1 Year Fixed Rate Members Bond (Issue 30) - Terms & Conditions (Closed Account)
Specific Terms and Conditions of the One Year Fixed Rate Members Bond (Issue 30)
1- Investment Limits
The minimum investment amount is £2,500. The maximum investment amount is £25,000 for a sole application or £50,000 for a joint application. Only one account per person or one joint account may be opened. This account is only available to customers who were members of the Society as at 31st December 2015.
2 - Further Investment
Once you have opened your bond it is not possible for you to add any further funds.
3 - Cancellation
You do not have the right to cancel this fixed rate bond once you have opened it. You should not invest if you think you will need to access your money during the term of your bond.
4 - Withdrawals
No withdrawals or closure of the account is allowed until after the maturity date. The account may be closed without penalty or notice should the investor die before maturity.
5 - Interest
Interest is calculated on a daily basis, can be paid net or gross to non-tax payers and is fixed for one year at 2.00% AER/Gross for annual interest only. Interest is paid on maturity.
6 - Maturity
Your bond will mature on the anniversary of the date of opening. We will write to you prior to maturity informing you of current investment options available at that time. As this is a one year bond, no annual interest statement will be sent.
If your instructions have not been received before the bond maturity date, the proceeds of your matured bond will be transferred into a new Fixed Rate Bond of equal or shorter term with the same access rights. A 30 day cooling off period will be applied when the investment matures and is re-invested into another bond. If there is no such bond available at the time, the proceeds will be transferred into an Escalator Instant account or its equivalent.
7 - Terms and Conditions
These Specific Terms and Conditions apply to this bond in addition to our General Terms and Conditions for Savings Accounts. Where there is any inconsistency between the General Terms and Conditions for Savings Accounts and the Specific Terms and Conditions, the Specific Terms and Conditions will apply.