Saga Online Top 5 Tracker Account

Terms and Conditions

Birmingham Midshires is the deposit taker of the Saga Savings Account.

These terms and conditions apply to Saga deposit accounts provided by Birmingham Midshires. In these terms and conditions, ‘we’, ‘our’ and ‘us’ means Birmingham Midshires a division of Bank of Scotland plc.

Please note that these terms and conditions should be read together with any Special Conditions relating to your specific deposit account as contained in the product leaflet. If there is any conflict between these terms and conditions and the Special Conditions then the Special Conditions shall have priority (with the exception of condition I.4).

A. Interest and Charges
  1. The rate of interest payable on the money in your account may change in accordance with the Special Conditions of your account, for example, if your savings fall below or rise above a certain level.
  2. We may apply charges to your account, details of which are available from the Saga Savings Team, PO Box 2264, Pendeford Business Park, Wobaston Road, Wolverhampton, WV9 5HZ.
  3. We may change the rate of interest paid on the money in your account and the charges which apply to your account as follows:
    • Subject to the terms of any Special Conditions relating to interest rate changes which cover your particular account, we may change at any time and with immediate effect the rate of interest to be paid for any of the following reasons (which may relate to circumstances at the time or those which are expected to apply in the near future):
      • To reflect market conditions (including interest rates generally or the terms on which similar accounts are offered by other banks and building societies or anyone else providing financial services);
      • so that we can compete more effectively with any other providers of financial services;
      • because our costs have increased;
      • to maintain our financial strengths for the benefit of all our customers; and
      • to take account of changes in the law or taxation, decisions of an Ombudsman, Regulator or similar person or any Code of Practice with which we intend to comply.
    • Where practicable, we will notify you of interest rate changes, new charges or changes to charges on or before the date the change takes effect. Where it is not practicable to give you notice of any change on or before the date the change takes effect, we will notify you of the change by personal notice to you within 30 days of the change.
    A change, which abolishes a charge or reduces the amount of an existing charge may be introduced with immediate effect. Notice will be given in accordance with section I.4 (i) or I.4 (ii).
  4. We calculate the interest on the money in your account every day. For cheques, interest will be payable from the second banking day following receipt except for fixed term accounts where interest is calculated from the first banking day. BACS payments earn interest from the day of receipt. If you transfer money from a Saga product into another Saga product, interest is payable from the second banking day after we complete your instructions. The day of a withdrawal is not a day on which your withdrawal will earn interest.
  5. Interest will normally be paid net after deducting income tax (currently at 20%), which non-taxpayers may reclaim. Higher tax payers will need to pay the difference between the lower rate and their higher rate. Interest can be paid gross only if we have received a valid declaration of self–registration of eligible non–taxpayers status. Where interest is paid gross in circumstances where it later becomes apparent that interest should have been paid subject to a deduction of income tax, we shall be entitled to recover any overpayment.
B. Payments and Withdrawals
  1. Payment can usually be made into your account at any time unless the Special Conditions prohibit this. Withdrawals can be made against cleared funds in accordance with the Special Conditions of your account. For example, you may have to give a period of notice to us if you do not want to lose interest. Cheques are usually cleared on the sixth banking day following receipt of the cheque providing the deposit is made before 3:00pm. Funds deposited via BACS are usually cleared on the fourth banking day following receipt.
  2. We may limit the amount which may be withdrawn from or paid into your account if we think that it is necessary in order to protect our business interests as a whole, or to comply with any court order, legal requirement or request from a regulator to which we are subject.
  3. If you are no longer capable of looking after your financial affairs, then a person may operate your account on your behalf after we have received confirmation that the individual has appropriate authority, for example under an enduring power of attorney or from a court, to do so. In such circumstances we may require the person operating your account to give us an indemnity against all claims, which may be made in respect of amounts withdrawn.
  4. If your account becomes overdrawn at any time we will charge interest on this money until it is repaid and if the money remains unpaid we may take legal action to recover it.
  5. We may freeze your account if we suspect that it is being used illegally or if there is a dispute about your account or whenever we reasonably deem such action necessary.
  6. Unless we have accepted a payment of money into your account for a fixed period which has not expired, we may without giving any reason, repay to you all or part of the money in your account at any time, after giving you at least 30 days’ notice.
  7. We may sometimes request proof of identity before a withdrawal can be made from your account.
C. Account Documents
  1. We will give you one or more account documents on opening your account. Account documents are your responsibility. They may include any passbook, certificate or any other similar item given to you that is designated by us to be an account document. They remain our property; we can revoke or suspend your right to use them at anytime; and they must be returned to us on request.
  2. Account documents are always required in order to make a withdrawal. You must immediately notify the Saga Savings Team, if you discover that any account document is missing or is held or being used by an unauthorised person. After we have carried out the procedures, which at our absolute discretion we deem necessary, we may transfer any credit balance on your account as shown in our records to a new account provided you have given any indemnity and paid us any fee that we may reasonably require. Afterwards we will issue you with new account documents.
  3. YOUR RESPONSIBILITIES: You should always take great care of your account documents. If someone other than you produces an account document to us and pretends to be you or to be authorised by you, and is therefore able to withdraw money from your account, you will be liable for the amount of any withdrawals if you have acted fraudulently or with gross negligence. Gross negligence may be implied if you fail to look after your account documents properly.
  4. It is also your responsibility to inform us of any change of your name or address and to ensure that arrangements for receiving mail at your last notified address are safe.
  5. All future communications will be in English.
D. Unclaimed Balances
  • If:
    • you do not have a loan from us outstanding;
    • for a period of two years you have made no payment to us and have not withdrawn any money from your account;
    • the amount standing to the credit of your account is less than £100; and
    • you cannot be traced by us after reasonable enquiry,
  • or if:
    • you do not have a loan from us outstanding;
    • for a period of three years you have made no payment to us and have not withdrawn any money from your account; and
    • you cannot be traced after reasonable enquiry,
  • we may decide to close your account and retain the money. If you subsequently contact us, we will either reopen the account and recredit your account, if you request this, or we will repay to you the money with interest at a rate which we consider to be appropriate. We will not unreasonably refuse any request you make to reopen your account. We may debit any cost we incur in tracing you from your account.
E. Retention and Set Off

We may set off all or any of the credit balance on your account against any indebtedness you may have to us, whether under a mortgage, loan, guarantee, overdraft on your account or otherwise, which is due for payment or repayment but which has not been paid or repaid as the case may be. Interest will not be paid on any credit balance after it has been used in this way.

F. Identity

We are obliged by law to confirm your identity and address prior to opening your account. This may happen if you are a new customer or have been a customer for some time.

G. Minors

If you are under seven years old, withdrawals will only be allowed at our discretion and on the authorisation of the adult who signed the application form. If you are seven years old or more but under 18, withdrawals will only be allowed at our discretion and on your authorisation.

H. Joint Accounts
  1. Accounts can be opened in the name of a number of people up to a maximum of four. If account holders wish one of their number to operate the account, all joint account holders must give authority in writing to us before we can allow the account to be operated by one signatory.
  2. If your account is a joint account, you are bound by these Terms and Conditions and the Special Conditions and are liable to us:
    • jointly (that is, each joint account holder equally); and
    • severally (that is, each joint account holder is bound as though he or she were the only account holder).
  3. On proof of death of any joint account holder, the survivor or survivors will be the only person or persons recognised by us as having any ownership of, or interest in, the account and that person or persons will be entitled, subject to these Terms and Conditions and our prior approval, to transfer such account into another name or to withdraw money from it or both.
I. Errors and Changes
  1. Whilst we will try to operate your account accurately, mistakes may occur. If you are aware that an amount has been incorrectly credited or debited to your account you should notify us immediately. If you use funds with the knowledge that they were incorrectly transferred into your account, we may take steps to recover the money from you or take it from your account and take such other proceedings or actions as may be appropriate.
  2. If we become aware of an error we will notify you and amend the error accordingly, including removing any money incorrectly transferred into your account.
  3. We may vary, replace or amend these Terms and Conditions and any Special Conditions (other than the rate of interest, for which see A3 above) at any time for any of the following reasons (which may relate to circumstances existing at the time or those which are expected to apply in the near future):
    • to reflect general market conditions and standards (including the terms on which similar accounts are offered by other banks, building societies or anyone else providing financial services);
    • so that we can compete more effectively with any other providers of financial services;
    • to improve efficiency and/or reduce costs;
    • to give extra benefit to investors (including making the terms of accounts easier to understand);
    • to take account of changes in the law or taxation, decisions of an Ombudsman, Regulator or similar person or any Code of Practice with which we intend to comply;
    • to correct errors;
    • because you agree; or
    • because the needs of our business justify a change.
    We can also vary these Terms and Conditions for any other valid reason where we reasonably believe that change is appropriate.
  4. Please note that if we reasonably believe that an amendment does not disadvantage you or materially change the terms of your account it may be introduced with immediate effect. Notice will be given in accordance with point (i) below.
    • Any other variation will be effective only after 30 days’ personal notice is given to you.
    • Any amendment which, in our reasonable opinion, materially changes the terms of your account or disadvantages you will only be effective after 30 days’ notice of it has been given to you personally and we will ignore any notice period on your account for at least 60 days starting from the date of the notice so that you can, if you wish, change your account or close it. You will not have to pay any additional charges or additional interest as a result of changing or closing your account during this 60 day period.
  5. Details of our complaints procedure are available from the Saga Savings Team, PO Box 2264, Pendeford Business Park, Wobaston Road, Wolverhampton, WV9 5HZ. We will abide by the guidelines outlined under the Financial Services and Markets Act 2000 in seeking to resolve any complaint from you.
J. Governing Law and Jurisdiction
  1. These Terms and Conditions and the Special Conditions are governed by:
    • the laws of Scotland, if your last notified address is in Scotland; or
    • the laws of England and Wales, if your last notified address is anywhere else.
  2. You and we agree that the only courts to have jurisdiction over any dispute relating to your account or its operation will be:
    • the courts of Scotland, if your last notified address is in Scotland at the time proceedings are begun; or
    • the courts of England and Wales, if your last notified address is anywhere else at the time proceedings are begun.
K. Money Back Guarantee

Our accounts (excluding Fixed Rate Bonds) are covered by our 14 day money back guarantee. This gives you the opportunity to transfer your money to another account within 14 days or have your money back (including any set up fees where applicable) with interest, once all initial cheques have cleared.

General Online Terms and Conditions

(We strongly recommend that you print a copy of these conditions for your reference).

1. Definitions

In these conditions the following words shall have the following meanings:

‘The Account’ means any Saga Online Savings Account held with us.

‘We’, ‘us’, and ‘our’ mean Birmingham Midshires, a division of Bank of Scotland plc.

‘You’, ‘your’, and ‘yourself’ mean the person(s) who has (or have) entered into this agreement with us.

‘Additional security details‘ means the additional information you give us to help us to identify you.

‘Identity details’ means the access token we provide to you.

‘Username’ and ‘Password’ mean the name that we provide to you and the password you choose to identify yourself when you use our online service.

2. Using the service
  • These conditions apply to your use of our online service in relation to the Account. They explain the relationship between you and us in relation to our online service. You should read these conditions carefully to understand how these services work and your, and our, rights and duties under them. If there is a conflict between the conditions set out in this part, and those set out in General Conditions, these conditions will apply. This means that, where there is a conflict between, these General Online Terms and Conditions and the Special Conditions for Saga Online Savings Account, the Special Conditions will apply.
  • In this paragraph ‘we’ means Birmingham Midshires and Saga. ‘Saga’ means any company from time to time forming part of the Saga group of companies. By registering to use our online service, you accept these conditions and agree that we may communicate with you by email or through our web site. You must have a valid and current email address to enable you to open and operate the Account. We will not be liable if you use for the purposes of opening and operating the Account an email address which you are not entitled to use for these purposes (for example your employer's email address). We may also telephone you or write to you about the Account or to let you know about other products available from the Saga group of companies. If you do not want us to write to you or telephone you about other products, you should contact us on 0845 850 0664.
  • When you use our online service you must follow the instructions we give you from time to time. You are responsible for ensuring that your computer, software, and other equipment is capable of being used with our online service.
  • Our online service is secure. Disconnecting from the Internet will not automatically sign you off. You must always use the log off facility when you are finished and never leave your machine unattended while you are log in. As a security measure, if you have not used the site for more than a specified period of time we will ask you to log in again.
  • Saga and Birmingham Midshires have entered into an agreement under which Birmingham Midshires provide the Saga Online Savings Account to you. You hereby irrevocably authorise Saga as your agent, to take (or instruct Birmingham Midshires to take) any necessary steps in order to transfer your personal and/or sensitive personal data to any successor to Birmingham Midshires as provider of such services to and/or Saga customers.
3. Security
  • Once you have registered with our online service you must provide us with your username and identity details before we will allow you to use the services for the first time. We will send your username by post and identity details by email and you are responsible for ensuring that any email address you provide to us is safe and secure, and cannot be accessed or intercepted by any other person.
  • Every time you use our online service you must give us your username, your password, and the answer to an additional security question.
  • You can change your password online by following the instructions on the screen.
  • For administration or security reasons, we can require you to change your password before you use (or carry on using) our online service.
  • You must not write down, store (whether encrypted or otherwise) on your computer or mobile phone handset or anywhere else, or let anyone else know, your password, identity details, or additional security details, and the fact that they are for use with your account.
  • If you become aware that someone has unauthorised knowledge of any of your other bank details, you must tell us immediately as the details of your account with us may also be compromised.
  • If you think that someone else knows your password or any of your additional security details or identity details, or has used any of them to use our online service, you must do the following:
    • For your password, change it online as soon as possible. If you have difficulty changing your password, you must phone the Saga Savings Team on 0845 850 0664 immediately. You can give the Saga Savings Team your username if you phone them to change your password.
    • For your additional security details, you will need to phone the Saga Savings Team on 0845 850 0664 immediately to change your additional security details.
  • We will require you to obtain a crime reference number from the police if you believe someone has fraudulently used your account. We may give the police or any prosecuting authority any information they need if we think it will help them find out if someone else is using or has used your username, password, or any of your additional security details. In these circumstances you must provide us with all reasonable assistance we require.
  • We may keep any emails sent to or from us. We do this to check what was written and also to help train our staff.
  • If we think that:
    • Someone else is trying to use our online service for your accounts;
    • The wrong username, password or any of your additional security details has been used for your account;
    • You or someone else is using our online service illegally;
    • You are not keeping to these conditions or any of the conditions of your account or of any other accounts you hold with us (whether of this type or any other); or
    • Your username, password, or any of your additional security details might be known or used by someone else,
    We can stop you (or someone else) using our online service. We will tell you as soon as possible if we do this.
  • We may require you to provide one or more of the additional security details and/or enter your password again before we accept instructions about your account
  • You must not tell anyone your password or additional security details. You can give the Helpdesk your username if you need help to change your password or you need to report that someone else knows your password, username, or additional security details.
4. Your liability
  • You are responsible for all instructions and other information sent using your username, password, or additional security details.
  • You will not be held responsible for any instructions or information sent after you have told us that someone knows your password or additional security details provided that you have not acted fraudulently or with gross negligence. Failure to keep your password, identity details and additional security information secret may be considered grossly negligent.
  • We do not accept responsibility for any loss you or anybody else may suffer because any instructions or information you send us are sent in error, fail to reach us, are otherwise intercepted, or are distorted.
5. Changes to these conditions
  • We may change these conditions for any reason by publishing the amended conditions on our web site. Please see our General Conditions and Specific conditions to find out how we can change the conditions set out in those parts.
  • We may send all written notices to you at the last email address you gave us. You must let us know immediately if you change your email address, to make sure that we have your current and valid email address at all times. To inform us of a change of email address, you must contact our Saga Savings Team on 0845 850 0664. We will not accept an email sent into us from a new email address as proof of an email address change.
6. General

Our online service is available to UK residents only. If you reside outside the UK you can only use our online service to view information but not to open accounts or perform any transactions. If you want to use the service outside the UK to view information only you must check local regulations to make sure it is legal to do so. English law will apply to these conditions and any disputes arising will be subject to the exclusive jurisdiction of the English courts.

Special Conditions for Saga Online Top 5 Tracker Account

The Special Conditions are in addition and supplemental to the General Online Terms and Conditions. Where there are any contradictions the Special Conditions will prevail.

  1. The minimum balance on the account is £1. The maximum is £5 million per investor. The minimum transaction is £1 for a deposit or a withdrawal. A minimum operating balance of £1 must be maintained at all times.
  2. Interest. Variable interest rates are calculated in the following way.

    Account Launch Rates (annual and monthly) are no more than 0.25% gross below the average of the top five gross rates listed on the ‘Moneyfacts Savings Best Buys – Internet Savings Account’ page at 5pm on 30 April 2008.

    Monthly Rate changes: Starting from Monday 2 June 2008 we will change the interest rate on the Saga Online Top 5 Tracker Account each calendar month on the first working day of the month as follows:

    The interest rate will be no more than 0.25% gross below the average of the daily averages of the top five gross rates listed on ‘Moneyfacts Savings Best Buys – Internet Savings Account’ throughout the previous month. The daily average will be the rates quoted on the ‘Moneyfacts Savings Best Buys – Internet Savings Account’ page at 5pm on each working day.

    We will exclude any of the following from the average rate calculation:
    • A rate that is priced 0.50% gross or more above the second best buy rate.
    • A rate that includes a bonus.
    • A product that has any terms and conditions that prevent no notice access to a customer's investment or that only allow access subject to a charge/penalty.

    We guarantee that the Monthly Rate changes will be calculated in this way until 31 May 2010.

    Details of current and previous interest rates will be available from www.saga.co.uk/historicalrates.
    The latest rates will be available on www.saga.co.uk within 3 working days after they are changed.
  3. Interest is calculated daily and credited back to your Saga Online Top 5 Tracker Account annually on the anniversary of the first deposit or paid away to your nominated linked bank account. Monthly interest payments must be paid away on the first day of each month to your nominated linked bank account. Interest payments could take up to 4 banking days to reach your nominated linked bank account.
  4. Withdrawals can be made without notice or loss of interest.
    • You agree that we may undertake a search with a credit reference agency for the purposes of verifying your identity. To do so the agency may check the details you supply against your particulars on any database (public or other) to which they have access. They may also use your particulars in future to assist other companies for verification purposes. A record of the search will be retained.
    • If false or inaccurate information is provided and fraud is identified, details may be passed to fraud prevention agencies. Law enforcement agencies may access and use this information.
    • We and other organisations may also access and use this information to prevent fraud and money laundering, for example, when:
      • checking details on applications for credit and credit related or other facilities
      • managing credit and credit related accounts or facilities
      • recovering debt
      • checking details on proposals and claims for all types of insurance
      • checking details of job applicants and employees
    Please contact us at 01902 325424 if you want to receive details of the relevant fraud prevention agencies. We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.
  6. Linked Account. You must set up one Linked Account to operate your Account. A Linked Account must be a personal current account with Direct Debit facilities at a UK bank or building society. The Linked Account must be in your name. You will be able to transfer money between the Account and your Linked Account. The same conditions apply to any new linked account you may set up.
  7. Initial deposit. You must make the opening payment to your Account with a cheque for a minimum of £1 drawn on your Linked Account and made payable to yourself. Your name must be pre–printed on the cheque. Once we have made sure the details on the cheque correspond with your Linked Account we will pay it into the Account. You cannot pay any more cheques into the Account.
  8. Any subsequent payments must be made by direct debit from your Linked Account. No further cheque deposits / withdrawals will be allowed. Withdrawals from your account will be conducted by BACS transfer to your Linked Account and incur no handling charge.
  9. You can obtain details of our customer complaints process by contacting the Saga Savings Team on 0845 850 0664. Complaints which we cannot settle may be referred to the Financial Ombudsman Service.
  10. You can obtain details of our charges by calling our Saga Savings Team or visiting our website www.saga.co.uk/onlinesavings
  11. The Saga Online Top 5 Tracker Account cannot be held as a joint account. You can only open a Saga Online Top 5 Tracker Account in your own name. You may only select a linked bank account where you have the authority to do so. You are not permitted to have a link to a bank account on which you are not named, nor to a joint bank account where two names are required to authorise a Direct Debit. You are not allowed to have more than one linked bank account. If you wish to change your linked bank account details, you may amend them by deleting the original and adding another.
  12. Amendments to personal details may be required in writing.
  13. We reserve the right to suspend the issue of this account at any time.
  14. Power of Attorney. The Saga Online Top 5 Tracker Account cannot be opened and operated with Power of Attorney. Customers wishing to open the Saga Online Top 5 Tracker Account with Power of Attorney will be offered the same rates of interest on a telephone version of the Account.
  15. To Open an Account You must be 50 years of age or over. Applications to open an Account cannot be accepted from anyone who is not 50 or over unless you are a Saga employee.
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