Fees & Charges Policy
Applicable to: All GBP and EUR Accounts
Effective from: 19 Sep 2024
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1. GBP or EUR Monthly Subscription charges
We do not charge a monthly subscription cost of £2.99 for usage of GBP nsave accounts or €2.99 for usage of EUR nsave accounts (individually for use of each account). We will deduct any subscription fee(s) at the time of the first transfer of funds to the account.
2.Initial account funding
We do not charge the customers any amount for the incoming transfer of funds to top up the account or outgoing transfers to close the account.
3. Minimum deposit charges
We do not place any minimum deposit limit associated on your account.
4. Refusing a payment due to lack of funds
We will not charge a fee if we refuse to make a payment on your behalf due to lack of funds in your Account.
5. Allowing a payment despite lack of funds
We will not charge a fee if we allow a payment despite a lack of funds in your Account. However, you must repay the amount you owe to us immediately or you will be considered to be in arrears.
6. Sending and receiving money from your Account
Sending and receiving money to another nsave user is free of charge. However, we charge a minimal fee which we incur on cost basis on certain kinds of transactions, in the following manner:
Incoming/Outgoing SEPA Transfers (for EUR customers): € 0.21 per transaction Incoming/Outgoing FPS Transfers (for GBP customers): £ 0.21 per transaction
We currently only support transfers made in the currency of your account to/from your account. Please also note in case of incoming transfers, the sender’s bank and other banks involved in processing the payment may charge additional fees.
We charge a chargeback fee of £25.00 (GBP customers) or €25.00 (EUR customers) when the card issuer returns funds to the account due to a disputed charge (usually an error in service or an attempt at fraud).
7. Foreign exchange fees
We use Mastercard ® authorised rates applicable for any transactions made in foreign currencies. See www.mastercard.com/global/currencyconversion for exchange rates in force at the time of your transaction. We also charge a standard fee equivalent to 2.5% of each transaction for any transaction made in currency which is not a currency of your account.
Please also note that other banks or the merchant involved in processing the payment may charge additional fees. This means that the amount deducted from your account may be less than the amount shown on the Mastercard website. We do not have any control over these additional charges.
8. ATM withdrawal charges
All ATM withdrawals are charged at a flat fee of £ 2.99 (GBP customers) or € 2.99 (EUR customers). For withdrawals in foreign currency which is not a currency in your account, Mastercard exchange rates will apply to any such withdrawal and you may also be charged a fee by the local ATM provider.
9. Card charges
We do not charge customers fees for issuance or usage of the nsave physical and virtual Mastercard, or for point of sale transactions or any declined payments. We will also not charge a fee for making a payment in the currency of your nsave account, whether in a shop, online or over the phone.
10. Additional Services
Replacement debit cards: If you lose your card or it is stolen, we will charge you a flat fee of £ 27.95 (GBP account) or € 27.95 (EUR account) for reissuance.
