ISLAND PREMIER BANKING INTEREST RATES & CHARGES Effective from 22 November 2015
Contents Island Premier rates and charges 1 Island Premier current account 1 Borrowing from us 1 Overdraft buffers 2 Overdraft fees 2 Returned items 3 Avoiding overdraft charges 3 Interest paid on savings accounts 4 Foreign transactions 5
I want to see exactly what you charge me Island Premier rates and charges This guide covers the main charges for services on your Island Premier account. If you ask for any service not listed here, we will tell you the cost before providing it. Our charges are reviewed from time to time, and we will send you details of any changes to our core banking charges before putting them into effect. Island Premier current account Charges When the Cleared Balance on your current account remains at least 5,000 in credit throughout the monthly billing period When your account balance falls below 5,000 at any time during the monthly billing period Rates Charged on overdrafts Free % per month % EAR 251 5,000 1.13% 14.43% 15 monthly fee Borrowing from us* An overdraft is where, as part of our overall service, we are willing to lend you money through your current account. We provide two types of overdraft: a Planned Overdraft and an Unplanned Overdraft. If you decide you need an overdraft, you can ask us in advance for a Planned Overdraft. You can also ask to increase an existing Planned Overdraft limit at any time. If you try to make a payment but do not have enough available money in your account, we will treat this as a request for an Unplanned Overdraft to cover that payment. We will either agree to your request or you will not be able to make that payment. Fees will be charged in either case. Please see your account Terms and Conditions for more details about overdrafts and available funds. You will also normally be charged interest on the amount borrowed under a Planned or Unplanned Overdraft. All overdrafts are repayable on demand. * All lending is subject to application and approval. How much we lend, if any, is subject to our assessment of your circumstances. Overdrafts are repayable on demand. 5,001 10,000 0.96% 12.16% 10,001+ 0.93% 11.77% EAR 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. 1
Overdraft buffers If you go beyond the agreed limit of a Planned Overdraft by 10 or less you will not pay any overdraft fees or debit interest. If you go into an Unplanned Overdraft by 10 or less you will not pay any overdraft fees but you will pay debit interest. If you go into a Planned or Unplanned Overdraft by more than 10 there will be charges and debit interest to pay on the whole amount. In addition, if you have a Planned Overdraft, we will not charge you any Unplanned Overdraft Fees if your Unplanned Overdraft is no more than 50. Overdraft fees We will charge you the following fees for all overdrafts, whether Planned Overdrafts or Unplanned Overdrafts: Fee Amount Description Monthly Overdraft Usage Fee 6 You will only pay this fee if you use a Planned Overdraft or Unplanned Overdraft by more than 10 at any time during your monthly billing period (even if your next monthly billing period is only a few days away). If you have an interest and fee-free Planned Overdraft limit that has been agreed as part of your account you won t pay the 6 fee if you stay within that limit or exceed it by 10 or less. We will charge you a maximum of one Monthly Overdraft Usage Fee in a monthly billing period. We will not charge you any other fees for a Planned Overdraft, but you will normally be charged interest on the amount borrowed. If we agree to your request for an Unplanned Overdraft, we will charge you the following fees: Fee Amount Description Daily Fee Unplanned Overdraft balance is: 10 or less 0 (Buffer applies) More than 10 but less than 25 5 a day 25 or more 10 a day You will pay a daily fee for using an Unplanned Overdraft. The amount of the fee will be worked out at the end of each day (including weekends and Bank Holidays) on the balance of your Unplanned Overdraft. We will charge you a maximum of eight daily fees in a monthly billing period. In addition, if you have a Planned Overdraft, we will not charge you these Unplanned Overdraft Fees if your Unplanned Overdraft is no more than 50. An overdraft continues until it is repaid. So, at the start of any monthly billing period, if you still have an overdraft from the previous monthly billing period, you will incur a further monthly Overdraft Usage Fee and, if it is an Unplanned Overdraft, up to another eight daily fees (depending on when you pay it back). Unplanned Overdrafts are intended to be used for short-term borrowing. You will find it cheaper to ask for a new or increased Planned Overdraft that meets your needs, rather than using an Unplanned Overdraft. 2
Returned items Where you do not have enough available money to make a payment and we do not agree to give you or extend an Unplanned Overdraft, you will not be able to make that payment. We will write to tell you we have declined your request. We will charge you 10 for each item we decline to pay (maximum of three fees a day). Avoiding overdraft charges If your account goes over its limit, you ll have until 3:30pm (UK time) to pay money into your account to avoid Returned Item Fees and ensure the payment goes out, but you have until midnight to avoid overdraft fees and interest. The money needs to be immediately available to use, so you could transfer money from another personal account you have with us via Internet Banking or Telephone Banking or pay in cash over the counter in branch. Cash withdrawals using your Premier debit card Cash withdrawals abroad (whether at an ATM or over the counter) 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 nonsterling 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. Cashpoint is a registered trademark of Lloyds Bank plc Cash withdrawals using your Premier debit card Other banking services Cash withdrawals from a Lloyds Bank Cashpoint machine or branch in the UK, Channel Islands or Isle of Man Cash withdrawals from a non-lloyds Bank Cashpoint machine or non-lloyds Bank branch in the UK, Channel Islands or Isle of Man Free Lloyds Bank 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. Stopped cheque Free Special cheque presentation 15 Duplicate statements 5 per request* Banker s draft/cheque (sterling) 15 CHAPS electronic payment 30 * An administration charge may be made for excessive requests 3
Interest paid on savings accounts (from 1 April 2009) Island Premier Savings Account Total Variable Interest Rate including Bonus Island Premier Savings Account Standard Variable Rate Annual interest Monthly interest Annual interest Monthly interest Gross Rate % Gross Rate % AER % 1,000,000+ 0.50% 0.50% 0.50% 100,000+ 0.45% 0.45% 0.45% 50,000+ 0.40% 0.40% 0.40% 25,000+ 0.35% 0.35% 0.35% 5,000+ 0.30% 0.30% 0.30% 1+ 0.01% 0.01% 0.01% Interest rates for balances of 5,000 or more include a fixed bonus rate of 0.25% p.a. Gross, payable for one year from account opening. Gross Rate % Gross Rate % AER % 1,000,000+ 0.25% 0.25% 0.25% 100,000+ 0.20% 0.20% 0.20% 50,000+ 0.15% 0.15% 0.15% 25,000+ 0.10% 0.10% 0.10% 5,000+ 0.05% 0.05% 0.05% 1+ 0.01% 0.01% 0.01% AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once every year. As every advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time. Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. Interest rates may vary from time to time. 4
Interest rates and banking charges Foreign transactions Buying foreign currency or travellers cheques From any Lloyds Bank branch From any other banks, travel agents, bureaux de change and outlets displaying the VISA sign 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, Channel Islands, Isle of Man or abroad No handling charge or commission Debit card: Lloyds Bank does not make a charge but the provider of foreign currency or travellers cheques may make a charge. Credit card: 2.0% of the amount you take out (minimum 2). 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. 5
I d like to get in touch Go to lloydsbank.com/islands Check eligibility, calculate payments, apply online Visit your local branch Call us Jersey 0345 730 9461 Isle of Man 0345 730 1280 Guernsey 0345 730 9373 Lines open 24 hours a day, seven days a week Important information Lloyds Bank International Limited trading as Lloyds Bank. Registered Office and principal place of business: PO Box 160, 25 New Street, St. Helier, Jersey JE4 8RG. Lloyds Bank International Limited is incorporated in Jersey No. 4029 and is regulated by the Jersey Financial Services Commission to carry on deposit-taking business under the Banking Business (Jersey) Law 1991 and investment and general insurance mediation business under the Financial Services (Jersey) Law 1998. Lloyds Bank International Limited subscribes to the Jersey Code of Practice for Consumer Lending and has also notified the Jersey Financial Services Commission that it carries on money service business. Lloyds Bank International Limited is a participant in the Jersey Bank Depositors Compensation Scheme. The Scheme offers protection for eligible deposits of up to 50,000. Eligible deposits are deposits held by private individuals and charities. Depositor protection does not extend to corporations, small to medium sized enterprises, partnerships and trusts. The maximum total amount of compensation is capped at 100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website www.gov.je/dcs or on request. The Isle of Man branch of Lloyds Bank International Limited of PO Box 111, Peveril Buildings, Peveril Square, Douglas, Isle of Man IM99 1JJ is licensed by the Isle of Man Financial Supervision Commission to conduct deposit-taking and investment business and is registered with the Isle of Man Insurance and Pensions Authority in respect of general insurance business (intermediary). Lloyds Bank International Limited is a participant in the Isle of Man Depositors Compensation Scheme as set out in the Depositors Compensation Scheme Regulations 2010. The Guernsey branch of Lloyds Bank International Limited, principal place of business PO Box 136, Sarnia House, Le Truchot, St. Peter Port, Guernsey GY1 4EN is licensed by the Guernsey Financial Services Commission to take deposits and to carry on controlled investment business and insurance intermediary business under the Banking Supervision (Bailiwick of Guernsey) Law 1994, the Protection of Investors (Bailiwick of Guernsey) Law 1987 (as amended) and the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law 2002 (as amended), respectively, and is also registered with the Guernsey Financial Services Commission as a money service provider. Lloyds Bank International Limited is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for qualifying deposits up to 50,000, subject to certain limitations. The maximum total amount of compensation is capped at 100,000,000 in any 5 year period. Full details are available on the Scheme s website: www.dcs.gg or on request from Telephone: +44 (0) 1481 706359 or Post: PO Box 53, 1 Smith Street, St. Peter Port, Guernsey GY1 4BD. Please note that, in relation to banking services which we provide, you might not be eligible for compensation under a deposit protection guarantee scheme available in your country of residence. If in doubt, contact your local banking regulator, visit their website or seek independent advice. 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. Lending is at the Bank s discretion and you must be 18 or over to apply. Security may be required. The Bank reserves the right at any time to refuse any of the facilities featured either generally or in relation to any particular applicant. How much we lend depends on our assessment of your personal circumstances. Lloyds Bank is a responsible lender and we only wish you to borrow what you can afford and in a way that is best for you. OB968E (09/15)