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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.

Our current interest rates

Item  EAR* Gross/AER** Monthly interest Gross p.a
Credit Balance   0.05% 0.05%
Arranged overdraft 19.90% 18.29% 18.29%

All rates shown are variable

Representative example
The interest rate for using an arranged overdraft limit of £1,200 is 19.90% EAR Variable.

  • EAR is the Equivalent Annual Rate. This is the actual annual interest rate of an overdraft. This means you are charged over the year based on how often and how much you are overdrawn by, and the effect of compounding it – charging interest on interest already charged. This does not include any other fees and charges.
  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded once each year. As every advertisement for a savings product, which quotes an interest rate, contains an AER you will be able to compare more easily what return you can expect from your savings over time.
  • Gross rate means we will not automatically deduct tax from the interest we pay on money in your account. It's your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC).

How much does my overdraft cost in pounds and pence?

As an example, the interest cost of borrowing £500 is

7 days 30 days 60 days
£1.75 £7.52 £15.14

You can use our calculator to work out how much your expected arranged overdraft borrowing would cost.

About arranged overdrafts

An arranged overdraft can be used as a short-term safety net. You can use it to borrow money for any unexpected bills or payments. The amount you can borrow is agreed with us in advance and you will only pay interest on your arranged overdraft balance if you use it.

About unarranged overdrafts

An unarranged overdraft is an overdraft that has not been agreed with us in advance. If you do not have enough money in your current account to make a payment, we may let you borrow through an unarranged overdraft or refuse to make the payment. Missing payments and using an unarranged overdraft can damage your credit score, so please get in touch with us as we may be able to help. All overdrafts are subject to our assessment of your circumstances and are repayable in full on demand. You must be aged 18 or over to apply. If you are looking to borrow money, it is important to compare and choose the right options for you based on your circumstances.

Fees and Charges

Item Charge When is the fee collected How often is the fee made
Copy of paid cheque £5.00 On request On request
Cancelled cheque (except for lost or stolen cheques) £7.50 On request On request
CHAPS payments from your facility to another UK account £25.00 On request On request
Debit card withdrawal or payment in a foreign currency (excludes euro transactions in the UK or EEA)
Debit card withdrawal or payment in pounds outside the UK
2.25% plus £1.50 On request On request
Debit card payment in euro within the EEA or UK; Cash withdrawal of euro within the EEA or UK 2.25% On request On request

Find out more about interest rates and charges (pdf, 627kb)

Fee Information Document (PDF)

If you use your St. James's Place Bank debit card to make transactions in a foreign currency or in pounds when you are abroad, the amount of each transaction will be changed to pounds 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. The exchange rate we will use will be the Visa payment scheme exchange rate. We will charge a foreign currency transaction fee of 2.25% of the amount of each foreign currency transaction, and for transactions in pounds outside the UK. This is a fee for currency conversion. We will also deduct a foreign currency cash or foreign currency purchase fee of £1.50 for each transaction.

To help you compare our debit card currency conversion charges with other providers you can find the percentage mark up over the European Central Bank rates here.

We won't charge a foreign currency cash fee if you use your debit card to:

  • withdraw euro within the EEA or UK
  • withdraw euro from outside the EEA or UK and the cash machine operator's payment service provider is based in the EEA or UK;

We won't charge a foreign currency purchase fee if you use your debit card to:

  • make a payment in euro within the EEA or UK
  • make a payment from outside the EEA or UK in euro, if the seller's payment service provider is based in the EEA or UK.

The exchange rate and the foreign currency purchase amount shown may be in a different currency than the one used in the country you made the transaction.
Your debit card enables you to withdraw up to £500 per day from any cash machine. If for medical or disability reasons you are unable to use the PIN provided for your debit card please get in touch.

Savings

Interest Rates (variable) +

ST. JAMES'S PLACE BANK ISAVER ANNUAL INTEREST MONTHLY INTEREST
Amount GROSS AER GROSS AER
Balance £1+ 0.01% 0.01% 0.01% 0.01%

DIRECT ACCESS SAVINGS (DAS) ANNUAL INTEREST MONTHLY INTEREST
Amount GROSS AER GROSS AER
Balance £1+ 0.01% 0.01% 0.01% 0.01%

CASH ISA ANNUAL INTEREST MONTHLY INTEREST
Amount Tax-free AER Tax-free AER
Balance £1+ 0.01% 0.01% 0.01% 0.01%

All rates shown are variable

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 Nil

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.

Find out more about interest rates and charges (pdf, 627kb)

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CHAPS - same day electronic funds transfer beFtween banks