In addition to your existing Trusted Novus Bank (TNB) Card App*, our new Mobile Banking App will allow you to manage your accounts as follows:

1. View your live account balance.
2. Access and manage all your accounts in one place.
3. Transfer funds between your accounts.
4. Send secure messages directly to the Bank.
5. Link directly to your online banking platform for login and payment confirmations.

*Note: The Card App is for viewing card transactions only. There will be further enhancements in the future.

Our refreshed online banking experience includes:

1. A modern, user-friendly interface.
2. Streamlined SWIFT payment process.

1. Most existing templates will be migrated. However, templates with missing or incorrect details (e.g. IBAN or SWIFT codes) will not be transferred. Those affected will be communicated directly.

2. Beneficiary address details will now be mandatory for all SWIFT payments. This applies to both new templates and any original templates migrated to the new system.

Once we go live, you will be required to add the address otherwise the payment cannot be made.  

1. Standing orders within TNB or to other local banks will be migrated.

2. Standing order to banks outside Gibraltar will not be transferred and must be re-set after launch.

Note: Please review your current templates and standing orders. We advise you to remove any that are no longer in use.

1. Real-time Debit Card Transactions: Debit card transactions will now reflect instantly, giving you up-to-date account balances.

2. Spending Limit Adjustments: You will be able to increase your Visa card spending limit for those one-off purchases or special events, provided sufficient funds are available in the account your card is linked to.  

Please note these spending limit adjustments, were previously referred to as a bonus.

As we move to the new system, the algorithm used to make loan mortgage repayment calculations will be different from that used by the Banks current banking platform and may or may not impact your loan or mortgage as a result. This is dependent on the specific loan or mortgage product you have. 

1. Interest only and serial repayment schedules will incur no changes.
2. Those with amortised repayment schedules may see a monetary difference in their monthly repayment amount.

You will receive a new repayment schedule from the Bank following the move to the new system which will confirm your new repayment amount for either your loan or mortgage.

The Bank’s default interest rate will change from the current 25% flat rate (as advised in your facility agreement) to 10% over Bank of England Base Rate. (At the time of this communication it would be 4.25% + 10%.)

This means that if your account is overdrawn (or is more than your agreed overdraft facility) or you default on your loan repayments, instead of charging 25% debit interest, we will charge 10% plus Bank of England Base Rate debit interest. 

As part of the transition to our new banking system, new account numbers will be assigned. These new numbers are system-generated and will only be confirmed after migration is complete. No action is required from you at this stage.

All your existing standing orders and internal arrangements will be automatically updated with the new account number. You will be able to view your new account number(s) in Online Banking and the new Mobile Banking App once the system goes live.

If you currently share your account number with employers, business partners, or others for incoming payments, we recommend checking your new account number after go-live and sharing it as needed.