Specific Terms for Limited Access Saver (Online)
The Saving Accounts Terms and Conditions in force and as updated from time to time and these Specific Terms both apply to this Limited Access Saver (Online). If there is any inconsistency between the Saving Accounts Terms and Conditions and the Specific Terms, the Specific Terms will apply.
1. The account
1.1 This account is a Savings Account.
1.2 You must be aged 16 or over to open this account. The maximum permitted number of 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.
1.3 You may only operate this account online (except if you wish to make deposits in accordance with conditions 4.1(a) and (b)).
1.4 A passbook is not provided with this account.
1.5 You must provide us with a valid e-mail address for each account holder.
1.6 If you wish to make a withdrawal in accordance with Condition 5.5(b) from the account, you must give us the details of your Named Bank Account (a UK bank or building society account on which you are named). If, at any time, there is a change to your Named Bank Account details, you must contact us to let us know.
2. Minimum & maximum balance
2.1 The minimum balance is £1 and the maximum balance is £250,000.
3. Interest
3.1 The interest rate for this account is variable. Your current interest rate is stated on our website (thecoventry.co.uk), or you can call our Customer Service Centre.
3.2 If you opt to receive annual interest it will be paid on the anniversary of the date that you open the account.
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 account.
4. Deposits
4.1 Deposits can be made by:
(a) cash at a branch;
(b) cheque received at a branch or sent 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. Withdrawals/Closure
5.1 In this condition 5:
(a) "a year" begins on the date that your account is opened, or anniversary of that date;
(b) "a withdrawal" includes the closure of the account by you; and
(c) "a withdrawal" includes withdrawals of interest by you, unless you have arranged for interest payments to be paid out of the account automatically in accordance with Condition 3.4.
5.2 You may make up to 6 withdrawals each year without charge and without loss of interest on the remaining amount.
5.3 If you make 7 or more withdrawals in a year (which can include closure), you will be charged an amount equivalent to 50 days' interest on the amount withdrawn on the 7th and subsequent withdrawals. The charge will be deducted from the balance of the account, at the time of the withdrawal.
5.4 Interest will be charged in accordance with Condition 5.3 at the variable rate which applies on the date the money leaves your account.
5.5 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.
