Flexible Current Account rates and charges

Interest on overdrawn accounts (debit interest)

We work out interest on overdrafts every day and take it from your account (or add it to your overdraft) at the end of each month. If, at the end of each month, you owe us more interest than we owe you, we’ll give you at least 14 days’ notice before we take the interest you owe us from your account.

If you have asked us to collect debit interest from another account, we will always give you at least 14 days’ notice before we collect it. This account can be another Bank of Scotland account or any other account in the UK.

The following charges apply to clients opening new accounts. If you are already a client and you need more details, please contact your Relationship Manager.

Interest if your account is in credit (credit interest)

When your account is in credit, we work out interest every day and add it to the account of your choice each month. This can be another Bank of Scotland account or any other account in the UK. We can change interest rates. The credit interest rate for the Flexible Current Account is currently 0% AER/gross per annum.*

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once every year. As every advertisement for a savings product quotes an AER, you will be able to compare more easily what return you can expect from your savings over time.
Gross rate is the contractual rate of interest payable before deduction of income tax at the rate specified by law.

Borrowing
You can ask us for an overdraft in two ways - either by formal agreement with us, or by asking us to make a payment that means your account becomes overdrawn. Full details are given in our terms and conditions.

Interest on overdrawn accounts (debit interest)
We work out interest on overdrafts every day and take it from your account (or add it to your overdraft) at the end of each month. If, at the end of each month, you owe us more interest than we owe you, we’ll give you at least 14 days’ notice before we take the interest you owe us from your account.

If you have asked us to collect debit interest from another account, we will always give you at least 14 days’ notice before we collect it. This account can be another Bank of Scotland account or any other account in the UK.

The bank rate and interest rates can change. When we change interest rates, we will tell you by sending you a letter. We will not write to you when the Bank of England bank rate changes. Details of the Bank of England bank rate can be found at www.bankofengland.co.uk. Or, you can ring our Product Information Line on 08457 21 31 41. (See the note about phone calls under Important Information.)

Arranged overdrafts The debit interest on arranged overdrafts will be at the rate we agree with you. The typical rate is 5.6% APR variable (except for FSA regulated loans – see the next paragraph). APR means the annual percentage rate. It shows the charge for credit. You may need to provide security in the form of property or assets.

For overdrafts secured on land in the UK (FSA regulated loans), the overall cost for comparison is 4.6% APR. The actual rate available will depend on your circumstances. Ask for details.

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

We may agree a different rate with you. You may also need to pay an arrangement fee. You must immediately pay off any overdraft if we ask you to.

If you use land or property as security for an overdraft, our current policy is that we will not pay for the legal and valuation charges. There may be circumstances when we will consider paying these charges.

Unarranged overdrafts
(including overdrafts above an agreed limit) Interest rate 22.5% a year over Bank of England bank rate.

Fees for special services
We take fees for special services out of your account when we provide the service.

• Stopping a cheque (except a lost or stolen cheque) so we don't pay it - £10

• Special presentation of a cheque (when you ask us to clear a cheque more quickly than usual) - £12

• Providing a banker's draft - £20

• Providing a banker's reference - £10

• Providing copies of cheques we have paid from your account - £5

• Providing an extra statement - £5

• Making a payment by CHAPS (Clearing House Automated Payment System) - £25

• Providing foreign currency and traveller's cheques, and transferring money abroad - please ask for details

For each account we will provide up to five replacement cards a year. If you ask for six or more in a year (running from the date you opened the account), we will charge you £5 for each.

Other charges
• Administration charge when you close your account - None
• Not paying any cheques – Free

You can get information in large print, on audio tape and in Braille. Please call us for details. You may contact us using Type Talk.