Specific Terms for 5 Access Saver (Online) (2)
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 (Online) (2). If there is any inconsistency between the Saving Accounts Terms and Conditions and the Specific Terms, the Specific Terms will apply.
1. The account
1.1 This account is a Savings Account.
1.2 To apply to open this account:
(a) you and any other joint account holder must be at least 16 years old; and
(b) we allow a maximum of two joint account holders on this account; and
(c) at least one of the account holders must hold another account with us, or hold an account with another UK bank or building society, which will be the Named Bank Account to which withdrawals are paid.
1.3 For joint accounts we are unable to accept arrangements where both account holders are 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.
1.4 You may only operate this account online (except if you wish to make deposits in accordance with conditions 4.1(a) and (b)). Cash withdrawals in branch are not permitted using this account.
1.5 A passbook is not provided with this account. We describe accounts which do not have passbooks as 'statement-based'.
1.6 You must provide us with a valid e-mail address for each account holder.
1.7 If you wish to make a withdrawal or close your account by one-off electronic transfer, you must provide us the details of your Named Bank Account when applying. Your 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. If you have a joint account, your Named Bank Account can be in either one or both of your names.
1.8 If, at any time, you wish to change your Named Bank Account, you must contact us to let us know.
1.9 You can only be named as an account holder on one 5 Access Saver (Online) (2) either solely or jointly at any one time.
2. Minimum & maximum balance
2.1 The minimum balance is £1 and the maximum balance is £250,000.
3. Interest
3.1 The interest rate for this account can change. You can find out the current interest rate from our website www.coventrybuildingsociety.co.uk, by calling our Customer Service Centre or asking in one of our branches.
3.2 If paid annually, interest it will be paid on the anniversary of the date that you open the account.
3.3 If paid monthly, interest it will be paid at the end of the last day of each month.
3.4 You may choose to have the interest added to this account or paid to an account with us which is not an ISA and that can accept the interest payments, or paid to another UK bank or building society if it can accept the interest payments.
4. Deposits
4.1 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.
5. Changing your mind
5.1 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 your funds and/or close this account without incurring a charge at any time within 14 calendar days of opening this account. You can do this online via Online Services and selecting close my account.
5.2 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.
6. Withdrawals and closing your account
6.1 In this Condition 6:
(a) "a year" begins on the date that your account was 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 3.4.
6.2 If you do not change your mind within the 14 calendar day period after opening this account, you can make up to 5 withdrawals each year without charge and without loss of interest on the remaining amount.
6.3 If you make 6 or more withdrawals in a year (which can include closure), you will be charged an amount equivalent to 50 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 of the withdrawal.
6.4 Interest will be charged in accordance with Condition 6.3 at the variable rate which applies on the date the money leaves your account.
6.5 You can withdraw money or close your account by:
(a) transferring your money to another account with us; or
(b) making a one-off payment to your Named Bank Account.
