Nedbank Private Wealth interest rate schedule
Rates correct as of 19 December 2024.
TRACKER RATES
A tracker rate is a variable rate, which tracks a published reference rate.
We pay tracker rates on our current accounts. The rate we pay is a fixed % (margin) above or below the reference rate. When the reference rate changes, the tracker rate will also change. The reference rates we track, and our margins, are set out in this document.
FIXED RATES
A fixed rate is an interest rate that we agree with you. Fixed rates apply for a specific period of time, and do not change during that period, even if published reference rates change. We pay fixed interest rates on our fixed term deposit accounts.
INTEREST WE PAY YOU
Current accounts
The rate of interest paid on personal current accounts is:
| CURRENCY | GROSS | AER | GROSS MAXIMUM |
|---|---|---|---|
| Sterling | 2.25% | 2.27% | 2.75% |
| Euros | 0.00% | 0.00% | 0.75% |
| US Dollars | 1.25% | 1.26% | 2.25% |
| South African Rand | 3.75% | 3.82% | 4.25% |
We do not normally pay credit interest on non-personal accounts.
Interest rates on current accounts are capped. The maximum rate shown is the maximum rate we will pay, even if the reference rate, minus our margin, is higher.
Example: Sterling Current Accounts
For sterling accounts, the interest rate we pay you is fixed at 2.50% below the Bank of England base rate.
This means that:
- When the base rate is above 2.50% you will start to receive credit interest on your current account.
- The interest rate we pay you will increase if the base rate is raised above 2.50%.
- If the base rate falls below 2.50%, your current account will not receive credit interest.
- The maximum interest rate we will pay you on a sterling current account is 2.75%.
- If in the unlikely event that the base rate falls below zero and the currency receives negative interest, this negative rate will be applied as a charge to your current account.
Fixed term deposit accounts
Fixed term deposits are available to personal and non-personal clients. They can be arranged for periods of 1, 3, 6 or 12 months.
| Currency | Minimum Deposit |
|---|---|
| Sterling | £25,000 |
| Euro | €30,000 |
| US Dollars | $30,000 |
| South African Rand | ZAR500,000 |
The term, and the interest rate we will pay you, are fixed at the outset and can’t be changed by you or by us.
Please contact our team for up-to-date interest rates for fixed term deposits.
You can email us at [email protected], or call +44 (0)1624 645000
REFERENCE RATES AND MARGINS
A reference rate is a rate not set by us and is publicly available so you can check it independently.
The reference rates we use are as follows:
| CURRENCY | REFERENCE RATE | MARGINS |
|---|---|---|
| Sterling | Bank of England Base Rate | 2.50% |
| Euros | European Central Bank Deposit Facility Rate | 3.00% |
| US Dollars | US Federal Reserve Fed Funds Target Rate | 3.25% |
| South African Rand | South African Reserve Bank Repurchase Rate | 4.00% |
INTEREST YOU PAY US
Unarranged overdrafts
The interest we charge you on unarranged overdrafts on your current account is a “tracker” rate. This means we charge interest at a fixed %, or margin, above the relevant reference rate.
The reference rates we use to calculate the interest you pay us are the same as the reference rates in the previous table, apart from the Euro reference rate, which is the European Central Bank Refinancing Rate.
Our margins in each currency are:
| Currency | Margin |
|---|---|
| Sterling | 9% |
| Euros | 9% |
| US Dollars | 9% |
| South African Rand | 9% |
| All other currencies | 9% |
Arranged overdrafts and loans
If we agree to provide you with an arranged overdraft or loan, we will agree the interest rate with you first. This could be a fixed interest rate, or a tracker rate.
IMPORTANT INFORMATION
| CURRENCY | REFERENCE RATE |
|---|---|
| AER | Annual Equivalent Rate. This shows you what the gross rate would be if interest was paid and compounded each year. |
| Currency accounts | We do not normally pay credit interest on accounts that are held in currencies other than GBP, EUR, USD and ZAR |
| Gross% | Is the rate of interest if interest was paid and not compounded each year. |
| Margin | Our margin is the difference between the rate that we track, and the rate of interest that we pay you, or that you must pay us. |
| Maximum | For current accounts, this is the maximum credit interest rate that will be paid, regardless of movements in the rate that we track. |
| Negative interest rate | If the rate that we track, minus our margin, equals a negative interest rate, we may charge you negative interest on the credit balance of all accounts. |
| Nedbank Private Wealth Terms and Conditions | Contains further information about the way interest is calculated and applied. You can find the terms here: https://nedbankprivatewealth.com/information-for-clients/downloads/ |
| Non-personal accounts | We do not normally pay credit interest on non-personal accounts. |
The accounts and products referred to in this document are available to clients subject to eligibility. Terms apply. Please speak to your usual contact for further details.