These terms and conditions apply to the “Limited Access Savings Account” and are in addition to the Bank’s General Terms and Conditions.
• Eligibility
Limited access savings accounts are available to customers who
• are aged 18 or over
• are a UK resident for tax purposes
• Tax Status - Your savings account will be credited with interest without tax deduction unless required by law or a governmental authority. You must pay any tax due on the interest generated from your savings account.
• Bonus - There is no bonus available on this account.
• Withdrawal
Withdrawals are permitted only 4 times in an account year. No further withdrawals are permitted in that account year.
‘Account Year’ means the 12-month period from the date the account was opened and each subsequent period of 12 months thereafter.
• Interest Rates
o Our website provides information about our current interest rates. You can also check the rates by calling us or asking any staff member at our branches.
o Changes to interest rates will be communicated using the contact information you provided during the account opening process. Notifications will be dispatched either to your registered email address or by postal mail. Please note that, by default, email will serve as the primary method of communication unless an alternative method is specifically requested.
o The interest will be calculated from the Business Day on which we receive the funds into your account. The Interest will be paid on the last Business Day of each month and at the closure of the account.
o Interest will not be paid on account balances over £ 5 million (£5,000,000)
• We will communicate any changes to interest rates by posting the information on our Website, notifying the Customer Service Centre, and sending an email to you in the circumstances outlined below.
• If the change is to your advantage, we will tell you within 30 days of the change.
• If a change in interest rate is not to your advantage, we will always notify you 30 days in advance of the change taking effect.
• Account Closure
o You can close the account at anytime
o We reserve the right to close the account if the balance falls below £1. We would give you 60 days’ notice before doing this.
• Account Management
o Limited Access Savings Account can be managed in a branch or Mobile app /internet banking.
o Once your account is opened and funded, you can make unlimited additional deposits into your Limited Access Savings account.
For more information see our General Terms and Conditions of Service.
