Specific Terms for 5 Access Saver (5)
The Saving Accounts Terms and Conditions in force and as updated from time to time and these Specific Terms both apply to this 5 Access Saver (5). If there is any inconsistency between the Saving Accounts Terms and Conditions and these Specific Terms, the Specific Terms will apply.
In these Specific Terms:
'Named Bank Account' is an account you choose to send money to and/or interest payments. It must be in your name and with us or another UK bank or building society.
1. The account
1.1 This account is a Savings Account.
1.2 This is a statement-based account. We describe accounts that do not have passbooks as ‘statement-based’.
1.3 This account may be operated in branch, by post, by telephone or online.
1.4 You must give us the details of your Named Bank Account. If you have a joint account, your Named Bank Account can be in either one of both of your names. If, at any time, there is a change to your Named Bank Account details, you must contact us to let us know.
2. Account opening
2.1 To apply to open this account:
(a) you must be at least 16 years old; and
(b) there may be no more than two joint account holders.
2.2 If the account is held in joint names, we cannot arrange for both of you to be required to authorise transactions on the account. This means that either account holder can instruct us to make changes on the account and complete transactions.
3. Minimum & maximum balance
3.1 The minimum balance is £1 and the maximum balance is £1,000,000 (excluding interest).
4. Interest
4.1 The interest rate for this account can change. You can find out the current interest rate from our website at thecoventry.co.uk, by calling our Customer Service Centre or asking in one of our branches.
4.2 Interest can be paid either annually or monthly.
4.3 If paid annually, interest will be paid on the annual anniversary of the date your account was opened.
4.4 If paid monthly, interest will be paid at the end of the last day of each month.
4.5 You can choose to have the interest paid into this account or paid into an account with us which is not an ISA and can accept the interest payments. It can also be paid into another UK bank or building society account if it can accept the interest payments.
5. Deposits
5.1 Deposits can be made by:
(a) cash at a branch;
(b) cheque paid in at a branch or posted to our central processing centre;
(c) transferring money from an account with us; or
(d) making an electronic payment from an account with another bank or building society.
6. Changing your mind
6.1 You have a period of 14 calendar days to change your mind about opening this account (‘cooling-off period’). This means that you can withdraw part of your funds or close this account without incurring a charge at any time within 14 calendar days of opening this account. You can do this by calling our Customer Service Centre, visiting a branch or by writing to us at Oakfield House, PO Box 600, Binley, Coventry CV3 9YR. We will arrange for your funds, together with any interest accrued during the period it was open, to be returned to you.
6.2 If you do not close this account during the cooling-off period, it will continue in accordance with the Saving Accounts Terms and Conditions, in force and as updated from time to time, and these Specific Terms.
7. Withdrawals and closing your account
7.1 In this Condition 7:
(a) “a year” begins on the date that your account is opened, or the annual anniversary of that date;
(b) "a withdrawal" includes the closure of the account by you; and
(c) "a withdrawal" includes withdrawals of interest by you, unless you have arranged for interest payments to be paid out of the account automatically in accordance with Condition 4.5.
7.2 After the cooling-off period (see above), you can make up to 5 withdrawals each year without charge and without loss of interest on the remaining amount.
7.3 If you make 6 or more withdrawals in a year (which includes closure), you will be charged an amount equivalent to 50 calendar days' interest on the amount withdrawn on the 6th and subsequent withdrawals. The charge will be deducted from the balance of the account at the time when you withdraw your money or close the account. If you haven’t earned enough interest to cover this charge, some of it will come out of your original deposit(s). You cannot avoid the charge by giving notice of a withdrawal or closure.
7.4 Interest will be charged in accordance with Condition 7.3 at the variable rate which applies on the date the money leaves your account.
7.5 You can withdraw money from or close your account by:
(a) requesting a cheque by post from our central processing centre;
(b) transferring your money to another account with us; or
(c) making a one-off electronic payment to your Named Bank Account.
