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Personal current account

Current Account icon

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.

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. 
 

New Personal Current Account
This new Personal Current Account has a tariff that applies to new customers only. Our existing customers will remain on the existing Terms and Conditions. We provide Officers of The Salvation Army with Personal Current Accounts at preferential rates to acknowledge their charitable and evangelical work.

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    

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

Overdrafts - subject to application    

If you have insufficient funds to make a payment, you will incur additional charges, so contact us on 0207 398 5400 so that we can discuss your needs

You can apply for an overdraft if you think you’ll need one up to £2,500 (with no overdraft arrangement fee), subject to credit and affordability checks.

There are additional charges for the return of regular payments if your account is overdrawn. 

Overdraft charges 

We don’t think it is right to have a different charge for an authorised and unauthorised overdraft, so we only charge 10% above Reliance Bank base rate, currently 0.75% so the total overdraft rate will be 10.75%. 

This interest is at 10.75% E.A.R. Equivalent Annual Rate of Charge is the total cost of the credit to the consumer, expressed as an annual percentage. 

If you use an overdraft facility of £500 based on 10.75% E.A.R. Equivalent Annual Rate of Charge, the most you’ll be charged is:
over 1 week is £1.03
over 1 month is £4.43 
over 2 months is £8.91

Our overdraft offers you the following benefits:
•    No overdraft arrangement fee (up to £2,500)
•    Fixed interest charge
•    Flexibility with your banking

To be considered for an overdraft, you must be:
•    Over the age of 18
•    Resident in the UK
•    Receiving a regular income

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.
Quarterly interest charges below £1.00 are waived.
 

  • Overdraft rate of 10.75% E.A.R. Equivalent Annual Rate of Charge

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

Receiving money from outside the UK

Things you need to know before receiving a payment.

The overseas bank sending the payment to you will need to know the following information about the account you wish to be credited. Providing this information will help to ensure that the payment happens as quickly as possible.
•    Reference: (insert a ref if needed)
•    Bank:    HSBC
•    Bank Address:      27-32 Poultry London EC2P 2BX
•    Swift Code/BIC:    MIDLGB22
•    Beneficiary Account Name:    Reliance Bank Ltd
•    Beneficiary Address:    Faith House, 23/24 Lovat Lane, London, EC3R 8EB
•    IBAN: GB70MIDL40053041376543 (please add your full account name and account number for further credit)

It’s possible for you to receive money into your account from outside the UK in either foreign currency or Sterling.

If money is received in a different currency to what your account is held in, we'll convert it using the most up to date HSBC Exchange Rate available before crediting it to 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
The Salvation Army

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