1st Account does not pay interest on credit balances.
| Debit interest | %p.a. | %EAR* |
|---|---|---|
| Debit balances up to £250 | 0% | 0% |
| Debit balances over £250 | 14.85% | 15.9% |
We will calculate debit interest daily on the cleared end of day debit balance on your account and deduct it from your account monthly.
Before we deduct any debit interest, we will give you at least 14 days notice of the amount to be deducted.
If you are a Northern Ireland Resident and you have switched your banking to us you will not be charged debit interest on the entire debit balance of your 1st Account for the first three months, unless your 1st Account is linked to your offset Mortgage.
The rates below are provided for information only
Effective from 1 November 2007 to 10 August 2008
| Overdrawn interest | %p.a. | %EAR* |
|---|---|---|
| Overdrawn balances | 12.19% | 12.9% |
Effective from 1 September 2004 to 31 October 2007
| Credit interest | AER** | Gross***% p.a. | Net***% p.a. |
|---|---|---|---|
| All credit balances: | 2.00% | 1.98% | 1.58% |
Agreed overdraft balances effective from 1 April 2005 to 30 September 2007
| Overdrawn interest | %p.a. | %EAR* |
|---|---|---|
| Overdrawn balances | 12.19% | 12.9% |
Effective from 26 April 1999 to 31 October 2007
| Credit interest | AER** | Gross***% p.a. | Net***% p.a. |
|---|---|---|---|
| All credit balances: | 0.10% | 0.10% | 0.08% |
Agreed overdraft balances effective from 1 April 2005 to 30 September 2007
| Overdrawn interest | %p.a. | %EAR* |
|---|---|---|
| Overdrawn balances | 18.29% | 19.9% |
* Effective Annual Rate.
** Annual Equivalent Rate (AER) is a notional rate which illustrates what the gross rate would be if interest was paid and compounded each year.
*** We pay gross interest (that is, the interest paid before the deduction of tax applied to the interest on savings) to customers who register as non-taxpayers or non-UK residents and net to all other customers. The net rate is the rate after the deduction of tax on interest, currently 20%. Higher rate tax payers will have an additional liability. This tax rate may change. Tax deducted may be reclaimed by non-taxpayers. If you are eligible for the payment of gross credit interest and require a registration form, please telephone 08 456 100 100.
All credit interest is calculated daily and paid monthly unless stated otherwise.
The rates are correct as at 27 May 2009.
first direct is a division of HSBC Bank plc. © HSBC Bank plc 2008. All Rights Reserved. Member HSBC 
Group.
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