Specific Terms for Fixed Bond (266) 31.08.2023 - Passbook & Statement
The Saving Accounts Terms and Conditions in force and as updated from time to time and these Specific Terms both apply to this Fixed Bond (266) 31.08.2023 - Passbook & Statement. If there is any inconsistency between the Saving Accounts Terms and Conditions and these Specific Terms, the Specific Terms will apply.
1. Your account
1.1 This account is a Savings Account.
1.2 There is a passbook-based and statement-based version of this account.
1.3 We describe accounts that have passbooks as 'passbook-based'. A passbook-based account may be operated in branch, by post, by telephone or online.
1.4 We describe accounts which do not have passbooks as 'statement-based'. A statement-based account may only be operated by post, by telephone or online. In addition, you may make deposits of cash or cheque into a statement-based account in branch.
2. Account opening
2.1 To open a statement-based account:
(a) you must be aged 16 or over;
(b) there may be no more than two joint account holders.
2.2 For statement-based accounts that are held jointly, we are unable to accept arrangements where both account holders are required to authorise transactions on the account.
2.3 If you wish to make a withdrawal from a statement-based account in accordance with Condition 7.3(a), you must provide us with a named UK bank/building society ('Named Bank Account') to be registered for this account for the purposes of making withdrawals or closing the account. You must be named as an account holder on your Named Bank Account.
3. Minimum & maximum balance
3.1 The minimum balance is £1 and the maximum balance is £250,000.
4.1 Until this account matures at the end of 31 August 2023, annual interest will be fixed at 2.35% AER/gross per annum, monthly interest will be fixed at 2.34% AER and 2.32% gross per annum.
4.2 If paid annually, interest will be paid at the end of 31 August each year. If paid monthly, interest will be paid at the end of the last day of each month.
4.3 Annual interest can be added to this account or paid into a non-ISA account with us. It can also be paid to another UK bank/building society. If annual interest is added to this account you will not have access to it until this account matures. If you would like access to your annual interest, you should request that it is paid electronically to another account.
4.4 Monthly interest cannot be added to this account, and must be paid electronically into a non-ISA account with us. It can also be paid to another UK bank/building society.
5.1 Your initial deposit and any subsequent deposits must be made (and received by us) either within 14 calendar days of this account being opened or while the account is open to new investors, whichever period is longer. To find out if the account is still open to new investors visit us at a branch, telephone our Customer Service Centre, or visit our website. We will not contact you to inform you when the account is no longer available to new investors.
5.2 Deposits can be made by:
(a) cash at a branch;
(b) cheque at a branch or sent by post to our central processing centre at Oakfield House, PO Box 600, Binley, Coventry CV3 9YR
(c) internal transfer from an account with us; or
(d) electronic payment from an account with another bank/building society.
All deposits must be received within the timescales set out in Condition 5.1.
6. Cooling-off period
6.1 A cooling-off period of 14 calendar days applies following the opening of this account. 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 the Customer Service Centre, visiting a branch or by writing to us at Oakfield House, PO Box 600, Binley, Coventry CV3 9YR
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.
7.1 After the end of the 14 calendar day cooling-off period (Condition 6.1), withdrawals and closure will not be permitted before this account matures, except in the event of the death of a sole account holder.
7.2 If you have a passbook-based account, any permitted withdrawals or closure can be made by:
(a) one-off electronic payment to an account with another UK bank/building society;
(b) internal transfer to an account with us; or
(c) cheque at a branch or received by post from our central processing centre.
7.3 If you have a statement-based account, any permitted withdrawals or closure can be made by:
(a) one-off electronic payment to your Named Bank Account;
(b) internal transfer to an account with us; or
(c) cheque received by post from our central processing centre.
8.1 This account will mature at the end of 31 August 2023. We will contact you in writing at least 14 calendar days prior to the maturity date with details of your re-investment and withdrawal options.
8.2 Unless you instruct us otherwise prior to maturity, the funds in this account at maturity will automatically be re-invested into another bond ('re-investment bond').
8.3 The duration of the re-investment bond will either be shorter, the same or no more than six months longer than the duration of this account. The withdrawal rights and notice periods that apply to the re-investment bond, where applicable, will be no less favourable than the equivalent conditions of this account.
8.4 Unless you instruct us otherwise, the frequency of interest payments for the re-investment bond (i.e. annually or monthly) and the account to which interest is paid will be the same as for this account.
8.5 If you have a statement-based account, the Named Bank Account that will be registered for the re-investment bond will be the Named Bank Account which was registered for this account, unless you instruct us otherwise.
8.6 You will be able to operate your re-investment bond in the same way as this account.
8.7 If your funds are re-invested into a re-investment bond on maturity, then we will contact you within 7 business days following the maturity date to confirm your re-investment. You will have the option to withdraw from or close your account, in accordance with either Condition 7.2 or 7.3 (whichever Condition is applicable), without incurring any charge, within 21 calendar days following the maturity date.