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  • gillmart's Avatar
    Hi, I have just opened a current account and have read the rates and fees documents.

    What I would like to know is the limit of £3,000.00 is set at 3.00%APR and anything over that it states the rate goes down to zero, as the interest is paid monthly, does this mean I have to transfer the interest amount out of the account prior to it being paid, so I don't lose the 3% rate? Many thanks
  • 2 Replies

  • Verified Answer

    ScottW's Avatar
    Employee
    Verified Answer
    Hi , thanks for getting in touch. There's no need to worry, you won't lose the 3% rate if your balance goes over £3000. All this means is that you'll only get 3% interest on balances up to and including £3000 and that any amount over that won't attract interest.

    For example, if you had a balance of £3100, you'd get 3% interest on the £3000 and 0% on the £100. I hope that helps, but please get back in touch if you need anything else.

    Mod Edit - please be aware that the interest rate is now 0%
    Last edited by ChristopherP; 06-01-21 at 09:45.

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