Interest rates and fees

Your guide to our charges

If you have a personal account at any of our branches, this guide tells you everything you need to know about our main fees and charges. You might find it helpful to keep it with your bank statements and use it to plan ahead and avoid unnecessary fees.

Unless you pay a monthly fee for an account with added benefits, we don’t normally charge you for everyday banking – providing your account is in credit. There are some events, however, like using your cards abroad, where there may be charges. This guide will tell you exactly how the charges work, and when they may be applied. 

If you want to use a service we haven’t covered here, we’ll always let you know before you are charged.  If we make any changes to fees or services you regularly use we'll always let you know before you're charged.

Banking charges guide

The following information applies to bank accounts opened from 12th September 2011.

When charges are applied

Different fees are taken from your account at different times. For example, regular fees like monthly account fees will come out of your account at the end of your monthly billing period. This is usually from the second of each month to the first of the next month, but it can vary. If you’d like to check what your monthly billing period is please just ask us in branch, or call us on 0345 721 3141.

There are some charges that are made at the time we provide you with the service, for example, when you use your debit card abroad.

Other charges, such as the Monthly Overdraft Usage Fee, overdraft interest or Unplanned Overdraft fees, are worked out at the end of the monthly billing period and we’ll always let you know the amount before they are taken from your account.

If you change an account or service that has a regular fee attached to it, such as a Monthly Account fee, part way through your billing period, you’ll only pay for the time you’ve actually had it.

Current account charges

To check what type of current account you have please see your statement, visit us in branch
or call 0345 721 3141.

Type of current accountMonthly FeesMain benefits
Classic, Under 19s and Cash Accounts Free
  • Free banking for everyday transactions when you are in credit.
  • Classic only - £25 Interest and fee-free Planned Overdraft (subject to application and approval).
Student Free
  • Interest and fee-free tiered Planned Overdraft available (subject to application and approval).
  • Special discounts and incentives — which are detailed in your welcome pack.
Graduate Free
  • Interest and fee-free tiered Planned Overdraft available (subject to application and approval).

Accounts with extras

We use a range of third party insurance providers for the benefits on these accounts

Type of current accountMonthly FeesMain benefits
Silver £9.95 An account that gives you everyday banking plus a range of benefits including:
  • AA Roadside Assistance and Accident Management
  • Mobile Phone Insurance
  • European Travel Insurance
  • £50 interest and fee-free Planned Overdraft (subject to application and approval)
Platinum £17 An account that gives you everyday banking plus a range of benefits including:
  • AA Roadside Assistance with Relay, Home Start and Accident Management
  • Mobile Phone Insurance and Save What MattersTM
  • Worldwide Travel Insurance plus either family or winter sports cover
  • £300 interest and fee-free Planned Overdraft (subject to application and approval)
  • No Unplanned Overdraft daily fees charged for the first time you use an Unplanned Overdraft, as long as you haven’t already done so in the last 12 months*

* Unplanned Overdraft daily fees will become payable if:

  • your Unplanned Overdraft balance at the end of a day is greater than it was at the end of the previous day;and/or
  • the Unplanned Overdraft has still not been repaid at the start of the next monthly billing period.

You will be charged a Monthly Overdraft Usage Fee for that month.

 

Debit card and Cashpoint® card charges

When you withdraw cash in the UK (whether at an ATM or over the counter)

Charges

Using your debit card or Cashpoint® card at a Bank of Scotland Cashpoint® machine or branch in the UK.

Free

Using your debit card at a non-Bank of Scotland Cashpoint® machine or non Bank of Scotland branch in the UK (if you are a Cash Account customer you can only use your debit card as described in your welcome pack).

Bank of Scotland does not make a charge but the owner of the machine may. If so, the machine will show you the amount and tell you that it will be taken from your account when you withdraw the cash.

 

When you use your debit card to purchase foreign currency or travellers cheques in the UK

Charges
From Bank of Scotland branches.

Foreign currency, Sterling and Foreign Currency travellers cheques: No charge.

From any other banks, travel agents, bureaux de change and outlets displaying the Visa sign.

Bank of Scotland does not make a charge but the provider of foreign currency or travellers cheques may make a charge.

 

When you withdraw cash abroad (whether at an ATM or over the counter)

Charges

Using your Bank of Scotland debit card.

When you withdraw cash abroad normally we convert a withdrawal to sterling on the day it is processed by Visa using the Visa Payment Scheme Exchange Rate. We will charge a non-sterling transaction fee of 2.99% of the value of the withdrawal and we will charge a non-sterling cash fee of 1.5% of the value of the withdrawal which will be a minimum of £2.00 and a maximum of £4.50. Where you elect to allow the ATM operator / financial service provider to make the conversion to sterling we will charge a foreign cash fee of 1.5% of the value of the withdrawal which will be a minimum of £2.00 and a maximum of £4.50. The provider of the foreign currency may make a separate charge for conversion.

Using your Cashpoint® card.

When you withdraw cash abroad normally we convert a withdrawal to sterling on the day it is processed by Visa using the Visa Payment Scheme Exchange Rate. We will charge a non-sterling transaction fee of 2.99% of the value of the withdrawal and we will charge a non-sterling cash fee of 1.5% of the value of the withdrawal which will be a minimum of £1.50. Where you elect to allow the ATM operator/financial service provider to make the conversion to sterling we will charge a foreign cash fee of 1.5% of the value of the withdrawal which will be a minimum of £1.50. The provider of the foreign currency may make a separate charge for conversion. Please note there is no maximum non-sterling cash fee or foreign cash fee.

 

When you use your debit card to make a purchase or other transaction (not cash withdrawal, foreign currency or travellers cheque purchase) in a currency other than sterling whether you are in the UK or abroad

Charges

Using your Bank of Scotland debit card.

The amount is converted to sterling on the day it is processed by Visa using the Visa Payment Scheme Exchange Rate. We will charge a non-sterling transaction fee of 2.99% of the value of the transaction and we will charge a non-sterling purchase fee of £1 which is not applicable if you use a Platinum or Premier account debit card.

 

Other services

ServiceCharges
If you ask us to stop a cheque (unless the cheque was lost or stolen, when this would be free of charge) £10
Special cheque presentation — If you ask for a cheque to be ‘express cleared’ £10
Returned cheque — If a cheque you pay into your account is returned to us unpaid by another bank or branch Free
Statements — We will send you regular account statements which are free of charge Free
Duplicate statements £5 for each request for any number of pages
Banker’s draft/cheque (sterling) £20
CHAPS Payment — when you transfer cleared money to accounts held at any other bank on the same day, to arrive the same day. This will include an advice to the person you are paying when the payment reaches their bank £25

 

Overseas payments and depositsCharges
International Payment International payments using Internet Banking, Telephone Banking or at your local branch cost £9.50
International Draft £20*
Electronic payments received from abroad Receiving a payment up to £100 — £2 fee
Receiving a payment of £100 or over — £7 fee
Cheques received from abroad 0.25% of the total sterling value with a minimum charge of £5 and a maximum of £80. (The charges will depend on the way we choose to get payment of the cheques from the paying bank, the amount of the cheque and which country the cheque is from.)

* There is a £20 charge for cancelling an international draft (it also costs £20 to re-issue an international draft). Refund conversions will be made using our standard exchange rate for buying that currency on the day we receive the money.

 

Cheque clearing process

Cheques go through a clearing process so the amount you pay in may not be available to use straight away. The clearing cycle means that when you pay in a sterling cheque from another bank in the UK, the Isle of Man, Gibraltar or Channel Islands (the ‘paying bank’) into your personal account with us:

  1. we will show the cheque in your account on the same day that we receive it;
  2. from the second working day after we receive it, we start paying any interest on the cheque if your current account pays interest (or using it to reduce the interest you pay);
  3. from the fourth working day after we receive it, the funds are available for you to use but the cheque may still be returned unpaid up until the sixth working day after we receive it; and
  4. from the end of the sixth working day after we receive it, if the cheque is returned unpaid by the paying bank, we cannot take money from your account without your consent unless you have acted fraudulently.

So, for example, if you pay in a non-Bank of Scotland cheque on a Monday, you will see it on your account the same day, it counts towards any interest on Wednesday, you can use the money on Friday and we cannot take the payment out of your account after the following Tuesday.

Explanation of terms

GROSS RATE – The contractual rate of interest payable before deduction of income tax at the rate specified by law.

NET RATE – The rate of interest which would be payable after allowing for the deduction of income tax at the rate specified by law.

AER (Annual Equivalent Rate) - the rate if interest was paid and compounded once a year.  

EAR – is the Equivalent Annual Rate. This is the actual annual rate of an overdraft. It doesn't take into account other fees and charges.

Interest is normally paid at the net rate unless the Account falls within an exempt category or the Account holder qualifies to receive interest gross. Interest rates may vary from time to time. All rates are per annum except where stated.

Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service.

Bank of Scotland plc, Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.

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