26th October 2020

 

Dear Client,

Euro Current Account Fee
Due to the continued negative interest rate environment in Euros and after much deliberation, Alpha Bank London Limited has decided to introduce the charge of 0.20% per annum on Personal and Corporate Euro Current Accounts with a minimum fee of €30 per quarter. Please note that this fee was previously applied to Personal Current Accounts during the period 2016-2019.

As before, this charge will be calculated at the last working day of each quarter (March, June, September and December) on credit balances in Euro Current Accounts and will be applied to the account on the 22nd day after the quarter end or the next business day. The fee will come into effect on the 1st of January 2021 which means that the first charge will be applied in April 2021 on end of March 2021 balances.

How will this charge impact me? 
Holders of a Personal or a Corporate Euro Current Account will be impacted by this change; there is no charge for holders of current accounts in any other currencies or for balances in Euro fixed deposits.

Exceptions: 
Alpha Bank London clients with investment portfolios in excess of €200,000 and / or borrowing facilities will be exempt from this charge, as both already incur fees for these services.

Below are examples of how the charge will apply. The illustration covers four different scenarios: 

 

Amount in EUR Current Account

Amount in EUR Fixed Deposit Account

Value of Investment Portfolio

Quarterly Charge on EUR Balances

Example 1

€ 50,000

€ 0

€ 0

€ 30.00

Example 2

€ 150,000

€ 150,000

€ 0

€ 75.00

Example 3

€ 100,000

€ 100,000

€ 100,000

€ 50.00

Example 4

€ 100,000

€ 0

€ 200,000

€ 0.00

The decision to re-introduce the charge on our personal Euro Current Account is not one we have taken lightly. We will continue to monitor the situation closely, and review this on an ongoing basis.

Next steps
Your Relationship Manager will be available to discuss your own personal circumstances. Please do feel free to contact them directly.

 

Yours sincerely,

 

Joseph Neophitou 
General Manager


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Alpha Bank London Limited. Registered office: 85 King William Street, London EC4N 7BL. Registered in England and Wales No.185070. Alpha Bank London Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 135327. Authorisation can be checked on the Financial Services Register at: www.fca.org.uk