Specific Terms for Loyalty Regular Saver (2)
The Saving Accounts Terms and Conditions in force and as updated from time to time and these Specific Terms both apply to this Loyalty Regular Saver (2). 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;
'Deposit Month' means any month starting on the day of the month the account was opened (for example, if you opened your account on 15 March, then 15 March to 14 April would be a Deposit Month); and
'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.
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. You can request a statement at any time.
1.3 You may only operate this account by telephone or online (except if you wish to make deposits in accordance with conditions 5.4(b) and (c)).
1.4 This account will only exist for 12 months. Your money will be transferred to an Easy Access Saver (7) account after this period, as outlined by Condition 8 below. Details of this will be sent before the 12 months are up.
1.5 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.
2. Account opening
2.1 To open this account you must have continuously, since the beginning of 1 January 2023 or earlier:
(a) held (either in sole or joint names) at least one savings or mortgage account with Coventry Building Society, ITL Mortgages Limited or Godiva Mortgages Limited; or
(b) had a formal relationship with Coventry Building Society, ITL Mortgages Limited or Godiva Mortgages Limited as a result of your involvement in the financial management of another customer's savings or mortgage account (for example, as an Attorney or Registered Contact). If you'd like to check if you are eligible, please contact us.
2.2 In addition to Condition 2.1 above, to apply for this account:
(a) you must be at least 16 years old; and
(b) there may be no more than two joint account holders. If the account is held in joint names, we cannot arrange for both of you to be required to authorise transactions.
2.3 If you open this account with us but did not qualify for it at the time of opening, we reserve the right to close the account and return the funds to you.
2.4 You can only be named as an account holder on one Loyalty Regular Saver (2) account (including any previous or other versions of the product) at any one time. If you are named on more than one Loyalty Regular Saver (2) account, we reserve the right to close any additional account(s) and return the funds to you.
3. Minimum & maximum balance
3.1 The minimum balance is £1. The maximum balance is £3,000, made up of multiple deposits as described in Condition 4 below.
4. Interest
4.1 The interest rate for this account can change. You can find out the current interest rate from our website thecoventry.co.uk, calling our Customer Service Centre or asking in one of our branches.
4.2 Interest is paid annually on the Anniversary Date of your account.
4.3 You can choose to have the interest paid:
(a) to this account;
(b) into an account you already have with us which is not an ISA account and can accept your interest payments; or
(c) into another suitable account with another UK bank or building society if it can accept the interest payment.
5. Deposits
5.1 Deposits of up to £250 can be paid into this account each Deposit Month. If you take money out of this account during the Deposit Month, your allowance for the Deposit Month won't increase (i.e. the maximum that can be paid in for the Deposit Month will still be £250).
5.2 You can pay in as many times as you like during each Deposit Month, as long as the total amount you pay in doesn't exceed £250 per Deposit Month.
5.3 If you make a payment into this account which would result in you exceeding your £250 limit for a Deposit Month, the entire payment will be rejected and will not be credited to this account.
5.4 Deposits can be made by:
(a) regular standing order or making a one-off electronic payment from an account with another bank or building society;
(b) transferring your money from another account you already have with us;
(c) cash at a branch;
(d) cheque paid in at a branch or posted to our central processing centre.
6. Changing your mind
6.1 You have a period of 14 calendar days to change your mind about opening this account. This means that you can withdraw 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.
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 If you do not change your mind 14 calendar days after opening the account, you can make withdrawals or close this account without giving us notice, but you will be charged an amount equal to 30 calendar days' interest on the amount withdrawn. The charge will be deducted from the balance of the account at the time when you withdraw your money or close the account. You cannot avoid the charge by giving notice of a withdrawal or closure.
7.2 You can withdraw money or close your account by:
(a) transferring your money to another account with us; or
(b) making a one-off electronic payment to your Named Bank Account.
8. Upon Anniversary Date
8.1 Unless you tell 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.
8.2 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.
8.3 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 charged 30 calendar days' interest on the amount withdrawn.
