Important information about changes to our charges – effective December 2019

  • Customers with accounts in Northern Ireland

    We are making changes to some of our charges – please see table below.

    Personal Customers



    Type of Charge
    Current Charge
    Charge from 5 Dec 2019
    Unpaid item charge: Charged when we refuse a payment from your account due to lack of funds (or it would take you past your arranged overdraft limit). We will charge you for each payment item we refuse to pay and this will be charged monthly. £20.00 £1.50
    Paid Transaction Fee: Charged when we allow a payment to be made from your account despite lack of funds (or that would take you past your arranged overdraft limit). We charge you for each payment item we pay and this will be charged monthly. £20.00 £1.50
    Type of Charge
    Current Charge
    Charge from 15 Dec 2019

    Cash withdrawal in foreign currency outside the UK

    Non-sterling cash fee – for cash withdrawn in Euro* within the EEA**

    *For cash withdrawn in any other currency within the EEA a charge of £1.50 will be made in addition to 2.75% of the amount withdrawn
    ** For cash withdrawn in foreign currency outside the EEA a charge of £1.50 will be made in addition to 2.75% of the amount withdrawn

    The machine will give you notice that you may be charged.

    £1.50 plus 2.75% of the amount withdrawn 2.75% of the amount withdrawn

    Business Customers



    Type of Charge
    Current Charge
    Charge from 5 Dec 2019
    Referral Item Fees: These items are paid. The charge is levied on each of these items up to a maximum of 3 per day. £19.00 £2.50
    Unpaid Items (out): These items are returned unpaid “bounced”. The charge is levied on each of these unpaid items. £38.00 £2.50
    Type of Charge
    Current Charge
    Charge from 15 Dec 2019
    Sending money outside the UK – urgent payments in Euro within the EEA same day using Business Online £25.00 £21.00

    Non-sterling cash fee – for cash withdrawn in Euro* within the EEA**

    *For cash withdrawn in any other currency within the EEA a charge of £1.50 will be made in addition to 2.75% of the amount withdrawn
    ** For cash withdrawn outside the EEA a charge of £1.50 will be made in addition to 2.75% of the amount withdrawn

    The machine will give you notice that you may be charged.

    £1.50 plus 2.75% of the amount of the withdrawal amount 2.75% of the amount of the withdrawal amount
  • Customers with accounts in Great Britain

    We are making changes to some of our charges – please see table below.

    Personal Customers



    Type of Charge
    Current Charge
    Charge from 5 Dec 2019
    Unpaid item charge: Charged when we refuse a payment from your account due to lack of funds (or it would take you past your arranged overdraft limit). We will charge you for each payment item we refuse to pay and this will be charged monthly. £20.00 £1.50
    Type of Charge
    Current Charge
    Charge from 15 Dec 2019
    Sending money within the UK – Telegraphic transfers (CHAPS) between banks £21.00 £25.00

    Cash withdrawal in foreign currency outside the UK.

    Non-sterling cash fee – for cash withdrawn in Euro* within the EEA**

    *For cash withdrawn in any other currency within the EEA a charge of £1.50 will be made in addition to 2.75% of the amount withdrawn
    ** For cash withdrawn in foreign currency outside the EEA a charge of £1.50 will be made in addition to 2.75% of the amount withdrawn

    The machine will give you notice that you may be charged.

    £1.50 plus 2.75% of the amount withdrawn 2.75% of the amount withdrawn

    Business Customers



    Type of Charge
    Current Charge
    Charge from 5 Dec 2019
    Missed Repayment Charge £35.00 £2.50
    Unpaid Cheque, Direct Debit or Standing Order (outwards) £35.00 £2.50
    Referral Item Charge £10.00 £2.50
    Type of Charge
    Current Charge
    Charge from 15 Dec 2019
    Sending money within the UK – Telegraphic transfers same day (CHAPS) between banks received by paper instruction £21.00 £25.00
    Sending money outside the UK – urgent payments in Euro within the EEA same day using Business Online £25.00 £21.00

    Non-sterling cash fee – for cash withdrawn in Euro* within the EEA**

    *For cash withdrawn in any other currency within the EEA a charge of £1.50 will be made in addition to 2.75% of the amount withdrawn
    ** For cash withdrawn outside the EEA a charge of £1.50 will be made in addition to 2.75% of the amount withdrawn

    The machine will give you notice that you may be charged.

    £1.50 plus 2.75% of the amount withdrawn 2.75% of the amount withdrawn
 

Changes to charges on your personal current account – effective April 2020

These changes apply to all our current accounts in Northern Ireland and Great Britain except our Basic Cash Account and Student (11-19 years) Account.

We will no longer charge a paid transaction fee

If you try to make a payment from your account when there is not enough money in it (or enough arranged overdraft limit) to cover it, the payment will usually be declined and you will be charged an unpaid transaction fee (£1.50 per item). However, if the payment is paid you will no longer be charged a paid transaction fee.


Unarranged overdraft charges
Current
New
Unpaid transaction fee £1.50 £1.50
Paid transaction fee (Northern Ireland only) £1.50 £0

We are increasing the arranged overdraft interest rate on the Clear current account

The arranged overdraft interest rate on our Clear account has two parts: the Bank of Ireland UK Base Rate which is, at 31 December 2019, 0.75% plus a margin rate. Interest rates are variable and will change if either part changes. Any changes to the base rate will take effect immediately.


Type of account
Current
New
Clear Current Account (Northern Ireland)
Arranged overdraft interest rate 14.75% / 15.79% EAR 29.75% / 34.16% EAR
Clear Current Account (Great Britain)
Arranged overdraft interest rate 13.50% / 14.37% EAR 29.75% / 34.16% EAR

We will charge the same interest rates for arranged and unarranged overdrafts

We are removing the ‘Surcharge interest (1% per month in Northern Ireland/ 1.25% per month in Great Britain or a minimum of £2 per month) so that the arranged and unarranged overdraft rates for all our current accounts will be the same.

The interest rate on our overdrafts has two parts: the Bank of Ireland UK Base Rate which is, at 31 December 2019, 0.75% plus a margin rate. Interest rates are variable and will change if either part changes. Any changes to the base rate will take effect immediately.
 

Clear Current Account (Northern Ireland) Current New
Arranged overdraft interest rate 14.75% / 15.79% EAR 29.75% / 34.16% EAR
Unarranged overdraft interest rate 26.75% / 30.27% EAR 29.75% / 34.16% EAR
3rd Level Student Account Current New
Arranged overdraft interest rate 0% / 0% EAR 0% / 0% EAR
Unarranged overdraft interest rate 12% / 12.68% EAR 0% / 0% EAR
Graduate Current Account Current New
Arranged overdraft interest rate – up to £3,000 0% / 0% EAR 0% / 0% EAR
Unarranged overdraft interest rate – up to £3,000 12% / 12.68% EAR 0% / 0% EAR
Arranged overdraft interest rate – over £3,000 7.75% / 8.03% EAR 7.75% / 8.03% EAR
Unarranged overdraft interest rate – over £3,000 19.75% / 21.64% EAR 7.75% / 8.03% EAR
IPLS borrowing Current New
Arranged overdraft interest rate 2.25% / 2.27% EAR 2.25% / 2.27% EAR
Unarranged overdraft interest rate 14.25% / 15.22% EAR 2.25% / 2.27% EAR
Elective and Intercalated borrowing Current New
Arranged overdraft interest rate 1.75% / 1.76% EAR 1.75% / 1.76% EAR
Unarranged overdraft interest rate 13.75% / 14.65% EAR 1.75% / 1.76% EAR

Accounts no longer on sale (but may be held by existing customers)

 

Current accounts that do not pay interest Current New
Arranged overdraft interest rate Agreed (max 14.75%) / 15.79% EAR Agreed (max 29.75% / 34.16% EAR)
Unarranged overdraft interest rate Agreed rate + 12% surcharge interest (max 26.75% / 30.27% EAR) Agreed (max 29.75% / 34.16% EAR)
Personal accounts for solicitors Current New
Arranged overdraft interest rate Agreed (max 14.75% / 15.79% EAR) Agreed (max 29.75% / 34.16% EAR)
Unarranged overdraft interest rate Agreed rate + 12% surcharge interest
(max 26.75% / 30.27% EAR)
Agreed (max 29.75% / 34.16% EAR)
Gold card account Current New
Arranged overdraft interest rate 0.75% / 0.75% EAR 0.75% / 0.75% EAR
Unarranged overdraft interest rate 12.75% / 13.52% EAR 0.75% / 0.75% EAR
Clear Account (Great Britain) Current New
Arranged overdraft interest rate 13.50% / 14.37% EAR 29.75% / 34.16% EAR
Unarranged overdraft interest rate 28.50% / 32.53% EAR 29.75% / 34.16% EAR
Every Day Saver Current New
Arranged overdraft interest rate n/a n/a
Unarranged overdraft interest rate 28.75% / 32.86% EAR 29.75% / 34.16% EAR

The overdraft rates quoted are based on a Bank of Ireland UK Base Rate of 0.75% which is correct as at 31 December 2019.

You can use our overdraft cost calculator to work out how much interest you might pay.

If you are charged unarranged fees or interest – we are also reducing the cap of how much you pay each month

A maximum monthly charge* caps the amount of money we can charge you in unarranged overdraft fees and interest in any given month at £80. From 6 April 2020 we will reduce the maximum monthly charge from £80 to £30 per month.

* Monthly cap on unarranged overdraft charges
1. Each current account will set a monthly maximum charge for going:
(a) overdrawn when you have not arranged an overdraft; or
(b) over/past your arranged overdraft limit (if you have one).

2. This cap covers any:
(a) interest and fees for going over/past your arranged overdraft limit;
(b) fees for each payment your bank allows despite lack of funds; and
(c) fees for each payment your bank refuses due to lack of funds.

The changes above mean that from April 2020 you can reduce the amount of unarranged charges you pay and will never pay more than £30 in a month.

Read all about it

We are updating the following documents to reflect these changes:

Northern Ireland customers
 

  • Personal Current Account Charges Explained
  • Student Account Charges Explained
  • Rates and Products Guide
  • Overdraft terms and conditions
Great Britain customers
 

  • Schedule of Charges for personal customers
  • Overdraft terms and conditions

The updated versions will be effective 6 April 2020. These will be available from 6th March to download from our website bankofirelanduk.com or from any of our branches in Northern Ireland.