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Specific Terms for First Home Saver
The Saving Accounts Terms and Conditions in force and as updated from time to time and these Specific Terms both apply to this First Home Saver. If there is any inconsistency between the Saving Accounts Terms and Conditions and the Specific Terms, the Specific Terms will apply.
In these Specific Terms:
'Anniversary Date' means the 12 month anniversary of the date that you opened your account;
'Celebratory Bonus' means the cash bonus paid into your First Home Saver account upon meeting the eligibility criteria set out in condition 8; and
'Named Bank Account' means a UK bank or building society account that you've nominated for withdrawal and closure payments and on which you are named as an account holder.
1. The account
1.1 This account is a Savings Account.
1.2 This is a statement-based account. A passbook is not provided with this account.
1.3 You must be aged 16 or over and not a trustee to open this account.
1.4 This account can be opened in sole or joint names. The maximum permitted number of joint account holders is two. If the account is held in joint names, we cannot arrange for both of you to be required to authorise transactions.
1.5 You can only open and be named on one First Home Saver (including any subsequent issues) at any one time.
1.6 You may only operate this account by telephone or online (except if you wish to make deposits in accordance with conditions 4.5(a) and (b)).
1.7 This account will only exist for 36 months (see condition 7 for further information). 36 months will be the term of this account.
1.8 If you wish to make a withdrawal from the account, in accordance with condition 6.2(b), you must provide us with details of your Named Bank Account. If, at any time, there is a change to your Named Bank Account details, you must contact us to let us know.
2. Minimum balance
2.1 The minimum balance is £1.
3. Interest
3.1 The interest rate for this account is variable. We make current interest rate information available on our website at thecoventry.co.uk or you can call our Customer Service Centre or visit a branch.
3.2 Interest is paid annually on the account's Anniversary Date.
3.3 You can choose to have the interest paid:
(a) to this account;
(b) into another suitable non-ISA account with us;
(c) into another suitable account with another UK bank/building society.
4. Deposits & maximum balance
4.1 Deposits of up to £1,000 can be paid into this account per calendar month. If you take money out of this account during the calendar month, your allowance won't increase (i.e. the maximum that can be paid in for the calendar month will still be £1,000).
4.2 You can pay in as many times as you like during each calendar month, as long as the total amount you pay in doesn't exceed £1,000 per calendar month.
4.3 If you open your account part-way through a month, you may still deposit up to £1,000 until the end of that calendar month. Likewise, if your account term ends part-way through a month, you may still deposit up to £1,000 in the final calendar month up until the date your account term ends. This means that if you open your account on the 1st of a month, your maximum balance is £36,000. If you open your account on any other day of the month, your maximum balance is £37,000.
4.4 If you make a payment into this account which would exceed your £1,000 limit for a calendar month, the entire payment will be rejected and will not be credited to this account.
4.5 Deposits can be made by:
(a) cash at a branch;
(b) cheque at a branch or by post to our central processing centre;
(c) internal transfer from an account with us; or
(d) regular standing order or one-off electronic payment from an account with another bank/building society.
5. Cooling-off period
5.1 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 Economic House, PO Box 9, High Street, Coventry CV1 5QN.
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/closure
6.1 You can make withdrawals or close this account without notice, charge or loss of interest.
6.2 Withdrawals or closure can be made by:
(a) internal transfer to an account with us; or
(b) one-off electronic payment to your Named Bank Account.
7. At the end of the term
7.1 Unless you instruct us otherwise, at the end of the term, (detailed in condition 1.7), this account will automatically become an easy access account and all your money will be transferred into this account. We will contact you in writing at least 14 calendar days before the end of the term with full details of the product name and how the new account is operated.
7.2 Unless you instruct us otherwise, the frequency of interest payments for the easy access account, the account to which interest is paid and the Named Bank Account that is registered, will be the same as for this account.
7.3 If your money is transferred into an easy access account, then we will contact you within 7 business days following the transfer to confirm this. You will be able to withdraw from or close your easy access account whenever you like without notice, charge or loss of interest.
8. Celebratory Bonus
8.1 You will be eligible for a Celebratory Bonus of £500, if:
(a) The First Home Saver account has been continuously open for at least 6 calendar months; and
(b) it has been 5 years or less since the First Home Saver account was opened; and
(c) you, or a member of your family, are a first time buyer who has completed on a Coventry Building Society mortgage in respect to a first residential home.
8.2 Opening this account does not mean that your application for a Coventry Building Society residential mortgage will be accepted. All mortgage applications are subject to status and lending criteria. To find out more information please visit our website at thecoventry.co.uk or you can call our Customer Service Centre.
8.3 Only one Celebratory Bonus can be paid per Coventry Building Society residential mortgage.
8.4 When there is a joint mortgage and more than one applicant has a qualifying First Home Saver account with us, the Celebratory Bonus will be paid into the First Home Saver account of the first eligible person named on the residential mortgage.
8.5 If the First Home Saver account has joint account holders, only the first account holder to successfully complete on a residential mortgage with us will be eligible for the Celebratory Bonus. This will be paid into the joint First Home Saver account.
8.6 Assuming condition 8.1 is satisfied, the Celebratory Bonus will be paid out as set out below:
(a) If you, the first time buyer, holds the First Home Saver account, the Celebratory Bonus will be paid into the First Home Saver account within 30 business days of completing on your Coventry Building Society residential mortgage; or
(b) You will need to contact us by phone in order to claim your Celebratory Bonus. If the first time buyer completing the Coventry Building Society residential mortgage is a member of your family rather than yourself, we may contact the first time buyer to confirm their identity. Once we are satisfied that the Celebratory Bonus has been claimed by a valid person (please see condition 8.1), the Celebratory Bonus will be paid in to the First Home Saver account within 30 business days of validation.
8.7 Where the term of the First Home Saver account has expired, the Celebratory Bonus referenced in conditions 8.4, 8.5 and 8.6 will be paid in to the easy access account.