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Interest rates
Current interest rates on balances that are in credit
Current interest rates on overdrafts
Previous rates
Current interest rates
These are the interest rates we are currently paying on balances that are in credit.
| Account | Type of customer | Balance | AER | Gross (before tax each year) | Net (after tax each year) |
Ultimate Reward Current Account
| The first £2500
Any amount over £2500.01 | 2.50%
0.10% | 2.47%
0.10% | 1.98%
0.08% | |
| If you pay in at least £1000 a month | The first £2500
Any amount over £2500.01 | 2.50%
0.10% | 2.47%
0.10% | 1.98%
0.08% |
| If you pay in less than £1000 a month | Any amount | 0.10% | 0.10% | 0.08% | |
moneyback Current Account* (You can no longer apply for this account) | Any amount | 0.10% | 0.10% | 0.08% | |
| Any amount | 0.10% | 0.10% | 0.08% | |
| Students | Any amount | 2.02% | 2.00% | 1.60% |
| Customers over 16 | Any amount | 0% | 0% | 0% |
| People under 18 | Any amount | 1.51% | 1.50% | 1.20% | |
| 11 to 15 -year -olds | Any amount | 1.51% | 1.50% | 1.20% |
^Please note that we do not pay interest on balances that are in credit in Cardcash accounts held by customers over the age of 18.
The Annual Equivalent Rate (AER) shows what the interest rate would be if we paid interest on the full balance once a year.
The before tax rate is the rate of interest we pay before we take income tax at the rate set by law.
After tax is the amount of interest which we would pay after allowing for tax (currently 20%)
These are the interest rates we are currently charging on overdrafts.
| Account | Variable arranged overdraft | Variable unarranged overdraft | |
Ultimate Reward Current Account
| Overdrafts over £300 | 1.50% a month Typical (19.5% EAR) | 2.13% a month (28.8% EAR) |
| If you pay in at least £1000 a month | 1.24% a month (15.9% EAR) | 2.13% a month (28.8% EAR) |
| If you pay in less than £1000 a month | 1.50% a month Typical (19.5% EAR) | 2.20% a month (29.8% EAR) |
moneyback Current Account* ( You can no longer apply for this account). | 0.56% a month (6.9% EAR) | 2.13% a month (28.8% EAR) | |
| 1.50% a month Typical (19.5% EAR) | 2.13% a month (28.8% EAR) | |
| Overdrafts of up to £3000 | Interest-free (0% EAR+) | 1.82% a month (24.2% EAR) |
| Overdrafts over £3000 | 0.58% a month (7.2% EAR) | 1.82% a month (24.2% EAR) |
| Not available | Not available | |
| Not available | 2.20% a month (29.8% EAR) | ||
| Not available | Not available |
'Student' is defined in the Halifax Bank Account conditions. For arranged student overdrafts over £3000 we will charge interest at the arranged rate on the whole of the overdraft.
EAR is the equivalent annual rate. It shows what the interest rate would be if interest was taken from your account once a year.
*To earn moneyback you must pay in at least £1000 a month.
If you have an arranged overdraft you must pay your salary (grant cheque, student loan or parental contribution if you are a student) or other regular payment into your account. The minimum overdraft we would agree to is £100. You must pay off any overdraft when we tell you to.
Next steps
If there’s anything you don’t understand or can’t find, phone us on 08457 20 30 40 between 8am and 8pm, seven days a week.
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