In these conditions ‘we’, ‘our’ and ‘us’ means Bank of Scotland plc – Birmingham Midshires is a division of Bank of Scotland.
Our agreement with you is made up of three kinds of conditions:
The General Savings Conditions (‘general conditions’) which include the main terms for your savings account and for our overall relationship with you.
If an additional or Account condition conflicts with a general condition, the additional or Account condition applies.
Our general conditions explain that we treat payment and non-payment accounts differently when we make any changes to your conditions or interest rate. This account is a payment account.
You can find out about the current interest rate for your Account by calling 0345 850 0664 or going online at www.saga.co.uk.
Opening a Telephone Easy Access Account
To open a Telephone Easy Access Account you:
Must be 50 or over and a UK resident.
Must deposit at least £1.
Can apply online or by telephone.
Can apply in sole or joint names.
Must set up a linked personal current account in your name (either solely or jointly) with us or another UK bank or building society so you can pay money into and out of your Account. You (and any joint account holder) must be able to set up Direct Debits on your linked account.
Must make your first payment by cheque from your linked account, payable to yourself.
Having an Telephone Easy Access Account
Our interest on Telephone Easy Access Account:
Is variable and can change.
May depend on the balance in your Account (please check your interest rate details).
Is calculated daily.
Will be paid on the interest payment date you choose when you open the account. This can be either:
yearly on the anniversary of the Account opening date (if this day falls on a non-bank working day, interest will be paid on the next bank working day; or
monthly on the first bank working day of each month.
Is paid into your Account, unless you ask us to pay it to a different account with us or another bank or building society when you open your Account.
Operating your Telephone Easy Access Account:
The end of your 12 month Telephone Easy Access Account term