BM Internet Saver Account Conditions
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.
The Account conditions below.
Any other additional conditions including the details of interest rates, charges and other terms that apply to a specific account or service, for example, in application forms, rates leaflets, letters or on our website.
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 602 2828 or going online at www.birminghammidshires.co.uk
Opening an Internet Saver Account
To open an Internet Saver Account you:
Must be 18 or over and a UK resident.
Must deposit at least £1.
Can apply online.
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 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.
Can only open the account in your sole name.
Having an Internet Saver Account
Our interest on Internet Saver 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 Internet Saver Account:
After your first payment by cheque, all payments in must be by Direct Debit from your linked account.
Unlimited payments in up to £10 million.
Unlimited withdrawals to your linked account by electronic transfer.
You can view and print off your statements online.
The end of your 12 month Internet Saver Account term
At the end of your Internet Saver Account:
Your Account will automatically become a Standard Saver Internet Account. This will happen on the first working day after the 12 month period following your first deposit. Your account number and sort code will not change. We will write to you before the end of the 12 month period and provide you with the conditions for your Standard Saver Internet Account. We may also provide you with information about other accounts we are able to offer you.
Issue date: 30 March 2017
BM General Savings Conditions
These General Savings Conditions should be read together with any Account conditions relating to your specific deposit account. If there is any conflict between these General Savings Conditions and the Account conditions then the Account conditions shall have priority. The General Savings Conditions apply to all Birmingham Midshires savings accounts.
General Savings Conditions for savings accounts effective from June 2016