B interest rates and fees

There are all sorts of interest rates and fees for the B Current and B Instant Savings accounts. You can find out more about them below. But, if you’re looking for overdraft fees, please visit our overdrafts page.

No monthly account fee. Yes, really.

B is a liberating new way to manage your money. You'll get an app with tons of clever tools, competitive interest rates on your B Current account and B Instant Savings accounts and you're very own dedicated B contact centre for those times you just need to speak to someone. Everything's been designed to help you take complete control of your money. And yes there really is no monthly account fee.

As with any other bank account there are other fees you should know about and some services do come with extra charges.

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Your credit interest rates

This is the rate of interest that builds up on your account for the amount of money you have in credit.

Balance(% p.a) Gross(% p.a) AER(%)
B Current - Up to £2,000 0.25% 0.25%
B Current - Over £2,000 0% 0%
B Instant Savings All balances up to 1st May 2017 0.75% 0.75%
B Instant Savings All balances from 2nd May 2017 0.50% 0.50%
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Explaining the terms

These are based on the current understanding of UK taxation. Tax treatment is subject to future change.

1. Gross rate. Gross rate interest is payable without taking account of the deduction of income tax.

2. AER. Please note, the AER (Annual Equivalent Rate) is the equivalent rate if interest was paid and compounded once a year. Gross rate interest is the interest payable without taking account of any tax payable. From 6th April 2016 we no longer deduct tax from the interest earned on your savings, following the introduction of a Personal Savings Allowance. If you earn interest over your Personal Savings Allowance you will be required to pay any tax due yourself directly to HM Revenue and Customs. If you would like to read more about your Personal Savings Allowance, please visit the Governments website www.gov.uk.

Credit Interest Footnotes

* Credit interest is worked out daily on the cleared credit balance and credited to accounts on the last working day of each month.

** Credit interest is worked out daily on the cleared credit balance and applied in arrears on the last working day of each calendar quarter.

B Instant Savings Account - key product info

Here it is - your up front, at a glance guide to the B Savings Account. We've laid out all the key elements of the account to help you see exactly what's involved.

Just open each section to reveal the interest rate, the process for interest rate changes, projections on a £1,000 deposit after 12 months, how to manage your account, how to make withdrawals and more.

As always, the Team at B are here to help if you'd like some more information.

What is the interest rate?

Balance Gross Rate(%) AER(%)
On all credit balances up to 1st May 2017 0.75 0.75
On all credit balances from 2nd May 2017 0.50 0.50

Interest is calculated on a daily basis and is paid on the last business day of each calendar quarter.

Can Clydesdale Bank & Yorkshire Bank change the interest rate?

Yes, if we decrease your rate we will provide at least 2 months’ notice as described in Section 9 of the Terms and Conditions. We may increase your rate without giving you notice

What would the estimated balance be after 12 months based on a £1,000 deposit?

Initial deposit at account opening Balance after 12 months
£1,000 £1,007.50

This is only an example and does not take into account your individual circumstances

The example assumes that:

  • no further deposits or withdrawals are made;
  • any interest earned stays in the account; and
  • there is no change to the interest rate.

How do I open and manage my account?

You may only open a B Instant Savings Account if you have a B Current Account with us in the same name(s). The B Instant Savings Account will remain open, provided the B Current Account is maintained as described in the Terms and Conditions.

The account can be opened in branch or online, www.youandb.co.uk, or call us on 0800 121 7365.

There are no minimum or maximum balance restrictions or need to pay in on a regular basis.

B is available for anyone from the age of 16. If you want to apply online, you’ll need to be at least 18. Subject to status.

Can I withdraw money?

You may only withdraw funds by transfer to your B current account or any other account that we allow you to make a transfer into using internet/telephone banking/B app/Mobile Banking Service or in branch.

Additional Information

Interest will be paid gross.

Gross rate interest is the interest payable without taking account of any tax payable.

AER (Annual Equivalent Rate). The Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year.