An Annual Summary statement is issued to all current account customers to provide them with the detail of any charges, refunds or interest accrued on their current account in the last 12 months.
Summary of charges and rates of interest
The first page of your Annual Summary highlights the total amount of charges, refunds and interest you have had in the last year. Breakdown of charges and refunds
This section shows any charges or refunds on your account over the last year. It's a breakdown of the summary from the previous page.
Where you have a current account fee this is shown as an annual fee on your Annual Summary, however this is paid on a monthly basis. Fee paying accounts include travel, protection and leisure benefits.
Breakdown of interest
Here you can see the interest you paid for either an arranged or unarranged overdraft. Find out more about overdrafts Debit and credit interest rates This section shows the debit and credit interest rates that currently apply to your account. If you do not have an agreed overdraft, this section will only show the credit interest rate. Managing your account We can help you manage your account and avoid fees in the future. Find out more about our range of text alerts or get help if your are experiencing financial difficulty.
Your annual summaryGlossary of terms
Annual Equivalent Rate or AER – AER shows the rate of interest you'll receive over a year if the cash is left in your account for a full year. For example, if you deposit £1,000 in a savings account that pays an interest rate of AER 5%. At the end of the year the account balance would be £1,050, the extra £50 being the interest paid.
Equivalent Annual Rate or EAR – EAR is quoted when you are borrowing money in the form of an arranged overdraft. It gives you an idea of how much your borrowing will cost if you were to remain overdrawn for a whole year. It takes into account the rate of arranged overdraft interest being charged, how often it is charged and the effect of charging interest on interest over the year.
In September 2013 we made some changes to the name of some of our fees:
Name prior to September 2013
Name from September 2013
Unarranged Overdraft Fee
Unarranged Overdraft Usage Fee
Returned Item Fee
Unpaid Transaction Fee
Question about your annual summaryWhat people are asking
I have two accounts but only one Annual Summary, why is that?
This is because you will receive your Annual Summaries on the anniversary of each account being opened and this date may not be the same for both accounts.
