Interest rates when you're in credit1
Interest rates when you're in credit
|
AER 2 |
Gross p.a. 3 |
Net p.a. 4 |
| Balances up to £2,500 |
3% variable |
2.96% variable |
2.40% variable
|
| Balances over £2,500 |
0% |
0% |
0% |
In plain English this means, you'll earn interest on the first £2,500 of your balance each month but you won't get any interest on any part of your balance over £2,500.
What you'll pay for your FlexPlus account
FlexPlus costs £10 a month
Remember, FlexPlus comes with lots of insurance products and account benefits.
Find out what you could get for your money
Our overdrafts are only open to those aged 18 or over and are subject to approval. When you apply for an account, we'll tell you if we can offer you an arranged overdraft. If we do offer you an arranged overdraft, this will be fee-free for the first 3 months (subject to status). After 3 months of having your FlexPlus account we'll give you a fee-free arranged overdraft limit of £100. You will have 28 days' notice before we take any overdraft fees from your account. The way that overdraft fees are charged for FlexPlus is different to FlexAccount, so if you're an existing customer upgrading from FlexAccount to FlexPlus, please read this section carefully.
Overdraft usage fee
Daily arranged overdraft usage fee 5
|
Daily unarranged overdraft usage fee 5
|
50p per day
|
50p per day for unarranged balances up to £10
|
OR £5 per day on unarranged balances over £10, capped at £50 per month
|
3 month fee-free overdraft
We won't charge you a fee for the first 3 months if you use your arranged overdraft.
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After 3 months, we'll give you a £100 fee-free limit
After the first 3 months, we won't charge you a fee if you slip into the first £100 of your arranged overdraft. |
First time fee refund
We can all slip up sometimes and lose track of our outgoings. So the first time you let us know you’ve made a mistake, we’ll refund any overdraft fees you’ve incurred.
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FlexPlus Overdraft Representative Example:
If you use an arranged overdraft of £1,200 the amount we will charge you is 50p per day (variable).
For more information see our examples of current account charges
To understand more about how overdrafts work see our Understanding Overdrafts Leaflet
We've shown you the main rates and fees that most people want to know above. For the full list of all our current interest rates and other fees and charges please download our latest interest rates and charges leaflet (This link will open in a new window).
For past rates and charges, see our current account support section.
To see what charges we make for payments in other currencies and using your card abroad, see our using your cards abroad section.
All rates and fees are subject to change, and we may decide when to apply and waive any account fees.
1If we make a change to these interest rates we'll notify you 2 months in advance if the change is to your disadvantage. If the change is to your advantage we may make it immediately.
How we pay interest: On the last day of each month we calculate the interest you've earned each day of that month and then pay you this interest on the 1st day of the next month. We normally pay you this interest 'net' of any tax, which means we deduct any tax due and pass it to the government for you.
2 What does AER mean? AER stands for 'annual equivalent rate' and illustrates what the interest rate would be if interest were paid and compounded each year.
3 What does gross mean? The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
4 What does net mean? The net rate of interest is the interest payable after any income tax is deducted (if you do pay tax).
Don't pay tax? If you're eligible to receive gross interest on your account (interest without tax taken off), you will need to fill in form R85 once your account is open. Important: We're sorry but we can't give advice about tax issues. Please contact your local Tax Office with any queries.
Rafidain Bank subscribes to the Lending Code. For more information on the Lending Code please visit http://.
You need to be 18 or over to apply for a FlexPlus account.