Business customers' terms and conditions

Section 1 – Accounts

Sub-section 3 Interest

Clause 3.12

Replaced Clause 3.12 with:

Where the interest payment frequency is monthly, half-annually or annually, interest is paid on the anniversary date relating to your account opening. Where you have nominated your interest to be paid to another account you hold with us:

* if your anniversary interest payment date falls on the 29^th, 30^th or 31^st of a month which does not have that date (like February), it will, subject to the next bullet point, be adjusted based on the days available in that month and paid on the last day of that month.

* if the interest payment date falls on a non-working day, it will be paid and count towards the balance of your nominated account from the next working day (including for the purposes of any applicable interest, fees, and overdrawing calculations relating to that account).

Where you have nominated your interest to be paid to an account with another financial institution, the timing of when that payment will appear in that account will depend on that institution’s processing times.