All rates shown are variable
# If, without agreement, your current account goes overdrawn or you go over your overdraft limit, we will charge you interest on the amount of your overdraft that has not been arranged at the rate that we set for unarranged overdrafts.
* EAR is the Equivalent Annual Rate. If we agree to let your clients have an overdraft, we will decide the overdraft limit and tell your client what it is. Overdrafts are repayable on demand.
** AER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded each year. The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. The net rate is the rate of interest payable after allowing for the deduction of income tax at the specified rate (currently 20%).
Unarranged overdrafts and payments that are not paid when they are meant to be are not taken into account for the balance netting calculation.
If the debit card is used abroad to make transactions other than sterling, the amount of each transaction will be changed to sterling on the date we take it out of the current account jar. This may not be the same date that the transaction is carried out. We will choose the exchange rate which will always be a reasonable one. We will charge a conversion fee of 2.25% of the amount of each foreign currency transaction. We will also deduct a service charge of £1.50.
We pay interest net of income tax (at the lower rate, currently 20%) unless your client has completed a registration form or made a declaration to comply with HM Revenue and Customs regulations. If your client is a higher rate taxpayer additional income tax is due on the interest we pay.
All rates shown are variable
*** Cash ISA maximum deposit of £3,600 in the current tax year.
The client's income tax position should be considered when deciding which products to have in their Intelligent Finance plan, whether they wish to be paid interest on their savings each month or once a year and which option they want us to use for the balanced netting calculation.
The Intelligent Finance Cash ISA is guaranteed to pay at least the Bank of England's base rate until 31st December 2008. If the Bank of England base rate moves up, the rate on the Cash ISA will change within one calendar month to at least the Bank of England base rate. The Bank of England's base rate can be monitored by checking www.bankofengland.co.uk
