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Interest Rates and Charges

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Interest Rates and Charges

Current Account

St. James's Place Bank no longer offers Current Accounts to new clients.

Interest Rates +

Item  EAR* Gross/AER** Monthly interest Gross p.a
Credit Balance   0.05% 0.05%
Arranged overdraft 10.05%    
Unarranged overdraft 25.25%    

All rates shown are variable

Representative example
The interest rate for using an overdraft limit of £1,200 is 10.05% EAR Variable.

# If you go over your overdraft limit, or if you do not have an arranged overdraft and your current account goes overdrawn, we will charge you interest on the amount of your overdraft which has not been arranged at the rate we set for Unarranged Overdrafts.

* EAR is the Equivalent Annual Rate. If we agree to let you have an overdraft, we will decide your overdraft limit and tell you 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 (currently 20%). The net rate is the rate of interest payable after allowing for the deduction of income tax at the specified rate.

Unarranged overdrafts and payments you do not pay when you are meant to are not taken into account for the balance netting calculation.

Fees and Charges

Item Charge When is the fee collected How often is the fee made
Cash withdrawal from LINK ATM Nil n/a n/a
Copy of paid cheque £5.00 on request on request
Stopped cheque (except for lost or stolen cheque) £7.50 on request on request
CHAPS - same day electronic funds transfer between banks £25.00 on request on request
Unpaid item fee - when we decide to return unpaid any cheque, direct debit, standing order or other payment instruction because there are insufficient funds or no Arranged Overdraft to pay the transaction. £10.00 On the last day of the next calendar month after the fee was incurred Fee is charged per unpaid item. Standing orders and payment instructions are subject to 1 fee per day
Unarranged overdraft fee - this is charged when your current account goes overdrawn without a pre-arranged overdraft or when it exceeds an Arranged Overdraft. £28.00 On the last day of the next calendar month after the fee was incurred once a calendar month
Copy statements £5.00 on request on request
Overseas transaction 2.25% plus £1.50 on request on request

Find out more about interest rates and charges

Charges for using your debit card abroad

If you use your debit card abroad and make transactions other than sterling, the amount of each transaction will be changed to sterling on the date we take it out of your current account facility. 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.

Savings

Interest Rates (variable) +

ST. JAMES'S PLACE BANK ISAVER ANNUAL INTEREST MONTHLY INTEREST
Amount GROSS AER Net GROSS AER Net
Credit balance 1.80% 1.80% 1.44% 1.79% 1.80% 1.43%
DIRECT ACCESS SAVINGS (DAS) ANNUAL INTEREST MONTHLY INTEREST
Amount GROSS AER Net GROSS AER Net
Credit balance 0.05% 0.05% 0.04% 0.05% 0.05% 0.04%

CASH ISA ANNUAL INTEREST MONTHLY INTEREST
Amount Tax-free AER Tax-free AER
Credit balance 1.81% 1.81% 1.80% 1.81%

All rates shown are variable

We pay interest net of income tax (at the basic rate, currently 20%) unless you have completed an R85 form. If you are a higher rate taxpayer additional income tax is due on the interest we pay.

You should consider your income tax position when deciding which products to have in your St. James’s Place Bank offset Account, whether you wish to be paid interest on your savings each month or once a year and which option you want us to use for the balance netting calculation.

Fees and Charges

Item Charge
CHAPS - same day electronic funds transfer between banks £25.00
Copy statements £5.00

Tax-free is the contractual rate of interest payable where interest is exempt from income tax. Tax treatment depends on your individual circumstances and may change.

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