Rates and charges
For more detailed information on our account fees, including electronic and branch transactions, please visit our fees and charges page.
Reference Interest Rate
The Bank of England Bank Rate is the official Bank Rate set by the Bank of England which can affect interest rates offered by Banks, Building Societies and other financial institutions. By changing the official Bank Rate, the Bank of England seeks to influence overall borrowing in the economy.
The Bank Rate has been consistently low for a number of years. However as the UK economy improves, the Bank of England is likely to increase the official Bank Rate.
The current Bank of England Bank Rate is 0.75% (effective from 2 August 2018).
Changes in the Bank Rate could affect payments on any accounts you may hold with us, such as loans, overdrafts, commercial mortgages or deposits.
Use our Rate change calculator to work out how a change in Bank Rate could affect your loan repayments.
Interest Rates (turnover less than £3 million)*
Current Interest Rates
Interest Rates (turnover between £3 million and £25 million)*
Current Interest Rates
*other criteria may apply
Overdraft - Variable rate of interest
Business Loan - Interest
Interest rates can be fixed at the outset so they remain constant throughout the period of the loan. Alternatively, you can have a Fluctuating Rate Loan where changes in the Bank of England Base Rate affect the rate on the loan. Other options are available which we will be happy to discuss with you.
Interest only or repayment
You can have the traditional repayment system, where capital is paid back throughout the life of the loan. Or you can go for interest-only, although you will need to set up a parallel investment that can pay off the capital at the end of the loan period.
International services rates and charges
We offer a variety of ways for you to do business overseas. View a summary of the rates and charges for our international services.
The Annual Equivalent Rate (AER) represents the annual rate effectively received by the customer if interest at the gross rate applied during a year remained in the account and itself earned interest. As every advert for a savings product where a rate is displayed will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.
Gross - the rate of interest paid without deduction of tax to eligible non-taxpayers:
- incorporated bodies such as limited companies, pension funds, charities, churches, societies, associations, clubs
- individuals not ordinarily resident in the UK who have completed the necessary Inland Revenue declaration.
Current comparative interest rate information can be found on the British Bankers Association website. www.bba.org.uk.
*Where the interest rate applicable to the Product due to a fall in the Reference Interest rate falls below 0%, the Bank may change the rate so that it remains at 0% or above. The replacement rate will apply until the Reference Rate increases and the usual rate applicable to the Product at that time rises to or above 0% gain.