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Commercial Foreign Currency Account & Euro Current Account Interest Rates

Credit Interest

Credit Interest is not payable on this account.

Debit Interest

For any unauthorised borrowing, the unauthorised borrowing interest rate will be linked to the currency’s external Reference Interest Rate + 12% margin.

  • Overdraft facilities available in most major currencies (subject to our normal lending criteria)
  • Overdrafts are subject to arrangement fees
  • The authorised borrowing margin is linked to the Reference Interest Rate

Reference Interest Rates

The Reference Interest Rate can vary either up or down on a daily basis. If the Reference Interest Rate falls below 0%, it will be treated as 0% until such time it exceeds 0%. For currencies not listed in the table below please contact your Relationship Manager.

Currency Currency Code Central Bank Reference Interest Rate available from Reference Interest Rate
Australian Dollar AUD Reserve Bank of Australia www.rba.gov.au Cash Rate
Canadian Dollar CAD Bank of Canada www.bankofcanada.ca Overnight Rate Target
Czech Republic Koruna CZK Czech National Bank www.cnb.cz Discount Rate
Danish Krone DKK Danmarks Nationalbank www.nationalbanken.dk Certificates of Deposit Rate
Euro EUR European Central Bank www.euribor.org Euro Overnight Index Average (EONIA)
Hong Kong Dollar HKD The Hong Kong Association of Banks www.hkab.org.hk HKAB Interest Settlement Overnight Rate
Hungarian Forint HUF Magyar Nemzeti Bank www.mnb.hu Base Rate
Israel Shekel ILS Bank of Israel www.boi.org.il/en Quoted Basic Interest Rate (Prime Rate)
Japanese Yen JPY Bank of Japan www.boj.or.jp Uncollateralised Overnight Call Rate
Mexican Peso MXN Banco de Mexico www.banxico.org.mx Overnight Interest Rate Target
Moroccan Dirham MAD Bank Al Maghrib www.bkam.ma Key Rate
New Zealand Dollar NZD Reserve Bank of New Zealand www.rbnz.govt.nz Official Cash Rate
Norwegian Krone NOK Norges Bank www.norges-bank.no Key Policy Rate
Polish Zloty PLN Narodowy Bank Polski www.nbp.pl Rediscount Rate
Qatari Riyal QAR Qatar Central Bank www.qcb.gov.qa QMR Overnight Deposit
Saudi Arabian Riyal SAR Saudi Arabian Monetary Authority www.sama.gov.sa Official Repo Rate
Singapore Dollar SGD Monetary Authority of Singapore www.mas.gov.sg Singapore Overnight Rate Average (SORA)
South African Rand ZAR South African Reserve Bank www.reservebank.co.za Repo Rate
Swedish Krone SEK Sveriges Riksbank www.riksbank.com Repo Rate
Swiss Franc CHF Swiss National Bank www.snb.ch Swiss Average Rate Overnight (SARON)
Thai Baht THB Bank of Thailand www.bot.or.th One Day Repurchase Rate
Turkey New Lira TRY Central Bank of the Republic of Turkey www.tomb.gov.tr One Week Repo Rate
UAE Dirham AED Central Bank of the UAE Please refer to your RM Overnight Repurchase Rate
US Dollar USD Federal Reserve Bank of NY www.newyorkfed.org Federal Funds Target Rate (Upper Bound)

Credit Interest

The Credit Reference Rate is the rate currency accounts are linked to for credit interest and is set at 0.25% below the Reference Interest Rate (if the Reference Interest Rate falls below 0%, it will be treated as 0% until such time it exceeds 0%).

The appropriate credit interest rate margin is then applied.

For information on the Credit Interest Tiers please refer to our Currency Account Credit Interest TiersCurrency Account Credit Interest Tiers PDF - opens in a new browser window..

Debit Interest

For any unauthorised borrowing, the unauthorised borrowing interest rate will be the Debit Reference Rate of the account’s currency + 12% margin.

The Debit Reference Rate is the rate currency accounts are linked to for debit interest and is set at 0.25% above the Reference Interest Rate (if the Reference Interest Rate falls below 0%, it will be treated as 0% until such time it exceeds 0%).

  • Overdraft facilities available in most major currencies (subject to our normal lending criteria)
  • Overdrafts are subject to arrangement fees
  • The authorised borrowing margin is linked to the Debit Reference Rate

Reference Interest Rates

For information on the Reference Interest Rates for our major currencies please refer to our Reference Interest Rates schedule. The Reference Interest Rate can vary either up or down on a daily basis. If the Reference Interest Rate falls below 0%, it will be treated as 0% until such time it exceeds 0%. For currencies not listed in the schedule please contact your Relationship Manager.

Credit Interest

Euro Current Account & Euro Call Account

Credit interest is linked to the Euro Overnight Index Average (EONIA®).

Credit interest is paid on a seven tiered tranche as follows:-

Credit Interest Rate Tiers (denominated in GBP Sterling) Credit Interest Rate Margin
<£3,000 No interest paid
£3,000 - £19,999 -3.50%
£20,000 - £39,999 -2.50%
£40,000 - £79,999 -1.50%
£80,000 - £199,999 -1.00%
£200,000 - £399,999 -0.50%
£400,000 - £799,999 -0.25%
£800,000+ Full rate

The EONIA rate can be obtained from a number of independent sources including the Financial Times.

US Dollar Currency Account

Credit interest is linked to the Federal Funds Target Rate (Upper Bound).

Credit interest is paid on a seven tiered tranche as follows:-

Credit Interest Rate Tiers (denominated in GBP Sterling) Credit Interest Rate Margin
<£3,000 No interest paid
£3,000 - £19,999 -3.50%
£20,000 - £39,999 -2.50%
£40,000 - £79,999 -1.50%
£80,000 - £199,999 -1.00%
£200,000 - £399,999 -0.50%
£400,000 - £799,999 -0.25%
£800,000+ Full rate

The Federal Funds Target Rate (Upper Bound) can be obtained from a number of independent sources including the Financial Times.

Other (Non-Euro or US Dollar) Foreign Currency Account

The Reference Interest Rate is the rate currency accounts are linked to for credit interest.

Credit interest is paid on a seven tiered tranche as follows:-

Credit Interest Rate Tiers (denominated in GBP Sterling) Credit Interest Rate Margin
<£3,000 No interest paid
£3,000 - £19,999 -3.50%
£20,000 - £39,999 -2.50%
£40,000 - £79,999 -1.50%
£80,000 - £199,999 -1.00%
£200,000 - £399,999 -0.50%
£400,000 - £799,999 -0.25%
£800,000+ Full rate

Exchange Rates (PDF)Exchange Rates PDF, opens in a new browser window. (For use with Credit Interest Rate Tiers denominated in GBP Sterling - see above).

Debit Interest

Overdraft facilities available in most major currencies (subject to our normal lending criteria).

For any unauthorised borrowing, the unauthorised borrowing interest rate will be the Reference Interest Rate of the account’s currency + 12% margin.

Reference Interest Rates

The Reference Interest Rate can vary either up or down on a daily basis. If the Reference Interest Rate falls below 0%, it will be treated as 0% until such time it exceeds 0%.

If you would like to know the Reference Interest Rate for your currency account and where this is sourced, please see our Reference Interest Rate Schedule (PDF). or contact your Relationship Manager.

For currencies not listed in the Reference Interest Rate schedule please contact your Relationship Manager.

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