• Foreign & Euro Currency Account Interest Rates

  • The information below applies to Foreign Currency Accounts and Euro Currency Accounts opened on or after 24 September 2014
  • The information below applies to Foreign Currency Accounts and Euro Currency Accounts opened before 24 September 2014

The information below applies to Foreign Currency Accounts and Euro Currency Accounts opened on or after 24 September 2014

  • Reference Interest Rates

    For information on the Currency Market Interest Rates please refer to our Currency Account Interest Reference Rate.

    The Credit Reference Rate is the rate currency accounts are linked to for credit interest and is set at 0.25% below Market Rate. The Debit Reference Rate is the rate currency accounts are linked to for debit interest and is set at 0.25% above Market Rate. The appropriate debit and credit interest rate margins are then applied.

    Credit Interest

    For information on the Credit Interest Tiers please refer to our Currency Account Credit Interest Tiers.

    The Credit Reference Rate is the rate currency accounts are linked to for credit interest and is set at 0.25% below the Market Rate (if Market Rate falls below 0%, it will be treated as 0% until such time it exceeds 0%). The appropriate credit interest rate margin is then applied.

    Debit Interest

    The Debit Reference Rate is the rate currency accounts are linked to for debit interest and is set at 0.25% above the Market Rate (if Market Rate falls below 0%, it will be treated as 0% until such time it exceeds 0%). The appropriate debit interest rate margin is then applied.

    • Overdraft facilities available in most major currencies (subject to our normal lending criteria)
    • Overdrafts are subject to arrangement fees
    • Unauthorised borrowing will be charged at the Market/Reference Rate of the account’s currency + 12% margin
    • Interest will be calculated on the cleared daily balance of the new or excess overdraft and will be payable for the duration of the unauthorised overdraft.

The information below applies to Foreign Currency Accounts and Euro Currency Accounts opened before 24 September 2014

  • Credit Interest 

    Euro Currency Account & Euro Call Account 

    Credit interest is linked to the Euro Overnight Index Average (EONIA®). 

    Credit interest is paid on seven tiered tranche as follows:

     

    Credit Interest Rate Tiers (denominated in GBP Sterling) Credit Interest Rate Margin
    <£3,000 No interest paid
    £3,000 to £19,999 -3.50%
    £20,000 to £39,999 -2.50%
    £40,000 to £79,999 -1.50%
    £80,000 to £199,999 -1.00%
    £200,000 to £399,999 -0.50%
    £400,000 to £799,999 -0.25%
    £800,000+ Full rate

    The EONIA rate can be obtained from a number of independent sources including The Financial Times.

     

    US Dollar Currency Account

    Credit interest is linked to the Federal Funds Target Rate.

    Credit interest is paid on seven tiered tranche as follows:

    Credit Interest Rate Tiers (denominated in GBP Sterling) Credit Interest Rate Margin
    <£3,000 No interest paid
    £3,000 to £19,999 -3.50%
    £20,000 to £39,999 -2.50%
    £40,000 to £79,999 -1.50%
    £80,000 to £199,999 -1.00%
    £200,000 to £399,999 -0.50%
    £400,000 to £799,999 -0.25%
    £800,000+ Full rate

    The Federal Funds Target Rate can be obtained from a number of independent sources including The Financial Times.

     

    Other (Non-Euro or US Dollar) Foreign Currency Account

    The Market / Reference Rate is the rate currency accounts are linked to for credit interest.

    Credit interest is paid on seven tiered tranche as follows:

    Credit Interest Rate Tiers (denominated in GBP Sterling) Credit Interest Rate Margin
    <£3,000 No interest paid
    £3,000 to £19,999 -3.50%
    £20,000 to £39,999 -2.50%
    £40,000 to £79,999 -1.50%
    £80,000 to £199,999 -1.00%
    £200,000 to £399,999 -0.50%
    £400,000 to £799,999 -0.25%
    £800,000+ Full rate

    Note: Should the Market / Reference Rate fall below zero, no interest will be paid. If when the Market / Reference Rate together with the deduction of the Credit Interest Rate Margin is still below zero, then no interest will be paid.

    If you would like to know the Market / Reference Rate for your currency account and where this is sourced, please see our table below or contact your Relationship Manager or Business Management Team.

  • Currency Currency Code Central Bank Reference rate available from Reference rate
    Australian Dollar AUD Reserve Bank of Australia www.rba.gov.au Cash Rate
    Canadian Dollar CAD Bank of Canada www.bankofcanada.ca Overnight Rate Target
    Czech Republic Koruna CZK Czech National Bank www.cnb.cz Discount Rate
    Danish Krone DKK Danmarks Nationalbank www.nationalbanken.dk Certificates of Deposit Rate
    Euro EUR European Central Bank www.euribor.org Euro Overnight Index average
    Hong Kong Dollar HKD The Hong Kong Association of Banks www.hkab.org.hk HKAB Settlement Overnight Rate
    Hungarian Forint HUF Magyar Nemzeti Bank www.mnb.hu Base Rate
    Iceland Krona ISK Central Bank of Iceland www.sedlabanki.is Overnight CBI Rate
    Israel Shekel ILK Bank of Israel www.boi.org.il/en Quoted Basic Interest Rate (Prime Rate)
    Japanese Yen JPY Bank of Japan www.boj.or.jp Uncollaterlised Overnight Call Rate
    Mexican Peso MXN Banco de Mexico www.banxico.org.mx Overnight Interest Rate Target
    Moroccan Dirham MAD Bank Al Maghrib www.bkam.ma Key Rate
    New Zealand Dollar NZD Reserve Bank of New Zealand www.rbnz.govt.nz Official Cash Rate
    Norwegian Krone NOK Norges Bank ww.norges-bank.no Key Policy Rate
    Polish Zloty PLN Narodowy Bank Polski www.nbp.pl Reference Rate
    Qatari Riyal QAR Qatar Central Bank www.qcb.gov.qa QMR Overnight Deposit
    Saudi Arabian Riyal SAR Saudi Arabian Monetary Authority www.sama.gov.sa Official Repo Rate
    Singapore Dollar SGD Monetary Authority of Singapore www.mas.gov.sg Singapore Overnight Rate Average
    South African Rand ZAR South African Reserve Bank www.reservebank.co.za Repo Rate
    Swedish Krone SEK Sveriges Riksbank www.riksbank.com Repo Rate
    Swiss Franc CHF Swiss National Bank www.snb.ch SNB Target Rate
    Thai Baht THB Bank of Thailand www.bot.or.th One Day Repurchase Rate
    Turkey New Lira TRY Central Bank of the Republic of Turkey www.tcmb.gov.tr One Week Repo Rate
    UAE Dirham AED Central Bank of the UAE Please refer to your RM Overnight Repurchase Rate
    US Dollar USD Federal Reserve Bank of NY www.newyorkfed.org Federal Funds Target Rate

    Exchange Rates (£0m - £1m: for use with Credit Interest Rate Tiers denominated in GBP Sterling – see above)

    Exchange Rates (£1m - £25m: for use with Credit Interest Rate Tiers denominated in GBP Sterling – see above)