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 Telephone Saver Issue 4 Conditions
Our agreement with you is made up of general conditions contained in the Saga General Investment Conditions (General Conditions) and the Saga Telephone 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 by telephone, 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 for each depositor.
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 by telephone. We will not accept instructions by e-mail or post, other than as outlined in condition 2.5.
2.4 For joint accounts, once the appropriate passwords are in place, either signatory can have access to the Account for deposits and withdrawals. It is the joint responsibility of the Account holders to make sure they are happy that they can access the Account from their Linked Account without getting the other Account holder’s permission.
2.5 You will need to write to us to change your personal details, as these cannot be changed by telephone or online.
2.6 When using your Account we will ask you to provide us with the security passwords which have been set up on the Account. We can stop any transactions on your Account if we think that someone else is attempting to use your Account or it is being used for an illegal purpose.
2.7 We can ask you to change your passwords if we think it is necessary for administrative or security reasons.
2.8 If you think that someone else knows any of your passwords then you must tell us as soon as possible by calling 0845 850 0664, and you must assist us in investigating any actual or suspected unauthorised use of your Account.
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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 to your Linked Account by Faster Payments Service. Withdrawals 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 is set out in the Account brochure. 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 from a Saga Savings account to another bank or building society account will reach the other account on the next bank working day.
6. LINKED ACCOUNT
6.1 You must set up one Linked Account to operate the 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. If your Account is in joint names, the Linked Account can be in either or both of your names. 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.
7. CANCELLATION
7.1 If you are not happy with your choice of account, you can cancel it within 14 days of opening your Account or receiving your welcome letter, whichever is later. We will then help you to move to another account we offer or will return your money to you with any interest you have earned. To cancel this agreement please write to us at Saga Savings Team, PO Box 2264, Pendeford Business Park, Wobaston Road, Wolverhampton, WV9 5HZ. There are no charges for cancelling your Account and you do not have to give any advance notice.
Issue date: 17 May 2012