Specific Terms for 60 Day Notice ISA (3)
The General Terms and the following Specific Terms both apply to this 60 Day Notice ISA (3). If there is any inconsistency between the General Terms and the Specific Terms, the Specific Terms will prevail.
1. This ISA is a cash ISA managed by Coventry Building Society in accordance with the ISA regulations.
2. The minimum balance is £1 and the maximum balance is £5,640 (2012/2013 cash ISA allowance only). Subject to the maximum balance, deposits may be added up until close of business on 5th April 2013. Transfers into this account of previous tax years' subscriptions and subscriptions in future tax years are not allowed.
3. If you have already made a subscription to another cash ISA for the tax year 2012/2013 with another institution (ISA Manager) and you wish to transfer the subscription to this cash ISA with Coventry Building Society, in accordance with ISA regulations, this can be done by contacting us, and:
(a) on receipt of a completed transfer instruction form from you which meets the requirements of these Specific Terms and the ISA regulations, we will send it (together with confirmation that we will accept the transfer) to the existing ISA Manager within five business banking days of the date of receipt; and
(b) on receipt of the relevant investment and accompanying information from the existing ISA Manager, we will credit the investment to your ISA within three business banking days of the date of receipt.
4. If you have already made a subscription to another Coventry cash ISA for the tax year 2012/2013 and you wish to transfer the subscription to this 60 Day Notice ISA (3), this can be done by contacting us. On receipt of a completed internal ISA transfer instruction form (which meets the requirements of these Specific Terms and the ISA regulations), and subject to any applicable notice periods, we will transfer the funds to this 60 Day Notice ISA (3).
5. An ISA can only be held in a sole name. Applicants must be aged 16 years or over and resident in the UK (excluding the Isle of Man and the Channel Islands) or a Crown employee serving overseas or married to, or the civil partner of, a Crown employee serving overseas. Your National Insurance number and date of birth must be provided when applying for an ISA. You must also provide us with your postcode when you open the account, or confirm in writing that you do not have one. You must let us know if any of this information changes.
6. The date of opening is the date on which both the initial investment and completed application are received and accepted by the Society.
7. A cancellation period applies to new ISAs of fourteen calendar days after the ISA is opened. If you close your account within the cancellation period, it will be classed as never having been an ISA and you will be able to open another cash ISA during the same tax year. If the closure is made more than fourteen calendar days after the account is opened, you will not be able to open an additional cash ISA during the same tax year.
8. You may not contribute and should not already have contributed to another cash ISA for the tax year in which you have contributed to this account (unless the ISA is subsequently closed under the terms of the cancellation period as outlined in Condition 7, or if you transfer the 2012/2013 cash ISA allowance to another ISA Manager in accordance with Condition 17 or if you transfer to a stocks and shares ISA, or if you have transferred your existing subscription to us in accordance with Condition 3). If you have a cash ISA you may still open and contribute to a stocks and shares ISA for the same tax year subject to the prescribed limits.
9. Interest is credited to the account annually on the anniversary of the account opening. In addition to the underlying variable interest rate payable, the account will earn an interest rate bonus during the first year from the date it is opened. The bonus will be calculated on a daily basis, and will be earned on your investment in the account up to and including the day before the first anniversary of the account opening, or up to and including the day before closure of the account, whichever is earlier. The bonus will be paid at the same time as the underlying variable interest. Interest can be credited to the account or paid into another suitable account.
10. The interest rate for this account is variable. The underlying variable interest rate together with the bonus are guaranteed to be at least equal to 2.80% AER until 31 December 2013.
11. All money invested in an ISA must be, and remain, in the beneficial ownership of the investor and must not be used as security for any loan or any type of borrowing.
12. Deposits can be made by:
(a) cash, cheque or internal transfer from another suitable account held with the Coventry Building Society, at one of our branches; or
(b) by internal transfer from another suitable account held with the Coventry Building Society by telephone or online; or
(c) cheque or transfer by post to our central processing centre from another suitable account held with the Coventry Building Society; or
(d) by electronic payment or standing order from another bank or building society.
13. Prior to account opening you must inform us of a nominated UK bank or building society account to be registered for this account for the purposes of making withdrawals. You must be named as an account holder on your nominated bank account. If, at any time, there is a change to your nominated bank account details, you must contact us.
14. Subscriptions (i.e. deposits) into your account count towards the annual ISA subscription limits.
15.1 You can make penalty-free withdrawals by giving us 60 calendar days' notice, stating the maximum amount you wish to withdraw. This notice can be made in branch, by post, over the telephone or online by logging into Online Services and following the instructions to give notice. On expiry of the 60 day period, you will have a period of 14 calendar days in which to complete one or more charge-free withdrawal(s) which in total do not exceed the maximum amount that you notified to us. If you wish to withdraw after this 14 day period without incurring a charge, a further 60 days' notice is required.
15.2 The total amount of money you can have on notice to withdraw at any time must not exceed the current balance of your account at the time of providing notice.
15.3 The 60 day period begins from the date the Society receives the notice, at which time we will issue you with an acknowledgement of the notice. The methods of and the earliest and latest dates of withdrawal will also be advised to you in the acknowledgement.
15.4 You can make a withdrawal from the account at any time without giving advance notice, but you will incur a charge equivalent to 60 days' interest on the amount withdrawn at the prevailing rate. This amount will be deducted from the capital balance at the time of withdrawal.
15.5 Whether you are making a withdrawal in the 14 calendar day period after 60 days' notice, or at any time in accordance with Condition 15.4, withdrawals can be completed in branch, by post, over the telephone or online.
16.1 You can close the account penalty-free by giving 60 calendar days' notice of the closure to the Society. This notice can be made in branch, by post, over the telephone or online by logging into Online Services and following the instructions to give notice. On the expiry of the 60 day period, you will then have a period of 14 calendar days in which to complete the closure in branch, by post or over the telephone. If you do not complete the closure of the account within this 14 day period, the notice of closure will expire. If you wish to close the account after this 14 day period without incurring a charge, a further 60 days' notice is required.
16.2 Only one notice of closure is permitted on an account at any time.
16.3 You cannot close your 60 Day Notice ISA (3) online, although you may give us 60 days notice of closure online.
16.4 If you give us 60 days' notice of the proposed closure, and close the account in the 14 day period immediately after the 60 days, then you will not incur any charge on the closure. If you close the account at any other time, then a charge equal to 60 days' interest on the capital balance, calculated at the prevailing rate on the date of closure, will be deducted from the capital balance at the time of closure.
16.5 When you withdraw funds from or close your account, subject to the deduction of any charge as described in Conditions 15.4 or 16.4 if applicable, this payment can be made by:
(a) electronic payment to your nominated bank account; or
(b) transfer to another suitable account with us.
17. You can transfer funds held in this ISA (including interest) to another suitable Coventry ISA, or to another ISA Manager without loss of tax-free status (provided that any such transfer is in accordance with the Government's ISA regulations). On receipt of a fully completed transfer instruction form, we will process the request by sending the funds requested and accompanying information to the receiving ISA Manager within five business banking days of the date of receipt. Any such transfer will be subject to you providing 60 days' notice or otherwise incurring a charge in accordance with Conditions 15.4 and 16.4 of these Specific Terms, as indicated by you in the transfer instruction.
18. On your instructions, all or part of the funds held in this ISA and interest arising shall be transferred or paid to you. However any withdrawal without notice is subject to the charge referred to in Conditions 15.4 and 16.4 of these Specific Terms.
19. You will be notified in writing if we become aware that you have failed to satisfy the ISA rules and the ISA has not qualified, or will not qualify, for tax relief. ISAs are a savings scheme initiated by the Government and, as such, are subject to change by them. For example, the favourable tax treatment may not be maintained.
20. In the event of the investor's death, interest will be paid tax-free up until the date of death. From the date of death until the account is closed, interest will be subject to the deduction of tax.
21. This account is a Savings Account for the purposes of the Payment Services Regulations 2009 (as updated or replaced from time to time) and is operated by telephone. You may also choose to operate it in branch, by post or online. A statement will be sent annually on the anniversary of account opening.
22. We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities under these Specific Terms or General Terms is competent to carry out those functions and responsibilities.
