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Personal current account

Current Account icon

If you are facing short-term cash flow problems because of coronavirus, please see below for important information regarding personal customer support.

Manage your daily finances using our online and telephone banking services and take comfort that your money has the power to change lives.

Account Features

  • A monthly fee of £5
  • Easy Access to your money
  • Ability to make payments by direct debit, standing order and faster payment
  • Online and telephone banking
  • UK Customer Service Team
  • Visa Debit Card
  • Share our mission to deliver positive social impact
  • A monthly fee of £5
  • Easy Access to your money
  • Ability to make payments by direct debit, standing order and faster payment
  • Online and telephone banking
  • Share our mission to deliver positive social impact

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if we as a Bank fail to meet our financial obligations. In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website for the Finanacial Services Compensation Scheme.

Personal Customer Covid-19 support

If you are facing financial hardship because of coronavirus, there are several new measures that have been introduced which may help, please note: these are upon request and subject to agreement.

To discuss the options best suited to your specific circumstances please email us at commercial@reliancebankltd.com

Overdrafts

You can request up to 3 months interest free arranged overdraft borrowing for balances up to and including £500. 

If you don’t have an overdraft with us or your current overdraft limit is less than £500 you can request a new overdraft or an increased limit subject to standard affordability checks.

For any existing or newly arranged overdraft where you exceed the £500 limit and have requested an interest free period, then standard pricing will apply for balances utilised above £500 

Personal loans 

If you have a personal loan with us you can request a freeze on repayments for 3 months. 

What this means for our customers:
You can either make no payments or small token payments for 3 months.

This won’t affect your credit file for the period of the payment freeze. However, interest will continue to build during this period, meaning you may pay higher costs in the longer term.

If you can afford to keep up repayments, either in full or a smaller sum, then you should do so.

Where a three-month payment deferral may not be the appropriate then the Bank could look to offer other ways to help .

If you’re already having difficulties
These changes are intended to provide help for short-term cash flow problems. If you have longer-term problems or are in other financial difficulty, other options may be more appropriate.

Please see our “Having money difficulties” page shown on the home page of our website for further guidance 

When this applies
You will be able to request help for a period of 3 months and once agreed benefit for a period of 3 months from when you agree them with us. 

Consider whether these options are right for you
While these measures are designed to help customers during this difficult time, they may result in increased costs in the longer term. So:
•    Please think carefully before entering into one of these arrangements
•    Ensure you only do so if you need immediate and temporary financial assistance
•    If you can afford to make some repayments, even if it is a smaller amount than usual, you should continue to do so

 

Features

A Monthly fee    

A monthly fee of £5 is debited on the last working day of the month, or the next working day.

This fee helps us with the initial set-up and cost of running your account on a daily basis. As a bank whose shareholder is a registered charity, the fee also means that we are able to continue to donate up to 75% of any earnings to The Salvation Army’s charitible and evangelical work, thereby giving back more to our community and society. 

What is the interest rate?                

No credit interest is payable.
Easy to manage online and telephone banking.   

Make payments and keep an eye on your balance with internet and telephone banking.
Internet banking via I-bank is available 24 hours a day, every day of the year. 

I-bank features:
•    Review the balance of your current and savings accounts
•    Update account balances throughout the day
•    Pay bills and transfer money
•    Review your statements up to 2 years
•    Download your statements to save on paper
•    Set up or amend standing orders*
•    Order new cheque *
•    Notify us of stopped cheques*
•    Request an overdraft application form
*These requests will be completed via i-mail, a secure email facility.

Visa debit card    

You can withdraw cash at any cashpoint worldwide that displays the Visa symbol.  You can also view your current balance (excluding any arranged overdraft facility) and change your PIN.

For any transaction made outside the UK which is not a GBP or Euro transaction, there will be a flat rate charge of £1.25 per transaction. This fee will not apply to any GBP or Euro transactions.

  1. 1. You can see the current exchange rates on the Visa website, click here.
  2. 2. Open Visa’s Currency Conversion Calculator.
  3. 3. Choose the currency you want to convert to.
  4. 4. Enter a ‘Transaction Amount’ (write ‘1’ if you just want to find out the rate).
  5. 5. Leave the ‘0.00%’ as it is, as we don’t take commission on the Visa exchange rate.
  6. 6. And choose Great British Pound (GBP) as your ‘Card Currency’.
  7. 7. Tap ‘Calculate’ to see the current exchange rate!
  8. 8. The rate you see is the one we pass on directly to you.

But remember, we'll use the exchange rate at the time the transaction settles (usually a few days after you make it), rather than the one you see at the time you actually make the transaction. 

Our debit card is made of degradable PVC making it recyclable, we are doing our bit for the environment!

Our charges

Refusing a payment due to lack of funds – applies to Direct Debit, standing orders and cheques £10 – we will not charge you if the value of the payment is £10 or less, or if the payment would have taken you overdrawn by £10 or less.

Unpaid Cheques : £10.00 per cheque
Unpaid Direct Debits : £10.00 per item
Unpaid Standing Orders : £10.00 per item

Unauthorised overdraft: £10 per transaction
Copy Statements : £2.50 per statement
Sending within the UK as a CHAPS payment (electronic same day payment) : £15.00 per Item
Stopped cheque : £10 per cheque
Sending money outside the UK - See tariff of charges for payment options. 

Maximum charge:
The maximum penalty charge per calendar month is £60 – even if the total of individual charges exceeds this. 

Is it right for me?     

•    You can apply to open a Current Account if you 
•    Are 18 or over and a UK resident
•    Have no County Court Judgements against you
•    Have not filed for bankruptcy, a Debt Relief Order or an Individual Voluntary Arrangement in the last five years

You can apply by completing an application form
If you’re not eligible for a Reliance Bank account due to anything related to your credit file, you might want to contact the Money Advice Service who provide free, impartial money advice. They can also provide details of bank accounts that might be suitable for you.

Our telephone banking service is available 8.30am to 4.15pm Monday to Thursday and 10am to 4.15pm on Friday.

Withdrawing money     

•    You have unlimited access to your money.
•    You can withdraw funds by Faster payment or writing to our office
•    Transfers can be made online via Faster Payments.

Additional information    

•    You are covered under the Financial Services Compensation Scheme up to £85,000 per depositor per bank/building society/credit union.

  • A monthly fee of £5
  • Visa debit card
  • Online and telephone banking

Overdraft

Overdraft

If you are facing short-term cash flow problems because of coronavirus, please see the personal current account summary page for important information regarding personal customer support.

We can all have those months when money is a little tighter than usual, whether it’s an expensive MOT bill or an unexpected boiler breakdown. That’s when an overdraft can be a handy safety net when you have those added expenses.

An overdraft is a short-term credit facility (which is subject to application) for borrowing money on your current account. Overdrafts are not generally suitable for long-term borrowing. Use of an overdraft will normally result in you being charged interest or other charges such as returning a payment due to lack of funds.

How much will an overdraft cost me? 
To help you decide whether an overdraft facility is right for you, we’ve provided a handy Overdraft Calculator below so that you can see how much an overdraft with us might cost you for up to 31 days. 

  • Arranged and Unarranged Overdraft rate of 10.75% APRC Annual Percentage Rate of Charge effective from 6th April 2020

Overdraft Calculator

It’s easy to find out how much it could cost to go overdrawn on a Reliance Bank Personal Current Account. Pop in your details to get a representative example, these calculations will be based on the figures you provide.

GBP 0 GBP 2500
Please enter a number between 0 and 2500
GBP 0 GBP 3000
Please enter a number between 0 and 3000
1 31
Please enter a number between 1 and 31
Summary
Arranged and unarranged interest rates (APRC variable)

10.75%*** APRC variable for arranged and unarranged overdraft rate

Total arranged overdraft charges

GBP 0.00

Total unarranged overdraft charges

GBP 0.00

Total overdraft cost

GBP 0.00

* The 5.75% APRC variable (Annual Percentage Rate of Charge) arranged overdraft rate consists of 5% plus Reliance Bank Base Rate currently 0.75%. This is subject to change. The Annual Percentage Rate of Charge is the total cost of the credit facility to you as the consumer, expressed as an annual percentage.

** The 12.75% APRC variable unarranged overdraft rate consists of 12% plus Reliance Bank Base Rate currently 0.75%. This is subject to change. The Annual Percentage Rate of Charge is the total cost of the credit facility to you as the consumer, expressed as an annual percentage.

*** The 10.75% APRC variable overdraft rate consists of 10% plus Reliance Bank Base Rate currently 0.75%. This is subject to change. The Annual Percentage Rate of Charge is the total cost of the credit facility to you as the consumer, expressed as an annual percentage.

The Overdraft Calculator figures are based on:

  • The overdraft amount being drawn down in full at noon on the date of calculation.
  • You are overdrawn for a continuous period – you don’t dip in and out of your overdraft.
  • Prior to the time you go into your overdraft, your current account is in credit.
  • No other credits and or debits will be made from the account during the borrowing period.
  • The outstanding balance will be repaid in full on the last day of the borrowing period.
  • The interest rate will remain the same during the whole borrowing period.

Interest is charged on any amount that you borrow and is calculated quarterly at the end of March, June, September and December. The overdraft interest will be applied on the 19th of the month following the quarter end, or the next working day.

If you have a Reliance Bank current account and you think an overdraft facility could be right for you, then it’s simple to apply. We offer a maximum overdraft facility of £2,500 (with no overdraft arrangement fee) subject to credit and affordability checks

To be considered for a Reliance Bank overdraft, you’ll need to be:
•    Aged 18 or over
•    Resident in the UK 
•    Receiving a regular income
•    Holding an eligible Reliance Bank account

Please note that because overdrafts are credit facilities, they are subject to application. You can find out more in our T&Cs. 

By providing us with some details you can find out how likely you are to be approved for an arranged overdraft and this will not affect your credit score.

Our arranged overdraft offers you the following benefits:
•    No overdraft arrangement fee 
•    Fixed interest charge
•    Flexibility with your banking – customers can contact RBL via telephone, branch and internet banking.

If you have insufficient funds to make a payment, you may incur additional charges, these charges are shown below in the Frequently Asked Questions, specifically “What are the charges for unarranged overdrafts and returned items?” Please contact us on 0207 398 5400 so that we can discuss your needs.

Switch in 7 days

Current Account Switch Service    

  • We are part of the Current Account Switch Service
  • If you want to fully switch your existing personal current account to Reliance Bank from another UK bank or building society, we’re here to make sure everything happens simply and smoothly.
  • It is guaranteed to take 7 working days and it’s free.
  • It’s all part of the Current Account Switching Service.
  • We are part of the Account Switch Service
  • Switch your existing personal current account to Reliance Bank from another UK bank or building society
  • It is guaranteed to take 7 working days and it’s free

International Payments

Sending Money Outside of the UK

When sending funds to an account outside of the UK it is important that you quote as many of the beneficiary’s (person receiving the funds) details as possible. You will need to quote the following:
•    IBAN – International Bank Account Number 
•    SWIFT Code/BIC 
•    You may sometimes be provided with a routing/fedwire number in place of a SWIFT Code/BIC
•    Beneficiary’s full name
•    Beneficiary’s address – This is particularly important for any payments being made to Canada where this is required to process the payment
•    Bank’s name
•    You may sometimes be required to supply details of an ‘Intermediary Bank’. The intermediary acts as a middleman between Reliance Bank, as the sending bank, and the receiving bank, to where you will be sending the funds.

You would be expected to provide the SWIFT Code/BIC and bank name of the intermediary bank; you will sometimes need to provide an account number too. 

Charges Incurred for International Payments

When making a payment to an account outside of the UK you will be charged dependent on the following: 
•    EURO Payments – A payment being processed to an account in EUROs within the European Economic Area (EEA) will incur no further charge to that of a Faster Payment. Personal customers will incur no charges for Faster Payments/EURO payments whilst Business customers will be charged dependent on agreed rates.
•    European Community Payments – Any payment made to a beneficiary within the European Economic Area (EEA) in a non-EURO currency will be sent on a ‘shared charges’ basis whereby Reliance Bank’s charge of £15 will be passed to you as our customer, and the receiving bank may apply a charge to the beneficiary account. The beneficiary will therefore not necessarily receive the amount sent in full.  
•    International Payments – Beneficiary Charges – Our standard charge for any payment sent outside of the EEA is £15. For such payments, the beneficiary may incur further charges on their account and so they will not necessarily receive the full amount that you have sent. 
•    International Payments – All Charges - If you wish to incur all the charges from both Reliance Bank and from the receiving bank, to ensure that the beneficiary will receive the full amount that you have sent, then please advise us.

You will incur an initial charge of £22.50 and further charges may be passed on to you at a later date. 

Receiving International Payments

If someone is to send funds to your Reliance Bank account from outside of the UK, the following information will need to be supplied by the individual sending the funds:
•    SWIFT Code/BIC - MIDLGB22
•    IBAN - GB70MIDL40053041376543
•    Bank – HSBC
•    Bank Address - 27-32 Poultry, London, EC2P 2BX
•    Beneficiary Account Name - Reliance Bank Ltd
•    Beneficiary Address - Faith House, 23/24 Lovat Lane, London, EC3R 8EB
•    It is vital that the individual sending the funds states ‘For further credit to your account name and account number’. This will ensure that the funds are credited into your account. 

Apply

1)    Click on Personal Current Account documents at the base of this page and read our key documents
2)    Complete the Personal Current Account application form 
3)    We’ll assess your application 
4)    We’ll set up your account

Read our key documents
1)    What you need to open an account
2)    Reliance Bank Personal Terms and Conditions

3)    Reliance Bank Personal Visa debit card Terms and Conditions

Complete the Personal Current Account Opening Form 
Complete the Personal Current Account application form and refer to What you need to open an account in order to prove your identity and address.
This Personal Current Account application form is a paper application form, please complete it and send it to us at:
Reliance Bank, Faith House, 23-24 Lovat Lane, London EC3R 8EB.

We’ll assess your application
•    We assess the individuals applying for our accounts to make sure their practices don’t conflict with our ethos.

We’ll set up your account
If your application is successful, we’ll set up your account and send you a welcome pack.
 

Personal Current Account documents
  • Read our key documents
  • Complete the Personal Current Account Opening Form
  • Refer to What you need to open an account for proof of identity and address

Overdraft FAQs

If you’ve been in a continuous unarranged overdraft for 30 or more days we will report your account to Credit Reference Agencies. This could negatively affect your credit file and your ability to get credit in the future. We will also report, as standard, any arranged overdraft limit and overdraft usage for all current accounts. 

Simply log into your internet banking to find out your overdraft limit. You can also see your limit on your recent statements.
If you'd like us to increase, reduce or cancel your limit, you can contact us, by calling 0207 398 5400 or through internet banking. Changes to your overdraft limit are subject to status.
If you want to cancel your overdraft you’ll be required to repay anything you owe. If you want to reduce your limit, you’ll need to reduce the amount you’ve borrowed to less than your new limit.
 

We don’t charge an overdraft usage fee, but we will charge interest on any overdrawn amount and there are charges for returning cheques, direct debits and / or standing orders due to a lack of funds if you use an unarranged overdraft or exceed your arranged overdraft limit.

The explanation below shows the costs associated with returned items only and these charges are in addition to the interest rate charges for arranged and / or unarranged overdrafts shown in the representative examples output by the overdraft calculator.

Returned items charges:
Unpaid Cheques: £10.00 per cheque
Unpaid Direct Debits: £10.00 per item
Unpaid Standing Orders: £10.00 per item

Maximum charge:
The maximum charge for returned items per calendar month is £60 – even if the total of individual returned item charges exceeds this. This maximum charge applies to returned item charges only. This maximum charge does not include the interest rate charge for arranged and / or unarranged overdrafts. The interest rate charges are shown in the representative examples output by the Overdraft Calculator.

Please note that if you have insufficient funds to allow us to make a payment from your account then you may incur the additional charges explained above. Funds should be in your account by close of business on the previous working day to cover any regular payments due. 

So please contact us on 0207 398 5400 so that we can discuss your needs.
 

An overdraft isn't guaranteed and is repayable ‘on demand’. This means that we could refuse a payment if you have insufficient funds in your account or ask at any time for immediate repayment.
We won’t usually approve an arranged overdraft if you’ve:

  • Had any County Court Judgments issued against you in the last six years
  • Been declared bankrupt or agreed to an Individual Voluntary Arrangement in the last six years
  • Fallen behind with any credit payments or have missed payments in the last six months.

The likelihood of us providing you with an initial indication of eligibility will be based on what you tell us and depends on the accuracy of the details you provide.

We want to make sure your overdraft is right for you, that’s why every month, we'll review your account to make sure your overdraft borrowing is suitable, based on credits to your account. If we feel that your overdraft borrowing may be too much when compared to credits to your account, we'll contact you to discuss the situation. When we get in touch, we will also explain how we may be able to help, in the short and long term, if you're unable to pay this amount.
 

An arranged overdraft is where we agree an overdraft limit with you, before your account goes overdrawn.
An unarranged overdraft is when you authorise a payment that would take your account overdrawn or beyond your arranged limit without agreeing in advance an overdraft to cover it. An unarranged overdraft may incur higher charges than an arranged one as a result of charges for returned cheques, direct debits and / or standing orders and may adversely affect your credit file.
 

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The Salvation Army

We are proud to be the bank of The Salvation Army International. Find out more about our shared history.