Faith House
23-24 Lovat Lane
London EC3R 8EB
Tel: +44 785 6119492

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Personal Interest Rates

Reliance Bank Limited Base Rate with effect from 5 August 2016 - 0.40%

Please note that, ordinarily, the Reliance Bank Base Rate mirrors the Bank of England Base Rate. However, with the Bank of England Base Rate at an unprecedented low point, in order to ensure that Reliance Bank does not risk incurring losses which would ultimately be borne by our owners, The Salvation Army, and would impact the funds available for their continued mission, the Bank is unable to reflect the full 0.25% fall in its Base Rate and has set the Reliance Bank Base Rate at 0.40% as of 5th August 2016.


Personal Current account

With effect from 5 August 2016, this account will not be paying any credit interest.  



With effect from 5 August 2016

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 (authorised) - 5% above Reliance Bank base rate, currently 0.40% - 5.40%
  • Overdraft (unauthorised) - 12% above Reliance Bank base rate, currently 0.40% - 12.40%


Instant Access Saver 

With effect from 5 August 2016

             Balance                               Gross Rate PA%          AER%        

  • £1-£4,999                                    0.01                        0.01                 
  • £5,000 - £24,999                      0.01                        0.01                 
  • £25,000 - £99,999                   0.01                        0.01                  
  • £100,000+                                   0.05                        0.05                

Interest is paid quarterly in March, June, September & December on the last working day of the month.


 Cash ISA

With effect from the 1st September 2016 

             Balance                                                                             Gross Rate PA%        AER%  

  • £1-£20,000 (current tax year allowance)                       0.50                   0.50
  • £1 Plus (previous tax year's allowance)                          0.50                   0.50

Interest paid annually & credited to the account on 5th April or previous working day                                                                                                      


KIDZ Saver

With effect from 1st September 2016          

             Balance                                                                                Gross Rate PA%      AER%

  • £10 - £10,000                                                                             1.00                      1.00

Interest paid annually 31 March



With effect from 1st September 2016 

             Balance                                                                               Gross Rate PA%      AER%

  • £10 - £20,000                                                                            1.00                   1.00

Interest paid annually 31 March  


Personal Loans

With effect from 1st July 2014

             Amount Borrowed                            Typical APRC

  • £500 - £2,499                                        12.90%
  • £2,500 - £4,999                                    10.90%
  • £5,000 - £20,000                                    6.90%
Reliance Bank Limited reserves the right to increase the above rates by 1% for borrowing for debt consolidation.

Gross Rate – The rate before deduction of tax applicable to interest on savings. 

Personal Savings Allowance

From April 2016, HM Revenue & Customs (HMRC) is introducing a tax-free Personal Savings Allowance of £1,000 (£500 for higher rate taxpayers) for savings income or interest.

The new allowance means that most people will no longer pay tax on their savings interest.

The Personal Savings Allowance will be in addition to the tax advantages currently available to savers from Individual Savings Accounts.


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 Financial Services Compensation Scheme.
With effect from 30/1/2017, in respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each, making a total of £170,000.  The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the Bank, including their share of any joint account, and not to each separate account.

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Reliance Bank Limited. All rights reserved.
Reliance Bank Limited, Faith House, 23-24 Lovat Lane, London EC3R 8EB. Telephone: +44 785 6119492 Fax:  +44 785 6119492
Reliance Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England. Registration no. 68835.
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