Foreign currency accounts interest rates
Gross rate - The contractual rate of interest payable before the deduction of income tax, at the rate specified by law.
AER - The notional rate which illustrates the contractual interest rate as if paid and compounded on an annual basis (Annual Equivalent Rate).
US Dollar (USD)
Effective from 16th December 2008
Reference rate = 0.25%
www.newyorkfed.org
| Balance (USD) | Gross rate % | AER % |
|---|---|---|
| 0 – 1,000,000 | 0.00 | 0.00 |
| 1,000,000 – 1,500,000 | 0.00 | 0.00 |
| 1,500,000 + | 0.00 | 0.00 |
Euro (EUR)
Effective from 15th December 2011
Reference rate = 1.00%
www.euribor.org
| Balance (EUR) | Gross rate % | AER % |
|---|---|---|
| 0 – 500,000 | 0.00 | 0.00 |
| 500,000 – 1,000,000 | 0.00 | 0.00 |
| 1,000,000 + | 0.00 | 0.00 |
Australian Dollar (AUD)
Effective from 1st May 2012
Reference rate = 3.75%
www.rba.gov.au
| Balance (AUD) | Gross rate % | AER % |
|---|---|---|
| 0 – 850,000 | 1.50 | 1.50 |
| 850,000 – 1,700,000 | 2.00 | 2.01 |
| 1,700,000 + | 2.50 | 2.51 |
Swiss Franc (CHF)
Effective from 12th March 2009
Reference rate = 0.25%
www.snb.ch
| Balance (CHF) | Gross rate % | AER % |
|---|---|---|
| 0 – 850,000 | 0.00 | 0.00 |
| 850,000 – 1,700,000 | 0.00 | 0.00 |
| 1,700,000 + | 0.00 | 0.00 |
Canadian Dollar (CAD)
Effective from 8th September 2010
Reference rate = 1.00%
www.bankofcanada.ca
| Balance (CAD) | Gross rate % | AER % |
|---|---|---|
| 0 – 850,000 | 0.00 | 0.00 |
| 850,000 – 1,700,000 | 0.00 | 0.00 |
| 1,700,000 + | 0.00 | 0.00 |
Danish Krone (DKK)
Effective from 15th December 2011
Reference rate = 0.75%
www.nationalbanken.dk
| Balance (DKK) | Gross rate % | AER % |
|---|---|---|
| 0 – 3,750,000 | 0.00 | 0.00 |
| 3,750,000 – 7,500,000 | 0.00 | 0.00 |
| 7,500,000 + | 0.00 | 0.00 |
Hong Kong Dollar (HKD)
Effective from 17th December 2008
Reference rate = 0.50%
www.info.gov.hk/hkma
| Balance (HKD) | Gross rate % | AER % |
|---|---|---|
| 0 – 6,000,000 | 0.00 | 0.00 |
| 6,000,000 – 12,000,000 | 0.00 | 0.00 |
| 12,000,000 + | 0.00 | 0.00 |
Japanese Yen (JPY)
Effective from 19th December 2008
Reference rate = 0.10%
www.boj.or.jp
| Balance (JPY) | Gross rate % | AER % |
|---|---|---|
| 0 – 85,000,000 | 0.00 | 0.00 |
| 85,000,000 - 170,000,000 | 0.00 | 0.00 |
| 170,000,000 + | 0.00 | 0.00 |
Norwegian Krone (NOK)
Effective from 14th December 2011
Reference rate = 1.75%
www.norges-bank.no
| Balance (NOK) | Gross rate % | AER % |
|---|---|---|
| 0 – 3,750,000 | 0.00 | 0.00 |
| 3,750,000 – 7,500,000 | 0.00 | 0.00 |
| 7,500,000 + | 0.25 | 0.25 |
New Zealand Dollars (NZD)
Effective from 10th March 2011
Reference rate = 2.50%
www.rbnz.govt.nz
| Balance (NZD) | Gross rate % | AER % |
|---|---|---|
| 0 – 1,000,000 | 0.00 | 0.00 |
| 1,000,000 – 2,000,000 | 0.50 | 0.50 |
| 2,000,000 + | 1.00 | 1.00 |
Swedish krone (SEK)
Effective from 6th July 2011
Reference rate = 2.00%
www.riksbank.com
| Balance (SEK) | Gross rate % | AER % |
|---|---|---|
| 0 – 4,750,000 | 0.00 | 0.00 |
| 4,750,000 – 9,500,000 | 0.00 | 0.00 |
| 9,500,000 + | 0.50 | 0.50 |
Singapore Dollar (SPD)
Effective from 26th March 2010
Reference rate = 0.00%
www.mas.gov.sg
| Balance (SPD) | Gross rate % | AER % |
|---|---|---|
| 0 – 1,000,000 | 0 | 0 |
| 1,000,000 – 2,000,000 | 0 | 0 |
| 2,000,000 + | 0 | 0 |
South African Rand (ZAR)
Effective from 10th September 2010
Reference rate = 5.50%
www.reservebank.co.za
| Balance (ZAR) | Gross rate % | AER % |
|---|---|---|
| 0 – 5,750,000 | 1.50 | 1.51 |
| 5,750,000 – 11,500,000 | 2.00 | 2.01 |
| 11,500,000 + | 2.50 | 2.52 |
Additional Information
Interest rates will be reviewed regularly and may vary at any time, we will notify you immediately if and when this happens. Credit interest is calculated on the cleared credit balance daily, and paid half yearly. Debit interest is deducted quarterly, on 5 April, 5 July, 5 October and 5 January. If the fifth falls on a weekend charges will be deducted on the following working day, but interest will be debited or credited to your account on the previous working day. An advice slip will be sent to you confirming this at the time.
Unauthorised overdrafts will be charged at 7% over the appropriate currency base rate.
Please view the International Banking Tariff for any fees that may be debited from your Foreign currency account.
Please note, sufficient funds should be kept in the account to allow for these charges. We reserve the right to debit your main Sterling account to cover any resulting overdrawn position.
