The account information was last updated on 27/04/2024

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General Account Info

Maintaining the Account

The account provider operates the account for use by the customer. Some accounts charge a monthly or annual fee that covers your banks costs for running your account.

Find out more about maintaining the account
Minimum monthly deposit

Some accounts require that you put in a certain amount each month. If you are unable to do so, you may be charged a fee or you may be moved onto another account.

Overdrafts

Arranged Overdraft

The account provider and the customer agree in advance that the customer may borrow money when there is no money left in the account. The agreement determines a maximum amount that can be borrowed, and whether fees and interest will be charged to the customer. There are usually further charges for going over that limit. It’s up to your bank or building society to decide if they’ll accept your overdraft, and different providers will have different rules.

Find out more about arranged overdraft
Unarranged overdraft

The customer borrows money when there is no money left in the account (or when the customer has gone past their arranged overdraft limit) and this has not been agreed with the account provider in advance. Fees can be daily, weekly, or per transaction, but are normally limited to a maximum amount per month.

Find out more about unarranged overdraft
Refusing a payment due to lack of funds

The account provider refuses a payment from the customer's account because there is not enough money in it (or it would take the customer past their arranged overdraft limit). You may have to pay a fee for every time this happens.

Find out more about refusing a payment due to lack of funds
Allowing a payment despite lack of funds

The account provider allows a payment to be made from the customer's account although there is not enough money in it (or it would take the customer past their arranged overdraft limit). Fees charged for permitting this transaction can be daily, weekly, or per transaction, but are normally limited to a maximum amount per month.

Find out more about allowing a payment despite lack of funds

Debit card

Debit card issue fee

The account provider charges for the original issue of a debit card

Debit card replacement fee

The account provider charges for replacing lost or stolen debit cards

Debit card payment in pounds

The customer uses their debit card to make a payment in pounds. This can be in a shop, online or over the phone.

Debit card payment in a foreign currency

The customer uses their debit card to make a payment in foreign currency. This can be in a shop, online or over the phone.

Cash withdrawals

Cash withdrawals in pounds in the UK

The customer takes cash out of the customer's account in pounds at a cash machine, bank or Post Office in the UK. Cash machines may make charges in addition to any charges from the account provider.

Cash withdrawals in a foreign currency outside the UK

The customer takes cash out of the customer's account in foreign currency at a cash machine or, where available, at a bank outside the UK. Cash machines may make charges in addition to any charges from the account provider.

Payments

Direct debit

The customer permits someone else (recipient) to instruct the account provider to transfer money from the customer’s account to that recipient. The account provider then transfers money to the recipient on a date or dates agreed by the customer and the recipient. The amount may vary.

Standing order

The account provider makes regular transfers, on the instruction of the customer, of a fixed amount of money from the customer's account to another account.

Sending money within the UK

The account provider transfers money, on the instruction of the customer, from the customer's account to another account in the UK. Many banks now use Faster Payments for transferring money, which makes payments available quickly, usually within a few hours. CHAPs payments are usually settled on the same business day they are submitted, providing the payment is made with the bank before 3pm, and carry a transaction cost. They tend to be used for higher-value time-sensitive payments.

Sending money outside the UK

The account provider transfers money, on the instruction of the customer, from the customer's account to another account outside the UK. If the money needs to arrive sooner, the fee will be higher. Fees might also be higher depending on the country or bank being sent to.

Find out more about sending money outside the uk
Receiving money from outside the UK

When money is sent to the customer's account from outside the UK. Fees might be higher depending on the country or bank money is being sent from.

Other fees and charges

Cancelling a cheque

Charges applied when the customer asks the account provider to cancel a cheque that the customer has written.

Account type

Standard current accounts
  • Default bank account for everyday banking.
  • Suitable for the majority of people.
  • Usually includes overdrafts, debit cards, cash withdrawals etc.
Fee-free basic bank accounts
  • Designed for people with a poor credit score and cannot qualify for a standard current account.
  • Similar features to current accounts.
  • Do not include overdrafts.
Student accounts
  • Only available to full-time students or apprentices.
  • Often come with incentives like railcards or cashback.
  • Often offer interest free overdrafts.
Graduate accounts
  • Only available to graduates.
  • Often come with incentives like travel insurance.
  • Designed to support a transition from the interest free overdrafts of student accounts.
Premium accounts
  • Designed for high income customers.
  • Generally have strict qualifying criteria.
  • Often include rewards and incentives.
E-money accounts
  • Designed to be used online and with smartphones.
  • Often include budgeting tools.
Packaged accounts
  • Come with extra benefits like insurance, cashback and reward points
  • You’ll often need to pay a monthly fee.

Feature type

Overdraft facilities
  • Accounts that let you temporarily use more money than is in the account. Note that overdrafts are offered based on your circumstances.
No monthly fee
  • Accounts that don’t require you to pay a charge each month to maintain the account.
Walk-in branches
  • Accounts from banks that have high-street branches.
Post-office banking
  • Accounts that let you bank through a post office.
Open to new customers
  • Accounts that are available to new customers. You don’t have to already have a different type of account with the bank to apply for these accounts.
Cheque books available
  • Accounts where a cheque book is given or available upon request.
Supports 7-day switching
  • Accounts that allow you to switch over all Direct Debits and standing orders from your old account to the new one automatically within 7 days.
Mobile app available
  • Accounts from banks that offer mobile apps.
No UK address required
  • Accounts that do not require a UK address in order for you to open the account.

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