Specific Terms for 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 Regular Saver (2). 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 is a Savings Account.
1.2 You must be aged 16 or over to open this account. 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.
1.3 You can only be named on one Regular Saver (including any subsequent issues) at any one time.
1.4 You may only operate this account by telephone or online (except if you wish to make deposits in accordance with conditions 4.4(b) and (c)).
1.5 A passbook is not provided with this account.
1.6 If you wish to make a withdrawal from the account, in accordance with Condition 5.2(b), 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. The maximum balance is £6,000, made up of multiple deposits as described in Condition 4.1.
3. Interest
3.1 The interest rate for this account is variable. We will make current interest rate information available on our website at thecoventry.co.uk or you can call our call centre.
3.2 Interest is paid annually on the anniversary of the date that you open the account.
3.3 You can choose to have the interest added to the account or paid into another suitable account with us or to another UK bank/building society account.
4. Deposits
4.1 A 'Deposit Month' starts on the day of the month the account was opened. Up to £500 can be paid into this account per Deposit Month. If you take money out, 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 £500).
4.2 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 £500 per Deposit Month.
4.3 If you make a payment into this account which would exceed your £500 limit for a Deposit Month, the entire payment will be rejected and will not be credited to this account.
4.4 Deposits can be made by:
(a) regular standing order or one-off electronic payment from an account with another bank/building society;
(b) cash at a branch;
(c) cheque at a branch or by post to our central processing centre.
5. Withdrawals/closure
5.1 After the end of the 14 calendar day cooling-off period, you can make withdrawals or close the account without notice subject to a charge equal to 30 calendar days' interest on the amount withdrawn. The charge will be deducted from the balance of the account at the time of the withdrawal or closure. You cannot avoid the charge by giving notice of a withdrawal or closure.
5.2 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.
6. Maturity
6.1 This account will mature at midnight the day before the first anniversary of account opening. We will contact you in writing at least 14 calendar days before the maturity date with details of your re-investment and withdrawal options.
6.2 Unless you instruct us otherwise before maturity, the money in this account at maturity will automatically be re-invested into Easy Access Saver (7). We'll send you full details of how Easy Access Saver (7) is operated before this Regular Saver (2) matures.
6.3 Unless you instruct us otherwise, the frequency of interest payments for the Easy Access Saver (7) and the account to which interest is paid will be the same as for this account.
6.4 The Named bank account that will be registered for the Easy Access Saver (7) will be the Named bank account which was registered for this account, unless you instruct us otherwise.
6.5 If your money is re-invested into an Easy Access Saver (7) on maturity, then we will contact you within 7 business banking days following the maturity date to confirm your re-investment.
6.6 You will be able to withdraw from or close your Easy Access Saver (7) whenever you like without notice, charge or loss of interest.
