General Investment Conditions
Birmingham Midshires is the deposit taker for the Saga Savings Accounts. The General Investment Conditions should be read together with any Account Conditions relating to your specific deposit account. If there is any conflict between these General Investment Conditions and the Account Conditions then the Account Conditions shall have priority. The General Investment Conditions apply to all Saga Savings Accounts provided by Birmingham Midshires.
Saga Internet Saver Issue 4 Account Conditions
Our agreement with you is made up of general conditions contained in the Saga General Investment Conditions (General Conditions) and the Saga Internet Saver Issue 4 (Account) Conditions below. If there is any overlap or conflict between the Account Conditions and the General Conditions, the Account Conditions apply. In these conditions “we”, “our” and “us” means Bank of Scotland plc – Birmingham Midshires is a division of Bank of Scotland.
The Account is a variable interest rate savings account that is operated online, and we treat this as a payment account. We explain what a payment account is in condition 1 of the General Conditions. You will see from conditions 18 and 19 of those conditions that we may treat payment and non-payment accounts differently if we make any changes to your conditions or interest rate.
1. ELIGIBILITY
1.1 To have an Account you must be 50 or over and resident in the UK.
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OPENING AND USING YOUR ACCOUNT
2.1 The minimum opening balance is £1 and the maximum balance is £1 million.
2.2 Your opening payment should be a cheque from your Linked Account made payable to yourself (see condition 6 for more information about your Linked Account). Once we have made sure the details on the cheque match your Linked Account we will pay it into your Account.
2.3 To run your Account you must contact us online. We will not accept instructions by e-mail or post, other than as outlined in condition 2.5.
2.4 This Account is only available as a sole account so it cannot be held in joint names. You can only open the Account in your own name.
2.5 You will need to write to us to change your personal details, as these cannot be changed by telephone or online.
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PUTTING MONEY IN YOUR ACCOUNT
3.1 Deposits into your Account are unlimited, subject to the maximum and minimum balance in condition 2.1.
3.2 After your first payment in by cheque (referred to in condition 2.2) any payment in must be made by direct debit from your Linked Account and deposits by cheque will not be allowed.
4. TAKING MONEY OUT OF THE ACCOUNT
4.1 Withdrawals from your Account are unlimited, subject to the maximum and minimum balance in condition 2.1.
4.2 When you ask us to do so, we will move money from your Account to your Linked Account by Faster Payments Service. Withdrawal by cheque will not be allowed.
5. INTEREST
5.1 Interest is calculated daily.
5.2 The Account pays a variable interest rate. The gross annual interest rate will not exceed 8.00% or be less than 0.25%. Subject to the 8.00% maximum and 0.25% minimum, the rate will be no less than 2.00% below the Bank of England Bank Rate.
5.3 We will pay you a bonus on the money in your Account from the day we start to pay interest on your opening cheque deposit (see condition 5.2 of the General Conditions) until 12 months after the date we credit that deposit to your Account. The percentage bonus you will receive can be found on www.saga.co.uk. The bonus will be paid into the account that your interest is paid into – see condition 5.4 for more information.
5.4 If you have chosen to receive interest monthly, this will be paid on the first bank working day of each month. If you have chosen to receive interest yearly, this will be paid 12 months after the date we credit your Account with your opening deposit, or if that is not a bank working day, the first bank working day after that. Interest can be paid into your Account, to another Saga account or to another bank or building society account – you will make this choice when you open your Account. Interest payments will reach non Saga accounts on the next bank working day.
6. LINKED ACCOUNT
6.1 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. It may be in your name jointly with another person, but only if either of you can set up direct debits on the Linked Account. You will be able to transfer money between your Account and your Linked Account. The same conditions apply to any new Linked Account you may set up. If you wish to change your Linked Account details, you may amend them by deleting the original and adding another while online.
7. CANCELLATION.
7.1 If you are not happy with your choice of Account, you can cancel it at any time. There are no charges for cancelling your Account and you do not have to give any advance notice. To cancel this agreement please close the Account online and we will transfer your money to your Linked Account.
Issue date: 17 May 2012