Account changes

We’re making changes to the terms of your account 

We’re updating the General Terms and Conditions for current accounts, savings and credit cards to reflect new regulations and some changes to our services. More information about the changes is provided below.

Nothing is changing immediately; unless we say otherwise, the changes will happen by 18 December 2019.

Summary of changes
Changes to overdraft alerts to help you avoid or minimise charges.
Changes to how we show the available balance on your current account to make it clearer when you’re using an overdraft.
Changes to foreign currency transaction fees – effective by 15 December 2019.

There will also be changes to how we charge for overdrafts (e.g. moving to a single rate of interest for arranged and unarranged overdrafts) by 6 April 2020. We’ll explain what these changes mean to you nearer the time.

Changes for current account customers

We’re making changes to overdraft alerts to help you avoid or minimise charges

We’ll automatically start sending you SMS alerts to help you avoid charges when your account has entered an arranged or unarranged overdraft position or when it’s about to, for example, because of a regular payment (e.g. Direct Debits).

If you’ve already opted to receive unarranged overdraft alerts by email, this will continue.

These alerts are free, and it’s important you’ve registered a mobile number on your account to ensure you receive them. We may send alerts by push notification in the future. You can choose to stop receiving alerts and check or update the mobile number registered on your account using online banking, or by calling us on 0800 587 1111.

We’re changing how we show the available balance on your account to make it clearer when you’re using an overdraft

We’ll no longer include any available arranged overdraft when we show your available balance. This means you’ll see when you’re using your ‘own money’ and when you’re borrowing money using your arranged overdraft.

For example, if you have £500 of your ‘own money’ and an arranged overdraft limit of £250 in your current account, your available balance would currently show as £750. By 18 December 2019, your available balance will show as £500. You can still check your overdraft limit in online banking or on your account statement.

Changes for current and savings account customers

Changes to foreign transaction fees – effective by 15 December 2019

You’ll no longer be charged for the following transactions:

  • Cash withdrawal fee (including cash machines, purchase of travellers’ cheques or foreign currency at another bank, bureau de change or other outlet displaying the Visa or Mastercard sign abroad), currently 1.50% on each transaction.
  • Single Euro Payments Area (SEPA) - non-urgent euro transfer, currently £15.00.

Changes for credit card customers

We’re also making some changes to the Terms and Conditions and the Data Protection Statement that affect our cahoot credit card customers. 

These changes also take affect by 18 December 2019, more information about the changes is provided below.

We’re confirming how we communicate balance transfers to you

We’ll let you know about any restrictions that apply before you make a balance transfer.

We’re making changes to alerts to help you avoid or minimise charges

Alerts may be sent by push notification instead of SMS and/or email in the future. We’ve simplified the Alerts Service clause and we’ve advised you that if the alert is not a regulatory requirement, we’ll give you the option to opt-out.

We’ve clarified that changes to your Cash Limit can include reducing it to zero

You will be permitted to withdraw up to 50% of your credit card limit in cash. We may change this cash limit from time to time including reducing it to zero and will notify you of any changes by post, email, your statement or the document store in Online Banking.

Changes to our Data Protection Statement Introduction

We’ve clarified that the way we use your personal data also applies to the personal data of any additional cardholders. We’ve also confirmed what will happen when we change the Data Protection Statement.