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Specific Terms for Loyalty 21 Day Notice Saver
The Saving Accounts Terms and Conditions in force and as updated from time to time and these Specific Terms both apply to this Loyalty 21 Day Notice 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; 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 There is a passbook-based version and a statement-based version of this account.
1.3 If you have a passbook-based account, you may operate your account in branch, by post, telephone or online.
1.4 If you have a statement-based account, you may operate your account by post, telephone or online.
1.5 To open this account:
(a) you must have held (either in sole or joint names) at least one savings or mortgage account with us, continuously, since the beginning of 1 January 2020 or earlier.
(b) you must be aged 16 or over;
(c) you must not be a trustee;
(d) there may be no more than two joint account holders.
1.6 If you open this account with us but do not qualify for it, we reserve the right to close the account and return the funds to you.
1.7 This account will only exist for 12 months (see Condition 7 for further information).
1.8 For statement-based accounts that are held in joint names, we cannot arrange for both of you to be required to authorise transactions.
1.9 If you have a statement-based account and you wish to make a withdrawal in accordance with Condition 6.6(b) from the account, you must give us the 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.
1.10 You can only open and be named on one Loyalty 21 Day Notice Saver (including any previous or subsequent issues) at any one time. We will close any additional account(s) that you open and return your funds to you.
2. Minimum & maximum balance
2.1 The minimum balance is £1. For sole accounts the maximum balance is £20,000, and for joint accounts it's £40,000.
2.2 We may return any amount which is above the maximum balance to you.
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 If you opt to receive annual interest it will be paid on the Anniversary Date.
3.3 If you opt to receive 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 into a non-ISA account with us. It can also be paid to another UK bank/building society.
4. Deposits
4.1 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) 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 giving notice or 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 withdraw from or close the account, by giving us 21 calendar days' notice or immediately subject to a charge equal to 21 calendar days' interest on the amount withdrawn (at the rate applicable to the account on the date of the withdrawal). The charge will be deducted from the balance of the account, at the time of the withdrawal.
6.2 Notice can be given in branch (if you have a passbook-based account), by post, over the telephone or online by logging into Online Services and following the instructions to give notice. The notice will start on the day we receive the request, at which point we will issue you with an acknowledgement. The acknowledgement will include information about how you can withdraw and tell you the dates between which the withdrawal/closure can be made.
6.3 On the expiry of the 21 calendar days' notice period, you will have 14 calendar days in which to complete your withdrawal/closure without incurring a charge. If you wish to make a withdrawal or close the account after the 14 calendar day period without incurring a charge, a further 21 calendar days' notice is required.
6.4 The total amount of money that you can have on notice to withdraw at any time must not exceed the current balance of your account. Continuous notice is not permitted.
6.5 If you have a passbook-based account, withdrawals or closure can be made by:
(a) internal transfer to an account with us; or
(b) one-off electronic payment to an account with another UK bank/building society.
6.6 If you have a statement-based account, 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. Upon Anniversary Date
7.1 Unless you instruct us otherwise, at midnight the day before the Anniversary Date, this account will automatically become an Easy Access Saver (7) and all your money will be transferred into this account. We will contact you in writing at least 14 calendar days before the Anniversary Date with full details on how Easy Access Saver (7) is operated.
7.2 Unless you instruct us otherwise, the frequency of interest payments for the Easy Access Saver (7), 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 Saver (7), then we will contact you within 7 business days following the Anniversary Date to confirm this. You will be able to withdraw from or close your Easy Access Saver (7) whenever you like without notice, charge or loss of interest. Any withdrawals made (including closure) before the Anniversary Date will be subject to either the notice period or charge described in Condition 6.1 in these Specific Terms.