• 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 0.25% (effective from 4 August 2016).

    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.

    View our rates for Corporate customers.

    Interest Rates (turnover less than £1 million)*

    Current Interest Rates
    View applicable interest rates for current and deposit accounts (PDF)


    Interest Rates (turnover between £1 million and £25 million)*

    Current Interest Rates
    View applicable interest rates for current and deposit accounts (PDF)


    *other criteria may apply



    Explanatory Notes


    Raising Finance

    Overdraft - Variable rate of interest

    The interest rate on a Direct Business Cheque Account, Business Account or Business Current Account overdraft is negotiable if arranged and is linked to Bank of England Base Rate. If it is not prearranged, the rate is 23%.

    Find out more about an Overdraft

    These interest rates only apply to tracker overdraft products. If you would like more information about our rates and pricing please speak to our business management team.

    Tracker overdraft product

    % per annum

    Rate A 10.31%
    Unauthorised borrowing 23.00*

    These rates are effective as of 25/08/2016.

    The unauthorised interest rate has been effective from 01/08/2005.

    Interest rates will fluctuate in line with the Bank of England Bank Rate.

    *The unauthorised borrowing interest rate is not linked to the Bank of England Bank Rate and can be changed by the bank at any time. In accordance to account terms and conditions, notice will be provided for changes to the unauthorised borrowing interest rate.

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    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.

    Find out more about a Business Loan (£0m - £1m turnover).
    Find out more about a Business Loan (£1m - £25m turnover).

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    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.

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    Explanatory Notes

    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.

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  • Rate change calculator


    Use our Rate change calculator to work out how a change in Bank Rate could affect your loan or mortgage repayments.

    Launch calculator

  • Contact us

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    0345 300 0268

    New customers
    0345 606 0286

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