Gold Current Account
All you need to know
Browned off with your bank? Then turn to Gold. We can make life a lot easier - and more manageable - in many different ways.
- Flexible - we are. With us you run your current account to suit you: online as an internet current account, over the phone, or in one of our branches - you choose.
- Fair – undoubtedly! Free banking when you’re in the black.
- Keen – as mustard. We’ll help you switch your account to us within 10 days - if we take any longer than that we’ll give you £50 for your trouble††.
- Approachable – we're ready to talk. A real person will answer the phone when you call; do you get that at your bank? Just call us on 0845 300 2511.
- Easy to apply - just click on the 'Apply now' panel and complete the online application.
- NetmasterGold saver II - if you have some spare cash in your Gold Current Account, it could be earning more interest. NetmasterGold saver II is the convenient and simple-to-run savings account, which is linked to the N&P Gold Current Account.
Cut the interest out of your overdraft - 0% interest for 6 months when you switch to our Gold Current Account. Thereafter 7.74% EAR. Terms and conditions for 0% offer.
| Current rates | Gross | Net | AER | |
|---|---|---|---|---|
|
Current rates effective from 24/04/07. |
||||
| Pay in £1,500 or more each month** (Balance £1 - £5,000) And opt out of statements | 3.95% | 3.16% | 4.02% | Apply |
| Balance over £5,000 | 0.10% | 0.08% | 0.10% | Apply |
| Pay in £500 or more each month** (Balance £1 - £5,000) | 2.95% | 2.36% | 2.99% | Apply |
| Balance over £5,000 | 0.10% | 0.08% | 0.10% | Apply |
| Pay in less than £500 each month** (Balance £1 and over) | 0.10% | 0.08% | 0.10% | Apply |
| Basic Banking (Balance £1 and over) | 0.10% | 0.08% | 0.10% | Apply |
| Previous rates | Gross | Net | AER | |
|---|---|---|---|---|
| Previous interest rates effective from 21/02/08 | ||||
| Pay in £1,500 or more each month** (Balance £1 - £5,000) | 4.20% | 3.36% | 4.28% | |
| Balance over £5,000 | 0.25% | 0.20% | 0.25% | |
| Pay in £500 or more each month** (Balance £1 - £5,000) | 3.20% | 2.56% | 3.24% | |
| Balance over £5,000 | 0.25% | 0.20% | 0.25% | |
| Pay in less than £500 each month** (Balance £1 and over) | 0.40% | 0.32% | 0.40% | |
| Basic Banking (Balance £1 and over) | 0.10% | 0.08% | 0.10% | |
Further information
- A card that can be used as a VISA debit card around the world wherever the VISA sign is displayed; at cash machines bearing the LINK or VISA logo; and as a £100 cheque guarantee card.
- All the other facilities you need: direct debits, overdrafts (subject to status), standing orders, money transfers, monthly statements and cheque books.
- £500 fee–free overdraft† Normally available as soon as your account is opened. If you need more than £500 please ask when you open your account.
- Banking to suit you - in-branch, as an internet current account online, by phone or by post .
- The option to open a Gold Savings Account and a NetmasterGold saver II Account.
To switch straightaway apply for a current account now
Important information
Cancelling your Gold Current Account
If you are not happy with your Gold Current Account, you may cancel it within 14 days of:
- the day the contract is entered into, or
- the day on which you receive the contract terms and conditions and other information on paper or electronically, whichever is later.
We will help you switch to another of our accounts or we will give all your money back with any interest it has earned. We will ignore any notice period and any extra charges.
INTEREST RATES PAYABLE:
§Barclays, Lloyds TSB, NatWest and HSBC all currently pay 0.1% gross interest on credit balances on their standard current accounts assuming you credit £500 per month into these accounts. Better rates may be available with online current accounts or where the account specifies a minimum monthly payment of £1,000 or more.
†Overdraft facility subject to status. Full written details and quotations are available on request from any branch of the Society or our Contact Centre. The Society subscribes to The Banking Code. The Society uses a credit scoring system when assessing applications and will make enquiries of licensed credit reference and fraud prevention agencies. Identification required.
INTEREST CHARGES ON AUTHORISED OVERDRAWN BALANCES: You will pay interest on the whole of the overdrawn balance for each full day your account is overdrawn. If you pay in at least £1,500 on average a month you will be charged 7.48% gross (7.74% EAR variable 4) in respect of an approved overdraft. This compares to Barclays 15.6% EAR, Lloyds 19.3% EAR, NatWest 19.24% EAR and HSBC 18.8% EAR variable.
ALL INTEREST RATES ARE VARIABLE. Source for all competitor information: Moneyfacts May 2008. (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 a daily basis and credited to your account monthly. (4) EAR stands for Equivalent Annual Rate and does not take into account any additional charges (e.g. arrangement fees/security charges/monthly fees) which may be applicable.
†† If the Society fails to transfer all your existing direct debits and standing orders within 10 working days from the date you request us to arrange their transfer and you notify us of this through either your branch or our Contact Centre on 0845 300 2511, we guarantee to pay you £50 into your account. Applicants must be 18 or over.
** To find out how we calculate the amount of money paid into your account on average each calendar month view our frequently asked questions . A copy of the leaflet containing our Conditions, Interest Rates and Charges will be provided when you apply for your Gold Current Account and at any other time on request.
The Society subscribes to the Banking Code.