Tell me moreCurrent account options
- Standard current account
- Extra benefit current accounts
- Student current account
- Graduate current account
- Bank accounts for young people
- Other accounts
Help and guides
Rates and charges
- Interest rates
- Current account charges
- Overdraft charges update
- Important Changes to Unarranged Overdraft Pricing
Useful information
Interest rates
Rates and charges
Important information
| Type of Current Account (all monthly interest) | Gross Rate % p.a. | AER % | Net Rate p.a. | Effective from |
|---|---|---|---|---|
| Royalties Gold | ||||
| Any amount | 0.15 | 0.15 | 0.12 | 02/10/06 |
| Royalties | ||||
| Any amount | 0.15 | 0.15 | 0.12 | 02/10/06 |
| Interest Paying Current Account | ||||
| Any amount | 0.10 | 0.10 | 0.08 | 02/08/99 |
| Student Royalties | ||||
| Any amount | 1.02 | 1.02 | 0.82 | 01/12/08 |
| Graduate Royalties | ||||
| Any amount | 1.02 | 1.02 | 0.82 | 01/12/08 |
| Royalties Premier * | ||||
| £1 - £2,499 | 0.15 | 0.15 | 0.12 | 02/10/06 |
| £2,500 - £4,999 | 0.15 | 0.15 | 0.12 | 02/10/06 |
| £5,000 - £9,999 | 0.30 | 0.30 | 0.24 | 02/10/06 |
| £10,000+ | 0.50 | 0.50 | 0.40 | 02/10/06 |
| R21 Account (over 15 years old) ** | ||||
| Any amount | 0.80 | 0.80 | 0.64 | 01/04/09 |
| Key Account | ||||
| Any amount | 0.10 | 0.10 | 0.08 | 26/07/99 |
| Cash Account | ||||
| Any amount | 0.10 | 0.10 | 0.08 | N/A |
* Royalties Premier is not available to new customers.
** R21 is not available to new customers.
Interest rates for Youth Accounts
| Amount | Gross Rate % | AER % | Net Rate % | Effective from |
|---|---|---|---|---|
| Revolve Account (11-18 years old) | ||||
| Any amount | 1.49 | 1.50 | 1.19 | 01/04/2009 |
| Cash Club (7-10 years old) - Quarterly Interest | ||||
| Any amount | 0.50 | 0.50 | 0.40 | 24/07/2009 |
Calculation and application of interest
Interest is calculated on a daily basis and paid into your account once a month, usually the day after we send your statement to you. The exceptions to this are our Key and Cash Accounts, where interest is paid on the first day of each month.
Gross rate
Gross rate means the rate you are paid before the deduction of tax.
Annual Equivalent Rate (AER)
This is the 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.
Net Rate
This means the interest rate paid after deduction of tax.
Interest due on overdrawn balances
Arranged Overdrafts
| Type of Account | Nominal monthly rate % | Nominal annual rate % | EAR % variable | Effective from |
|---|---|---|---|---|
| Royalties Gold | ||||
| All amounts | 1.32 | 15.80 | 17.00 | 28/04/08 |
| 17.00% EAR Typical (variable) | ||||
| Royalties | ||||
| All amounts | 1.40 | 16.84 | 18.20 | 01/05/09 |
| 18.20% EAR Typical (variable) | ||||
| Interest Paying Current Account | ||||
| All amounts | 1.48 | 17.73 | 19.24 | 28/04/08 |
| 19.24% EAR Typical (variable) | ||||
| Royalties Premier * | ||||
| All amounts | 1.06 | 12.73 | 13.50 | 28/04/08 |
| 13.50% EAR Typical (variable) | ||||
| R21 Account (over 15 years old) ** | ||||
| All amounts | 1.25 | 15.00 | 16.00 | 01/11/99 |
| 16.00% EAR Typical (variable) | ||||
* Royalties Premier is not available to new customers
** R21 is 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 Interest Paying Current Account customers.
Student Royalties arranged overdrafts are interest free.
To help you budget, we normally recommend limits as shown below. However, you can apply for £2,750 interest free at any time but the overdraft you get will depend on your personal circumstances.
Recommended interest free overdraft
| Interest free thresholds | Nominal monthly rate % | Nominal annual rate % | EAR % variable | Effective from |
|---|---|---|---|---|
| Year 1 Term 1 (£500) | 0.00 | 0.00 | 0.00 | 14/09/00 |
| Year 1 Term 2 (£1,000) | ||||
| Year 1 Term 3 (£1,250) | ||||
| Year 2 (£1,400) | 0.00 | 0.00 | 0.00 | 14/09/00 |
| Year 3 (£1,600) | 0.00 | 0.00 | 0.00 | 01/06/98 |
| Year 4 (£1,800) | 0.00 | 0.00 | 0.00 | 01/06/98 |
| Year 5 (£2,000) | 0.00 | 0.00 | 0.00 | 01/06/98 |
| 0.00% EAR Typical | ||||
Graduate Royalties
| Interest free thresholds | Nominal monthly rate % | Nominal annual rate % | EAR % variable | |
|---|---|---|---|---|
| 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 | |
| 0.00% EAR Typical | ||||
Calculation and application of interest
Interest on arranged and unarranged 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.
Gross rate
Gross rate means the rate you are paid before the deduction of tax.
Annual Equivalent Rate (AER)
This is the 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.
Net Rate
This means the interest rate paid after deduction of tax.
Nominal Rate
The rate charged excluding compounding of interest and other charges associated with a borrowing, e.g. arrangement and security fees
Effective Annual Rate of Interest (EAR)
This is the real annual cost of an overdraft, stated as annual rate, which takes into account how often interest is charged to the account. All other charges, for example arrangement fees, are shown separately from the EAR.
p.a.
per annum (per year).
Unarranged overdrafts
On Royalties Premier*/Royalties Gold/Royalties/Interest Paying Current Account and R21** current accounts, any amount overdrawn without an arranged overdraft or in excess of the arranged overdraft limit will be charged at the rates in the table below:-
| Type of account | Nominal monthly rate % | Nominal annual rate % | EAR % variable | Effective from |
|---|---|---|---|---|
| Royalties Premier* | 1.06 | 12.73 | 13.50 | 01/10/09 |
| 13.50% EAR Typical (variable) | ||||
| Royalties Gold | 1.32 | 15.80 | 17.00 | 01/10/09 |
| 17.00% EAR Typical (variable) | ||||
| Royalties | 1.40 | 16.84 | 18.20 | 01/10/09 |
| 18.20% EAR Typical (variable) | ||||
| Interest Paying Current Account | 1.48 | 17.73 | 19.24 | 01/10/09 |
| 19.24% EAR Typical (variable) | ||||
| R21 Account** | 0.97 | 11.61 | 12.25 | 01/10/09 |
| 12.25% EAR Typical (variable) | ||||
However, we will not charge interest on any part of the overdrawn balance which represents fees, charges or costs of the kind described in section 6 of our leaflets; Personal Banking- Charges and Rates of Interest 
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On Graduate and Student Royalties current accounts, any amount overdrawn without an arranged overdraft or in excess of the arranged overdraft limit will be charged at the rates shown in the following table:-
| Type of account | Nominal monthly rate % | Nominal annual rate % | EAR % variable | Effective from |
|---|---|---|---|---|
| Student Royalties | 1.38 | 16.50 | 17.81 | 01/10/09 |
| 17.81% EAR Typical (variable) | ||||
| Graduate Royalties | 1.38 | 16.50 | 17.81 | 01/10/09 |
| 17.81% EAR Typical (variable) | ||||
The Base Rate is 0.5% with effect from 5th March 2009.
* Royalties Premier is not available to new customers.
** R21 is not available to new customers.