Personal Reserve

Personal Reserve is a service that gives you an extra agreed amount you can use if you occasionally need to go overdrawn or exceed your agreed overdraft limit. With it we aim to improve your day-to-day personal banking and help you avoid having transactions returned unpaid — and the associated fees.
 

A Reserve can:

• Provide you with an extra agreed amount to help with life’s little emergencies.
• Help you avoid having payments returned unpaid.
• Enable you to make more informed financial decisions.
• Allow you to know exactly what you'll pay to use it.

If you stay within your Reserve, all your payments will be met. If you go over your limit, you’ll be charged a fee for each returned or guaranteed transaction (up to a maximum of 5 fees a day).

Please remember that the Reserve is always repayable on demand. The maximum Reserve is £2,500, subject to status.

Watch our short on video on how Personal Reserve works and read the Personal Reserve FAQs

 

Reserve Usage Fees

You’ll incur a Reserve Usage Fee of £22 for the 1st 5 consecutive working days from the day you start using your Reserve.

If you’re still using your Reserve after that time, you’ll pay another Reserve Usage Fee of £22 for each subsequent period of 5 consecutive working days.

 

Returned and Guaranteed Transaction Fees

If you go over your Reserve, we’ll return your cheques, standing orders or Direct Debits unpaid and you’ll incur a Returned Transaction Fee of £8 for each transaction.

If you go over your Reserve and we have to make a payment because it’s guaranteed, you’ll incur a Guaranteed Transaction Fee of £8.

We will charge you a maximum of 5 fees (whether Returned or Guaranteed Transaction) per day.

 

Interest payments

To keep things simple, we do not charge interest on sums used from your Reserve.

But if you have an agreed overdraft and exceed your limit (which brings you into your Personal Reserve), you will still pay interest at the applicable rate for the entire balance of your agreed overdraft.

This is how a Personal Reserve would work if you had an agreed Reserve limit of £2,500:

Representative example:
0% interest pa (variable)
Reserve limit – £2,500

One Reserve Usage Fee of £22 for each 5-consecutive-working-day period from the day you start using your Reserve.

Personal Reserve is subject to status and application and is repayable on demand.