Specific Terms for Fixed Rate Saver (18) 31.08.2027 - 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 Rate Saver (18) 31.08.2027 - Statement. If there is any inconsistency between the Saving Accounts Terms and Conditions and these Specific Terms, the Specific Terms will apply.
1. The account
1.1 This account is a Savings Account.
1.2 This account is a statement-based account. We describe accounts that do not have passbooks as ‘statement-based’.
1.3 This account may be operated by post, by telephone or online. In addition, you may make deposits of cash or cheque into this account in branch.
1.4 You must give us the details of your Named Bank Account. 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. 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 Until this account matures at the end of 31 August 2027, annual interest will be fixed at 4.63% AER/gross per annum, and monthly interest will be fixed at 4.63% AER and 4.53% gross per annum (AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year).
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 an account with us which is not an ISA and can accept the interest payments. It can also be paid to another UK bank or building society account if it can accept the interest payments. 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 another account with us which is not an ISA and can accept the interest payments. It can also be paid to another UK bank or building society account if it can accept the interest payments.
5. Deposits
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, call 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 paid in at a branch or posted to our central processing centre;
(c) transferring money from an account with us; or
(d) making a one-off electronic payment from an account with another bank or building society.
5.3 All deposits must be received within the timescales set out in Condition 5.1.
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 and/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. 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 After the cooling-off period (see above), 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 Any permitted withdrawals or closure can be made 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.
8. Maturity
8.1 This account will mature at the end of 31 August 2027 ('maturity date'). We will contact you in writing at least 14 calendar days before the maturity date with full details of your re-investment and withdrawal options.
8.2 Unless you tell us otherwise before the maturity date, the funds in this account at maturity will automatically be re-invested into another fixed rate saver with us ('re-investment account'). This will not mean that your current contract with us will be extended. Instead, the terms and conditions and the interest rate for that re-investment account at the time will then apply.
8.3 The duration of the re-investment account will either be shorter, the same or no more than six months longer than the duration of this account.
8.4 Unless you tell us otherwise, the frequency of interest payments for the re-investment account (i.e. annually or monthly), the account to which interest is paid and the Named Bank Account that is registered, will be the same as for this account.
8.5 If your funds are re-invested into a re-investment account on maturity, then we will contact you within 7 business days following the maturity date to confirm your re-investment. You will be able to withdraw from or close your re-investment account without incurring any charge, within 21 calendar days following the maturity date.
