Interest Rates and Charges: Current Accounts
Current Accounts and linked Savings Accounts interest rates
Rates of interest are subject to change but are correct as at 1st May 2008
View Table of Charges for our current accounts
| Credit Interest Rates | Previous Gross* Rate (%) | Current Gross* Rate (%) | Net** Rate (%) | Current AER++ (%) |
|---|---|---|---|---|
| Current Account Plus | ||||
| £1 and over | n/a | 0.10 | 0.08 | 0.10 |
| There is no charge for operating your Current Account Plus if you stay in credit. Credit interest is calculated on a daily basis and credited to accounts on the last Business Day of each month. | ||||
| Savings Account Plus | ||||
| On all credit balances | 4.61 | 4.36 | 3.49 | 4.43 |
| You may only open a Savings Account Plus if you have a Current Account Plus with us and you may only maintain that Savings Account Plus if you likewise maintain the Current Account Plus as described in the Terms and Conditions of the Savings Account Plus. Credit interest is calculated on a daily basis and credited quarterly in arrears. | ||||
| Current Account Plus-Offset | ||||
| £1 and over | n/a | 0.10 | 0.08 | 0.10 |
| There is no charge for operating your Current Account Plus-Offset if you stay in credit. Credit interest is calculated on a daily basis and credited to accounts on the last Business Day of each month. You may only open a Current Account Plus-Offset if you have an Offset Mortgage. | ||||
| Savings Account Plus-Offset | ||||
| £1 and over | 4.61 | 4.36 | 3.49 | 4.43 |
| You may only open a Savings Account Plus-Offset if you have an Offset Mortgage. Credit interest is calculated on a daily basis and credited to the account in arrears on the last business day of each calendar quarter. | ||||
| Student Current Account | ||||
| £1 and over | 3.25 | 2.90 | 2.32 | 2.94 |
| Credit interest is calculated on a daily basis and credited to accounts on the last Business Day of each month. | ||||
| Rapid Repay/Flexible Repay | ||||
| On all balances | n/a | 0.10 | 0.08 | 0.10 |
| The account is operated free of charge if it remains in credit or within agreed overdraft limit (subject to the payment of the appropriate amount of debit interest) for the whole month. | ||||
| Readycash Account | ||||
| This account offers no credit interest. | ||||
Overdraft Terms
| Debit Interest Rates | Previous % per month | Previous % p.a. | Previous EAR† % | Current % per month | Current % p.a. | Current EAR† % |
|---|---|---|---|---|---|---|
| Current Account Plus | ||||||
| Planned Borrowing | 0.77 | 9.24 | 9.64 | 1.02 | 12.24 | 12.95 |
| Unplanned Borrowing | 2.44 | 29.25 | 33.51 | 2.21 | 26.52 | 29.99 |
| Debit interest is calculated on a daily basis and debited monthly in arrears. | ||||||
| Current Account Plus-Offset | ||||||
| Planned Borrowing | 0.77 | 9.24 | 9.64 | 1.02 | 12.24 | 12.95 |
| Unplanned Borrowing | 2.44 | 29.25 | 33.51 | 2.21 | 26.52 | 29.99 |
| Debit interest is calculated on a daily basis and debited monthly in arrears. | ||||||
| Student Account | ||||||
| Planned Borrowing | 0.58 | 6.99 | 7.22 | 0.60 | 7.24 | 7.49 |
| Unplanned Borrowing | 2.44 | 29.25 | 33.51 | 2.21 | 26.52 | 29.99 |
| Debit interest is calculated on a daily basis and debited monthly in arrears. | ||||||
| Readycash | ||||||
| There is no overdraft facility on this account. | ||||||
Current Accounts no longer available to new customers
| Credit Interest Rates | Previous Gross* Rate (%) | Current Gross* Rate (%) | Net** Rate (%) | Current AER++ (%) |
|---|---|---|---|---|
| Current Account Choice | ||||
| £1 and over | 2.75 | 2.50 | 2.00 | 2.53 |
| A monthly maintenance fee is applied to this account whether the account is in credit or overdrawn. Credit interest is calculated on a daily basis and credited to accounts on the last Business Day of each month. | ||||
| Current Account Gold | ||||
| On all credit balances | 2.50 | 2.25 | 1.80 | 2.27 |
| A monthly maintenance fee is applied to this account whether the account is in credit or overdrawn. Credit interest is calculated on a daily basis and credited to accounts on the last Business Day of each month. | ||||
Overdraft Terms
| Debit Interest Rates | Previous % per month | Previous % p.a. | Previous EAR† % | Current % per month | Current % p.a. | Current EAR† % |
|---|---|---|---|---|---|---|
| Current Account Choice | ||||||
| Preferential Planned Borrowing †† | 0.77 | 9.25 | 9.65 | 0.75 | 9.00 | 9.38 |
| Planned Borrowing | 0.94 | 11.25 | 11.85 | 0.92 | 11.00 | 11.57 |
| Unplanned Borrowing | 2.48 | 29.50 | 33.83 | 2.44 | 29.25 | 33.51 |
| Debit interest is calculated on a daily basis and debited monthly in arrears. †† To obtain the Preferential Planned Borrowing Rate on the Current Account Choice customers must have their Home Loan (mortgage) with Clydesdale Bank PLC. | ||||||
| Current Account Gold | ||||||
| Preferential Planned Borrowing †† | 0.60 | 7.25 | 7.50 | 0.58 | 7.00 | 7.23 |
| Planned Borrowing | 0.77 | 9.25 | 9.65 | 0.75 | 9.00 | 9.38 |
| Unplanned Borrowing | 2.46 | 29.50 | 33.83 | 2.44 | 29.25 | 33.51 |
| Debit interest is calculated on a daily basis and debited monthly in arrears. †† To obtain the Preferential Planned Borrowing Rate on the Current Account Choice customers must have their Home Loan (mortgage) with Clydesdale Bank PLC. | ||||||
Definitions
*Gross Rate. Gross Rate interest is interest payable without taking account of the deduction of income tax. For most customers tax will be deducted at the lower rate prevailing at the time of payment (currently 20%).
**Net Rate. Net Rate is the Gross Rate less income tax at the lower rate (currently 20%). Tax at this rate will be deducted from accounts subject to tax at the time interest is paid. Non-taxpayers may register for payment of interest gross. Tax paid may be reclaimed, where appropriate, from HM Revenue & Customs. Higher rate taxpayers may be liable to additional taxation according to their individual circumstances.
++AER. The Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year.
†EAR (Effective Annual Rate). The Effective Annual Rate is used to express the cost of borrowing on current accounts. The EAR takes account of the rate of interest charged, the frequency it is levied to accounts and compounding of interest. It does not include overdraft fees and is variable.
Clydesdale Bank PLC is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.
In respect of deposits with a UK office, payments under the Scheme are limited to 100% of the first £35,000 of a depositor's total credit balances.
In respect of mortgage advice and arranging covered by the Scheme, with effect from 31 October 2004, claims are limited to 100% of the first £30,000 and 90% of the next £20,000, resulting in a maximum claim of £48,000.
Further details of the Scheme are available from us on request or from the Financial Services Compensation Scheme: http://www.fscs.org.uk or Financial Services Compensation Scheme, 7th Floor, Lloyds Chambers, Portsoken Street, London, E1 8BN.