Interest we pay you
| Balance (% p.a.) | Gross2 (% p.a.) | AER1 (% p.a.) |
|---|---|---|
| M Plus Account - up to £1,000 | 1.00% | 1.00% |
| M Plus Account - over £1,000 | 0% | 0% |
We work out how much interest to pay you at the end of each day. This is based on the money in your account. If your balance is £1,000 or less, we'll pay interest on the whole balance. If it's higher we'll pay interest on the first £1,000 of your balance. We'll add any interest to your account on the last working day of the month.
| Balance (% p.a.) | Gross2 (% p.a.) | AER1 (% p.a.) |
|---|---|---|
| M Plus Saver Account - up to £25,000 | 2.23% | 2.25% |
| M Plus Saver Account - over £25,000 | 1.74% | 1.75% |
Interest is calculated on a daily basis and paid on the last working day of each calendar quarter.
Representative example
| Initial deposit at account opening | Balance after 12 months |
|---|---|
| £1,000 | £1,022.50 |
| £25,000 | £25,561.18 |
| £50,000 | £50,999.01 |
This is only an example and doesn't take into account your individual circumstances.
The example assumes that:
- no further deposits or withdrawals are made;
- any interest earned stays in the account; and
- there is no change to the interest rate.
Interest and fees you pay us
At the end of each month, we'll let you know how much interest and fees you need to pay. We'll always give you at least 14 days' notice before we take interest and fees from your account.
| Service | Fee |
|---|---|
| Monthly Fee for Maintaining The Account | None |
| Overdraft rates | Per annum (%) | EAR3 (%) |
|---|---|---|
| Arranged Overdraft | 18.29 - 34.05% | 19.90 - 39.90% |
| Unarranged Overdraft | 18.29 - 34.05% | 19.90 - 39.90% |
We'll work out the interest you need to pay using the amount you're borrowing at the end of each day. We'll charge the interest the next month.
We will advise you of your debit interest rate when your application for the account is approved. Your rate will range between the rates displayed and will be dependent on your financial circumstances.
| Service | Fee |
|---|---|
| Refusing A Payment Due To Lack Of Funds Fee | None |
| Service | Fee |
|---|---|
| Monthly Maximum Charge | £20.00 per calendar month |
The Monthly Maximum Charge (MMC) is a monthly cap on Unarranged Overdraft Interest.
The MMC is the most you'd pay each month in such interest.
- Each current account will set a monthly maximum charge for:
1.1. going overdrawn when you do not have an Arranged Overdraft; or
1.2. going over your Arranged Overdraft limit (if you have one). - This cap covers any interest for going over your Arranged Overdraft limit
| Service | Fee |
|---|---|
| Cancelling a cheque | None |
| Lost or stolen cheque fee | None |
| Service | Fee |
|---|---|
| Duplicate Statement Fee | £5 per statement |
If you have opted out of receiving paper statements then no fee will be charged.
| Cash withdrawal | Fee |
|---|---|
| Cash withdrawal in pounds in the UK | None |
| Cash withdrawal in foreign currency outside the UK | None |
| Cash withdrawal in pounds outside the UK | None |
| Debit card payment | Fee |
|---|---|
| Debit card payments in pounds | None |
| Debit card payment in a foreign currency | None |
| Debit card payment to a company based outside the UK | None |
Whilst we won't charge you, some ATM providers may apply a charge. You'll be notified of this before you go ahead with the withdrawal.
| Sending money within the UK | Fee |
|---|---|
| Direct Debit | None |
| Standing order | None |
| Faster payments (FPS) (Limits Apply) | None |
| CHAPS Payment | £25.00 |
| Bankers Draft Fee (up to and including £100,000) | £30 |
| Sending Money Outside The UK | Fee |
|---|---|
| SEPA Payment | £20 |
| SWIFT Payment | £25 |
| Transaction Type | Currency | Fee |
|---|---|---|
| SEPA | None | |
| SWIFT (within the EEA4) | All currencies including Sterling up to £100 (or equivalent) | None |
| Currency is Euro, Swedish Krona or Romanian Leu over £100 (or equivalent) | None | |
| All remaining currencies including Sterling over £100 (or equivalent) | £7 | |
| SWIFT (outside the EEA4) | All currencies up to £100 (or equivalent) | None |
| All currencies over £100 (or equivalent) | £7 | |
| Foreign Currency Cheques drawn on a non-UK account | All currencies up to £100 (or equivalent) | £5 |
| All currencies over £100 (or equivalent) | 0.25% (£7 min-£40 max, plus agent Fees where applicable) |
Frequently asked questions
We can change your interest rates. The M Plus Account Terms give you more details about when we can do this and how we'll let you know. If it's the kind of change that we need to publish in a newspaper, we'll usually use The Daily Mail, The Daily Record and The Yorkshire Post.
The account can be opened online, in Branch or call us on 0800 121 7365.
- If you're 18 or over, you can apply for this account online or over the phone.
- Or, if you're 16 or 17, you can open it in some of our branches- please phone us and we'll tell you which ones.
In any case, your application is subject to status.
When we open your M Plus Account, we will open a linked M Plus Saver in the same name(s). Your M Plus Saver will stay open, as long as the M Plus Account is maintained as described in the Terms.
You have the option to apply for an Arranged Overdraft when you apply for the M Plus Account. You can check if you are eligible on our website before you apply – it won’t leave a mark on your credit file.
If you already have a current account with us and wish to apply for an Arranged Overdraft, you can give us a call on 0800 678 3654, or visit your local Branch.
The Arranged Overdraft has a rate of 19.90% EAR and is subject to status. Applicants must be 18 years or over. Find out more.
Glossary of terms
The AER is the equivalent rate if interest was paid and compounded once a year.
The gross rate is the rate of interest we pay you without deducting income tax. We don't take any tax away from the interest we pay you (which would be called the 'net rate').
If your interest is over your Personal Savings Allowance, you'll have to pay any tax directly to HM Revenue and Customs. It'll depend on your circumstances and it might change in the future. For more information please visit, www.gov.uk Link opens in a new window.
The EAR is used to show the cost of borrowing on current accounts. This takes into account the rate of interest charged, how often it's charged, and that if interest is not paid you'll pay interest on interest (also known as 'compound interest').
The EAR doesn't include overdraft fees and t's variable - so it can change.
The EEA includes EU countries and also Iceland, Liechtenstein and Norway. It allows them to be part of the EU's single market.
List of countries within the EEA:
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
When we're talking about our current accounts, we have to use certain words and phrases to describe key things (like your Arranged Overdraft). You can find them in our Glossary of Terms.
