Flexible Current Account rates and charges

The following charges are applicable to clients opening new accounts. If you are an existing client and require further details please contact your Relationship Manager.

Credit interest
When your account is in credit, interest will be calculated on a daily basis and applied to the account of your choice each month. This can be another Bank of Scotland account, or any other account with a UK sort code.  Interest rates are subject to variation and, as from                     10 th April 2008, stand at 2% below the Bank of Scotland base rate unless otherwise negotiated. The annual rates of interest payable are:
(Effective from 10th April 2008)

AER    Gross  Net (All Balances)
3.04% 3.00%  2.40%
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. Net is the amount of interest which would be payable after allowing for the deduction of tax specified by law (currently 20%).

Borrowing
You can request an overdraft in two ways - either formally by prior arrangement or informally. Full details are available in our terms and conditions.

Debit interest
Overdraft interest is calculated on a daily basis and will be added to the amount of your overdraft at the end of each month (or taken off your credit balance). If at the end of each month you owe us more interest for that month on your account than we owe you, we'll give you at least 14 days' notice before we add the amount of interest you owe us to the amount of your overdraft (or take the amount off your credit balance).

Where you have chosen for the debit interest to be taken from a separate account, you will always receive at least 14 days' notice before this sum is taken.  This account can be another Bank of Scotland account or any other account with a UK sort code.

Base rate and interest rates are subject to change. When a change occurs we will advise you by branch notice, leaflets and press notice or by personal notification. Where interest rate changes are notified in the Press, we will use three national papers which will include any two of the following: The Guardian, The Times or The Telegraph.  We will also advertise in The Herald, The Press & Journal, The Scotsman and The Dundee Courier. Alternatively ring our Product Information Line on 0870 129 9797. Calls to 0870 numbers will be charged at standard local rates by your telephone service provider.  As these rates may vary from one provider to another you should check with your own telephone service provider for details of the rates that will apply specifically to you.

Arranged overdrafts
The arranged overdraft rate is subject to negotiation and agreement with the Bank.
Typical 7.5 % APR variable (except for FSA regulated loans). Security is or may be required on any property or assets that we agree with you shall be secured.

For overdrafts secured on land in the UK (FSA regulated loans): The overall cost for comparison is 8.0% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Overdraft fees are subject to negotiation and agreement with the Bank.  Overdrafts are repayable on demand.

Bank of Scotland's present general policy is that it will not pay legal and valuation charges although there may be some circumstances in which at its discretion it considers payment appropriate.

Unarranged overdrafts
(including overdrafts in excess of an agreed limit)

Interest rate
22.5% over the Bank's Base Rate.

Using cash machines

If you take money out of your Flexible Current Account using any Bank of Scotland or Halifax cash machine we will not charge you.

If, however, you make a withdrawal from your Flexible Current Account using a cash machine which is not a Bank of Scotland or Halifax machine, there may be a charge from the machine owner.  Should there be a charge from the machine owner, they will tell you of that amount, and on withdrawal of cash, this amount will be taken out of your account.

Special requests

The following charges are debited to the account at the time they are incurred:

• Bankers Draft £10
• Special presentation of a cheque £12
• Duplicate statement £5 flat charge
• Replacement of Visa Debit card - FREE only up to 5 requests in a 12 month period commencing with account opening, the 6th and any subsequent requests will be charged £5 each
• Stopping a cheque - £7.50 (no charge for lost or stolen)
• Providing a list of Standing Orders & Direct Debits - FREE
• Copy vouchers £5 per item (no maximum charge)
• CHAPS charges (charge free for customer transfers between Bank of Scotland and Halifax and vice versa) £25 

Other charges

• Administration charge on closure of account - NONE
• Cheques returned unpaid - FREE (included in lodgements)
  

Information is available in large print, audio and Braille on request, please call for details. You may contact us using Type Talk.