0% offer Terms and Conditions
Overview
To be eligible for the offer you must:
- either have an existing Norwich and Peterborough Gold Current Account or open a new one, and
- meet our criteria for an overdraft facility, and
- pay at least £500 on average per month (excluding transfers from other Norwich and Peterborough accounts), into the Gold Current Account, and
- transfer a minimum of 5 payment mandates (direct debits, standing orders or bill payments) from another UK building society or bank to your Norwich and Peterborough Gold Current Account. You must tick the box at the bottom of the “transfer of account authority form” to indicate you wish to accept the offer.
Overdrafts are subject to status and repayable on demand. You will not be charged interest on any approved overdraft for 6 months from the date on which the payment mandate transfer process (point 4 above) is completed and provided you meet the monthly payment criteria (point 3 above). Thereafter, our standard interest rate for approved overdrafts will apply. (The current approved overdraft rate* is 9.79% EAR variable if you pay in at least £500 on average each month, or 16.9% EAR if you pay in less than £500 per month).
If you exceed your approved overdraft facility at any time including during the period of the offer we will charge you interest at our unapproved overdraft rate.
All other applicable charges, including charges for approved and unapproved overdrafts or unpaid items will continue to apply to your account during the period of the offer. We reserve the right to withdraw this offer at anytime without notice. Basic Banking customers do not qualify for this interest rate.
*If you are accepted for a Gold Current Account and pay at least £500 on average per month into the account (excluding transfers from other NPBS accounts), you will currently be paid 3.50% gross 1., (2.80% net 2. 3.55% AER 3.).
Barclays, Lloyds TSB, NatWest and HSBC all currently pay 0.1% AER on credit balances on their standard current accounts assuming you credit £500 per month into these accounts. Basic Banking customers do not qualify for this interest rate. Better rates may be available with online current accounts or where the account specifies a minimum monthly payment of £1,000 or more.
To find out how we calculate the amount of money paid into your account on average each calendar month please refer to our “Conditions, Interest Rates and Charges” leaflet. A copy of this will be provided when you apply for your Gold Account and at any other time on request.
(1) Interest will be paid gross (that is before the deduction of income tax) to non-tax payers subject to eligibility and the required registration. Otherwise interest will be paid after deduction of income tax at the appropriate rate.
(2) Net rates (that is after the deduction of income tax) shown are for illustrative purposes only. The interest you earn on this account will currently be taxed at the rate of 20%.
(3) AER means Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year. Interest is calculated on an annual basis and credited to your account monthly.
Norwich and Peterborough Building Society is authorised and regulated by the Financial Services Authority.