If you request an arranged overdraft with a limit which exceeds the thresholds set out below, you will need to provide additional information to support your application.

Recommended interest free overdraft

All Student Royalties customers entering their second, third, fourth or fifth year of university will have the following thresholds applied:

Recommended Interest Free Overdraft
Year 2	£1,400
Year 3	£1,600
Year 4	£1,800
Year 5	£2,000

From 2010 all Student Royalties customers starting their first year of university will have the following thresholds applied:

Recommended Interest Free Overdraft
Year 1	Term 1	£500
	Term 2	£750
	Term 3	£1,000
Year 2		£1,250
Year 3		£1,500
Year 4		£1,750
Year 5		£2,000

Graduate Royalties

Graduate Royalties arranged overdrafts are interest free if the overdraft limit does not exceed the thresholds set out below. If an overdraft is arranged with a limit which exceeds those thresholds, you will pay interest on the amount of the overdrawn balance that exceeds the relevant threshold at a rate of 0.79% per month, which is equivalent to 9.9% EAR. However, we will not charge interest on any part of the overdrawn balance which represents fees, charges or costs of the kind described below under the heading Sums which do not bear interest.

If you graduate before 2013 the following thresholds will apply:

Interest free thresholds	Nominal monthly rate %	Nominal annual rate %	EAR %
Year 1 (£2,000)	0.00	0.00	0.00
Year 2 (£1,500)	0.00	0.00	0.00
Year 3 (£1,000)	0.00	0.00	0.00

If you graduate in 2013 or after the following thresholds will apply:

Interest free thresholds	Nominal monthly rate %	Nominal annual rate %	EAR %
Year 1 (£2,000)	0.00	0.00	0.00
Year 2 (£1,000)	0.00	0.00	0.00

Calculation and application of interest

Interest on arranged overdrafts is calculated on a daily basis and charged monthly. The interest we charge in each charging period will be debited from your account 16 days after the end of that charging period (or on the next business day if this is a Saturday, Sunday or Bank Holiday). The charging period normally ends on the date that we issue your statement to you. If we are going to debit interest from your account, we will give you not less than 14 days’ notice of how much we are going to debit and when.

Sums which do not bear interest

We do not charge interest on unarranged overdrafts. Nor do we charge interest on any part of an arranged overdraft which represents:

• a Default Notice Fee or other sum (apart from interest) you must pay us in connection with a breach of your obligations under your agreement with us; or
• a Returned Item Fee or Unarranged Overdraft Fee Personal Banking - Charges and Rates of Interest (PDF, 267KB)

Unarranged overdrafts

With effect from 01 February 2011, we no longer charge debit interest on unarranged overdrafts

The Base Rate is 0.5% with effect from 5th March 2009.

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