Terms and conditions
General terms and conditionsPlease see additional sections for terms and conditions specific to each account type.
- These general terms and conditions apply to your Nationwide International account (the “account”), which one or more persons (“you”) hold with Nationwide International Limited (“the company/us/we/our”). For the purpose of these terms and conditions “working day” means Monday to Friday, excluding UK and Isle of Man Bank holidays.
- These terms and conditions are subject to the law and exclusive jurisdiction of the Isle of Man. Legal documents proving ownership or control of your money must conform to Isle of Man Law. In opening an account you agree to be bound by these terms and conditions.
- The company is a deposit taker licensed by the Isle of Man Financial Supervision Commission.
- Nationwide Building Society has given a legally binding guarantee under seal to discharge the liabilities of the company as its wholly-owned subsidiary insofar as the company is unable to discharge those liabilities out of its own assets. By opening an account you will not obtain any rights in or against Nationwide Building Society, nor acquire any shareholder rights in the company. Nationwide International accounts can only be opened and operated through our offices in the Isle of Man. You may not make deposits or withdrawals on your account through any office of Nationwide Building Society.
- Individuals have the right to refer complaints which we are unable to settle to the Isle of Man Financial Ombudsman Scheme.
- The maximum number of joint account holders is four. If you hold a joint account, then these terms and conditions apply to you individually and to all of you jointly. You can choose the order of the named account holders.
- On the death of a sole account holder the account may (at the option of the deceased’s personal representative under Isle of Man law) be continued or closed, in which event the capital value of the account plus any interest accrued is payable. Payments will be made to the deceased’s personal representatives under Isle of Man law. On the death of a joint account holder the account will be vested in the name(s) of the survivor(s).
- If we become aware that there is a disagreement relating to the account, or ownership of funds in the account (including a dispute between account holders), or that the account is being used for illegal purposes, we may freeze the account. No withdrawals or any other instructions may be carried out on the account, until we are satisfied that the account is not being used for illegal purposes or that the dispute has been settled. We are entitled to recover costs and make a reasonable charge for time and actions undertaken in relation to an account when funds have been frozen. We will not be liable for any losses arising as a result of an account being frozen.
- We may stop offering an account to new customers without telling you.
- We may from time to time issue other accounts with other terms, without at that time offering you the opportunity to transfer your investment into the new account free of these terms.
- If after opening a Sterling Instant Access, 60 Day Notice or Base Rate Tracker Premium account with a new deposit you are not happy with your choice of account, you may transfer the balance to another account with us or have your money returned to source without loss of interest, provided that you tell us of your intention within two weeks from the date the account was opened.
- We may vary these terms and conditions at any time. If we do this we will tell you within 30 days in writing and/or by advertisement in a weekly or daily UK national newspaper of our choice. Any such change(s) will be binding on all our customers.
- Communications will only be treated as valid when received at our Douglas office based in the Isle of Man.
- We will use our own exchange rates for currency conversions which may or may not be the best foreign exchange rate available at the time of transaction.
- We reserve the right to request up to date or additional information and/or documentation if you open additional accounts. For security reasons we may also ask you to prove your identity before allowing you to make a withdrawal or close your account.
- If you authorise someone who is not a named account holder to be a signatory on the account, then identity documents relating to that signatory must be provided.
- The source of funds deposited, the purpose of holding the account and the underlying source of wealth must be declared by you. We reserve the right to require additional information before permitting withdrawals.
- We may close your account provided we give you reasonable notice although we do not have to give you a reason for doing so.
- We may at our discretion and without giving any reason refuse to open an account or accept a deposit from any person.
- We are not responsible for failure of any machine, data processing system, transmission link or any industrial dispute or circumstances beyond our control which obstructs or disrupts any service we provide to you.
- You must tell us promptly in writing if you change your name, address or contact numbers. We reserve the right to request evidence of the new address. All written notices, statements and other information will be sent to the address of the first named account holder. If mail is returned from that address and we hold alternative communication details for you we will attempt to contact you but we will not send any further correspondence, action any withdrawal requests (including interest payments), until you have confirmed in writing your new address.
- If you think we have made an error on your account you agree to let us know promptly so that we are able to investigate the situation as soon as possible.
- We do not provide advice on the suitability of accounts offered to you by us nor do we exercise any judgement on your behalf, especially relating to your tax position and we shall not be liable for any loss arising as a result of you making use of the account offered by us. It is your responsibility to take independent advice as to the suitability of our accounts for your personal circumstances.
- Any information we hold about you is held exclusively by us in the Isle of Man, is not accessible by any other entity within the Nationwide group of companies and will be kept confidential and secure. We may only disclose it to another party either with your express consent or for any of the following purposes:
- to comply with Isle of Man legal and regulatory obligations, which may change over time; or
- to prevent, detect or investigate the commission of a criminal offence or a suspected criminal offence; or
- to comply with an Isle of Man court order.
- We can amend the variable interest rates on accounts from time to time without prior notice, but if we do this, we will tell you within 30 days in writing and/or by advertisement in a weekly or daily UK national newspaper of our choice.
- Interest will be calculated on a daily basis. 1 year is defined as 365 days for the purpose of Sterling interest calculations. For US Dollar and Euro interest calculations 1 year is defined as 360 days.
- Where we are permitted by law to pay interest gross, without deduction of tax, we will do so. Where law and regulations are in force which require us to deduct tax before paying interest, we reserve the right to make such deductions.
- With effect from 1 July 2005, if you are resident in a European Union (EU) member state you are subject to a retention tax in accordance with the arrangements under Isle of Man law for the implementation of equivalent measures to the EU Savings Tax Directive, unless you:
- opt for Exchange of Information, in which case your personal and account details will be disclosed to the Isle of Man Government, who will pass those details to the tax authorities of the EU member state in which you are resident; or
- declare to us that you are exempt from tax and provide us with an explanation of that status as we may require.
- If retention tax is applied to the interest paid on your account, we will advise you of the amount of tax deducted.
- We reserve the right to treat each party on an account independently for the apportionment of interest.
- It is your responsibility to declare the interest earned to the appropriate tax authority. Tax regulations and guidance may change and you should seek appropriate advice as required.
- When we publish the interest rate on your account, we will also quote the AER. This means the Annual Equivalent Rate which is a notional rate which illustrates the contractual rate as if paid and compounded on an annual basis.
Annual interest
- On accounts with annual interest, the interest is paid on the 31 March. Interest is also paid when the account is closed, this interest will be added to the capital value of the account.
- Annual interest can be: added to your account; paid to another Nationwide International account; paid directly to a Nationwide Building Society current or instant access account, or any other UK bank or building society current account; or paid into a bank outside the UK (subject to charges).
Monthly interest
- On accounts with monthly interest, interest is paid on the first working day of each calendar month. Interest is also paid when the account is closed, this interest will be added to the capital value of the account.
- Monthly interest can be: paid to another Nationwide International account; paid directly to a Nationwide Building Society current or instant access account, or any other UK bank or building society current account; or paid into a bank outside the UK (subject to charges). Monthly interest cannot be added to your account.
Deferred interest (this option was withdrawn for
new accounts opened after the 31 July 2009)
- On accounts with deferred interest, interest that would otherwise be paid annually on 31st March or on the first anniversary of the account, will not be paid to the account but will instead be deferred. Thereafter such deferred accrued interest is guaranteed to earn interest at the same interest rate as the capital in the account. Deferred interest can be paid in part, or in full once per financial year (1st April – 31st March). All accrued interest is paid when the account is closed, this interest will be added to the capital value of the account.
Interest on closure
- If you choose to receive interest on closure, interest accrued during the lifetime of the account will be paid to the account only at the time of closure. Accrued interest is not calculated on a compound interest basis. You can choose to receive interest on closure when you first open an account or you can change your existing interest option to interest on closure. Once you have chosen the interest on closure option on an account, it will not be possible to change it to a different interest option for that account.
Taking Money Out
- You can have access to the money in your account provided funds have cleared and are available for withdrawal and the amount of the withdrawal is in accordance with the minimum values as specified. We will only act on withdrawal instructions which are in writing and are signed in accordance with the mandate we hold. If you complete, and we agree to accept an appropriate authorisation form, we may also allow you to make withdrawals by fax, telephone and internet banking. Additional terms and conditions apply to our Telebanking and Internet Banking services.
- You can take money out of your account in the following ways:
- by direct electronic transfer (telegraphic transfer - CHAPS/SWIFT);
- by cheque;
- by BACS (Sterling accounts only); or
- by transfer to any other account you hold with the company.
- Withdrawals can be made in Sterling, US Dollars or Euro or any convertible foreign currency. We will charge you for certain types of withdrawal in accordance with our standard charges.
- Drafts drawn in a currency other than Sterling, US Dollars or Euro will take us longer to process and vary depending on the currency. More information is available on request.
- Electronic transfer instructions to a UK based bank must include the amount, currency, destination account name, account number and sort code.
- Electronic transfer instructions to a bank in the European Economic Area (EEA which comprises EU member countries, Iceland, Liechtenstein, Norway and Switzerland) must include the amount, currency, destination account name, IBAN and BIC/SWIFT Code. Intermediary bank charges may apply even if all the correct information is provided. If you do not provide the IBAN or SWIFT where applicable your payment may also be delayed, subject to additional intermediary bank charges or even rejected.
- Electronic transfer instructions to a bank outside the UK and EEA must include the amount, currency, destination account name, account number, Sort Code, SWIFT routing or other banking codes. When making an international electronic transfer you should be aware that supplementary charges may be levied by intermediary banks. You will be responsible for any such charges. If you do not provide us with the full and correct information, monies are likely to be delayed and potentially lost and we will not be responsible for any loss arising. SWIFT payments can take 3-5 working days or occasionally longer to reach the beneficiary bank however, we cannot guarantee the time taken as this will depend upon the local and intermediary banking system.
- We assume no responsibility for mail or other communication delays or external clearing system lead times or for any loss which may arise as a result of these.
- We will not be liable or responsible for not completing your withdrawal instruction if:
- you do not have sufficient cleared funds in your account; or
- you have not provided us with complete and correct payment instructions; or
- we have reason to doubt its authenticity; or
- you have not provided us with identification documents and or other information required by law and or regulations; or
- a legal order has prohibited withdrawals from your account; or
- we have reason to believe there is a dispute between joint account holders; or
- we have reason to believe there is a disagreement relating to the account or ownership of funds.
- We reserve the right to contact you regarding withdrawal requests in order to perform security checks. We will not be liable or responsible for the consequences of any delay or loss arising as a result of us being unable to contact you to complete our security checks. It is your responsibility to ensure that we are provided with accurate and up to date contact details including telephone numbers.
- You can pay money into your account in the following ways:
- by direct electronic transfer (telegraphic transfer - CHAPS/SWIFT);
- by cheque;
- by bank draft;
- by BACS or Standing Order; (for transferring Sterling and Euro only)
- by Direct Debit; (for transferring Sterling only)
- by transferring the money from any other account you hold with the company.
- Funds may be received by us in any currency. If we receive funds in your name for your account in a currency other than that in which your account is denominated, we will convert the payment into the currency of your account. This currency conversion will be performed without any further reference to you.
- Electronic transfers into a Sterling account advised and received by 11 am earn interest immediately. Electronic transfers into a Sterling account advised and received after 11 am start to earn interest on the next working day.
- Electronic transfers into a US Dollar account advised and received by 12 noon earn interest immediately. Electronic transfers into a US Dollar account advised and received after 12 noon start to earn interest on the next working day.
- Electronic transfers into a Euro account advised and received by 10 am earn interest immediately. Electronic transfers into a Euro account advised and received after 10 am will earn interest from the next working day following receipt.
- Payments received by electronic transfer must contain details of the ordering customer, together with details of your name and account number to enable us to credit your account. Where we receive payments electronically and they cannot be applied to your account for any reason they will be returned to source.
- If cheques are crossed they should be made payable to you or Nationwide International Limited. Payments should be sent with appropriate details enabling us to credit your account. Cheques drawn on a non-UK bank payable to you, the payee, must be endorsed by the payee on the reverse side of the cheque. To endorse a cheque you, the payee, must sign the back of the cheque in exactly the same way as your name(s) has been written in the payee section of the cheque.
- Cheques paid in using a currency other than that of the destination account will be converted once the money has cleared and is available. Your account will be credited with the currency equivalent amount at the date of conversion, less charges incurred by our bankers and correspondent/agent bank in accordance with our current standard charges. There are no charges for cheques received in Sterling or Euro drawn on a UK bank account but there may be charges if you pay money in using other methods in accordance with our current standard charges, details of which are available on request.
- Sterling cheque deposits drawn on a UK bank earn interest from the third working day following receipt and are available for withdrawal from the tenth working day following receipt.
- Cheques issued by Nationwide Building Society (this excludes personal cheques drawn on a Nationwide Building Society FlexAccount) earn interest from the next working day following receipt and are available for withdrawal on the day of receipt.
- US Dollar cheques drawn on a US based bank start to earn interest and are available for withdrawal on the twelfth working day following receipt. We will charge you for this type of cheque deposit in accordance with our standard charges.
- Cheques drawn in Euros on a UK bank account earn interest on the fifth working day after we receive them and will be available for withdrawal on the tenth working day following receipt.
- Cheques paid in using any currency, including Sterling or Euro, drawn on a non-UK bank, or cheques paid in US Dollars drawn on a non-US based bank will be sent for clearance through our bankers on a collection basis which can take up to eight weeks. Cheques paid through an international money order may also take several weeks to clear. These types of cheques will not earn interest until they have been cleared. Collection charges will normally be made by our bankers. We will not be responsible for delays in clearance times which are beyond our reasonable control.
- We will only treat cheques as valid for the six month period following the date on the cheque.
- We will not be liable in respect of any cheques being deposited which for reasons beyond our control are lost within the cheque clearing system.
Instant Access account
- A minimum balance of £1 is required to open an account. The maximum balance is £5 million per account. For monthly interest accounts a minimum balance of £1,000 must be retained or your account will be converted to the equivalent annual interest account.
- You have instant access, without loss of interest, to the money in your account provided funds have cleared and are available for withdrawal.
60 Day Notice account
- A minimum balance of £1 is required to open an account. The maximum balance is £5 million per account. For monthly interest accounts a minimum balance of £1,000 must be maintained or your account will be converted to the equivalent annual interest account.
- You have access to the money in your account provided funds have cleared and are available for withdrawal. You can give 60 days’ notice without loss of interest or have instant access subject to the loss of 60 days’ interest on the amount being withdrawn. If there is insufficient accrued interest to pay this penalty then the shortfall will be deducted from the capital balance of the account. Once your notice period is complete you have 10 calendar days to make your withdrawal, otherwise you will have to set a new notice period. (One single penalty free withdrawal of up to £10,000 is permitted in the company’s financial year, 1 April - 31 March).
US Dollar account
- A minimum balance of US$1,000 is required to open an account. The maximum balance per account is
US$5 million.
- The minimum amount for a withdrawal from a US Dollar account is US$500. You have instant access, without loss of interest, to the money in your account provided funds have cleared and are available for withdrawal.
Euro account
- A minimum balance of €1,000 is required to open an account. The maximum balance per account is €5 million.
- The minimum amount for a withdrawal from a Euro account is €500. You have instant access, without loss of interest, to the money in your account provided funds have cleared and are available for withdrawal.
Fixed Rate Bond accounts
- A minimum balance of £5,000 is required to open an account. The maximum balance is £5 million per account.
- The term of the account begins upon receipt of your deposit and matures on completion of the fixed rate period of the account.
- Issues of our Fixed Rate Bond accounts can be withdrawn at any time and without prior notice.
- Withdrawals and early closures are not permitted from a Fixed Rate Bond account and the bond may not be closed until maturity (other than on the death of the bond holder, see section 7).
- Additional deposits are not permitted during the term of the Fixed Rate Bond.
- On maturity, in the absence of contrary instructions, the proceeds of the Fixed Rate Bond will automatically be invested in the Nationwide International Instant Access account whose then current terms and conditions will apply.
- We are not obliged to communicate the expiry of the fixed rate period prior to the maturity of a Fixed Rate Bond account.
Bonus Access, Euro and US Dollar Bonus Access accounts
- A minimum of £5,000, €5,000 or $5,000 is required to open a Sterling, Euro or US Dollar Bonus Access account. The maximum balance is £5m, €5m or $5m per account.
- These accounts offer an introductory bonus rate for the first 12 months of the account. On the date that your bonus period expires, a statement will be sent showing the change in interest rate to your account.
- The interest rate is variable and we may change at any time the rate or rates of interest to be paid on your account. If we reasonably believe that the change is to your advantage or to reflect in a proportionate manner, changes in the Bank of England base rate we may do that without prior notification. Where we make a change in interest rates you will be notified either in writing or by the placement of an advert in a UK national newspaper
Provided funds have cleared for withdrawal these accounts permit 4 withdrawals free of charge of any amount, per financial year (1 April – 31 March). Further withdrawals are allowed at any time subject to an interest charge equivalent to 30 days’ loss of interest on the amount withdrawn. If there is insufficient accrued interest to pay this charge then the shortfall will be deducted from the capital balance of the account. Notice is not required, nor can be given to avoid the withdrawal interest charge.
Bonus 95 account
- A minimum of £5,000 is required to open a variable rate Bonus 95 account. The maximum balance is £5m per account.
- Our Bonus 95 account offers an introductory bonus rate for the first 12 months of the account. On the date that your bonus rate period expires, a statement will be sent showing the change in interest rate to your account.
- The Bonus 95 account does not permit any withdrawals without first serving 95 days notice. The option of early access to your funds by paying an early access charge is not available on our Bonus 95 account. We do not accept instructions or requests to place deposits on constant or rolling notice.
- On the date you set notice, we will require the exact amount, date of withdrawal, method of payment and the destination account details. We treat the period of notice as starting on the day we receive complete instructions from you provided those instructions are received prior to 4pm. Instructions to set notice which are received when our office is not open for banking business or after 4pm on a working day will be actioned on the next working day. If your notice expires on a day when our office is not open for banking business, we will action your withdrawal on the next working day. The consolidated total of all active notice requests may not exceed the balance held on the account.
- Internal transfers without notice from this account are only permitted to another Bonus 95 account or a Nationwide International fixed rate account of a longer term than 95 days.
- The Bonus 95 is a variable rate account and we may change at any time the rate or rates of interest to be paid on your account. If we reasonably believe that the change is to your advantage or to reflect in a proportionate manner, changes in the Bank of England base rate we may do that without prior notification. Where we make a change in interest rates which is outside of the above conditions, we will give 45 days notice of such a change and you will be notified either in writing or by the placement of an advert in a UK national newspaper.
Bonus 1+ account
- A minimum of £5,000 is required to open a variable rate Bonus 1+ account. The maximum balance is £5m per account.
- Our Bonus 1+ account offers an introductory bonus rate for the first 12 months of the account. On the date that your 12 month bonus rate expires, a statement will be sent showing the change in interest rate to your account.
- During the first twelve months and each subsequent 12 month period that the account is open, one withdrawal of up to 25% of the account balance is permitted without notice. Any subsequent withdrawals in that 12 month period or any withdrawal of an amount greater than 25% of the account balance are subject to 95 days notice being served. Additional funds placed on deposit after the instant access option has been used are also subject to 95 days notice. The option of early access to your funds by paying an early access charge is not available and we do not accept instructions or requests to place deposits on constant or rolling notice.
- Internal transfers without notice from this account are only permitted to another Nationwide International account which has a notice period equal to or greater than the Bonus 1+ account or a Nationwide International fixed account of a term longer than 95 days. In the event of transfers to another Bonus1+ account, transfers cannot be made where the one free withdrawal option has been used for that account year.
- On the date you set notice, we will require the exact amount, date of withdrawal, method of payment and the destination account details. We treat the period of notice as starting on the day we receive complete instructions from you provided those instructions are received prior to 4pm. Instructions to set notice received when our office is not open for banking business or after 4pm on a working day will be actioned on the next working day. If your notice expires on a day when our office is not open for banking business, we will action your withdrawal on the next working day. The consolidated total of all active notice requests may not exceed the balances held on the account.
- The Bonus 1+ is a variable rate account and we may change at any time the rate or rates of interest to be paid on your account if we reasonably believe that the change is to your advantage or to reflect in a proportionate manner, changes in the Bank of England base rate. Where we make a change in interest rates which is outside of the above conditions, we will give 45 days notice of such a change and you will be notified either in writing or by the placement of an advert in a UK national newspaper.
Telebanking
- We provide a telephone and fax banking service each working day during our normal opening hours. This service is provided exclusively in and from the Isle of Man.
- You are required to apply for this service by completing the relevant section of the application form, or completing an additional application for this service, including provision of a password. All parties to the account must sign to authorise and accept the special conditions of this service. To apply for this service the account signing mandate must be any account holder to sign.
- You must keep your password secure and not disclose it to anyone except other holders of the same account and our staff.
- You agree to inform us as soon as you can if you know or suspect that somebody other than holders of the same account knows your Telebanking password.
- Your Telebanking authorisation includes instructions given by fax or telephone from your agents or attorney as described in the third party authorisation or Power of Attorney lodged with us.
- You agree to indemnify us (in the absence of any negligence by us) against all claims, losses, costs, damages, demands, expenses and charges that may occur as a result of acting on or failing to act on instructions given by fax, telephone or internet banking.
- We reserve the right to refuse to act on instructions received by fax, telephone or internet banking if they are not in accordance with these conditions, or if the message conveyed is unclear or if a fraud is suspected. We will notify you as soon as reasonably possible if we have not acted, or will not be acting on an instruction given by fax, telephone or internet banking.
- You will not be liable for a transaction carried out by Telebanking which was not carried out by you except if you have acted without reasonable care, which shall be deemed to include failing to follow the safeguards of section 96 and or failing to comply with section 97.
- Withdrawal or transfer instructions given by fax, telephone and internet banking can only be made to a designated account or payee, or alternatively by cheque to your home address detailed within our records.
- There is no limit to the number of bank accounts or payees you can designate. Additional forms are available upon request. However, for security reasons, there can be no deviation from the list of designated account/payees when requesting a withdrawal or closure by fax, telephone or internet banking. Any subsequent amendments to your list of designated accounts must be given in writing and signed in accordance with your signing mandate.
- If a withdrawal instruction is received for a transfer to a bank account that is not designated, written confirmation must be received by post before the transaction can be acted on.
- You cannot instruct us to change your address using the Telebanking service. A request to change your address must be given in writing.
- The maximum amount that can be withdrawn by fax or telephone instruction is £5 million or the currency equivalent. A closure instruction by fax, telephone or internet banking cannot be processed if your balance exceeds £5 million or the currency equivalent.
- Withdrawals or closures can be made by electronic transfer, by BACS (Sterling accounts only), or by cheque. There is no charge for a BACS or cheque withdrawal but charges will be made for electronic transfers in accordance with our standard charges.
- Withdrawal and transfer requests received before the following UK times will carried out that working day. Requests received after the following UK times will be carried out on the next working day.
Transaction Type From a Euro account From a Sterling account From a US Dollar account Electronic Transfer 10.00 am 10.30 am 12 noon BACS Transfer n/a 3.00 pm n/a Sterling Cheque 3.00 pm 3.00 pm 3.00 pm US Dollar Cheque 3.00 pm 3.00 pm 3.00 pm Euro Cheque 3.00 pm 3.00 pm 3.00 pm Internal Transfer 4.00 pm 4.00 pm 4.00 pm
- We will record all telephone calls.
- When authorising a transaction by telephone we will ask you to provide a random sample of characters from your Telebanking password followed by the full details of the transaction(s) you require. These instructions will be read back to you for your confirmation. If you are unable to quote the correct characters from your password we will not carry out your instruction.
- When requesting a transaction by fax you must provide your full Telebanking password and full details of the transaction to be carried out. If you have not quoted your full password we will not carry out your instruction.
- When requesting a transaction using our Internet Banking service you will be asked to provide a random sample of characters from your Telebanking password.
- You must pay your own telephone, fax and internet charges resulting from using the Telebanking service.
Direct Deposit Service
- We provide a Direct Deposit service for making deposits into your Sterling account. You can apply for this service by completing the relevant form which instructs your bank or building society to pay by Direct Debit. This service is only available for transferring Sterling funds from a UK, Isle of Man or Channel Island bank or building society current account to your Sterling account with us. A Direct Debit cannot be set up on an account held outside the UK, Isle of Man or Channel Islands or on certain savings accounts. We reserve the right to carry out additional security checks prior to setting up the Direct Deposit facility on an account.
- You can make regular and/or one off deposit collections. If you wish to instruct us to make variable deposits by phone, fax, or internet banking you will need to set up Telebanking on your account. If you do not set up Telebanking, instructions for variable deposits must be given in writing.
- It will take 6 working days to set up this facility and 3 further working days before your first deposit can be collected. This allows us to notify your UK bank or building society of our intention to collect funds from your account. If the commencement date for your regular payment falls within this period, your first deposit will be collected on the 9th working day following receipt of your instruction and then on your chosen date from thereon.
- The amount will be collected from your account on your chosen day. If you have selected to have funds collected periodically, by using our Telebanking service, you can authorise your deposit instruction by either telephone, fax or when registered by our Internet Banking service. If your instruction is received before 3 pm on a working day, the transaction will be processed the same day. Instructions received after 3 pm will be processed on the next working day.
- Your deposit will start to earn interest on the day of collection and these funds will be available for withdrawal on the 6th working day after your instruction has been processed.
- You can amend or cancel your regular deposit amount or frequency at any time by advising us in writing. We will charge you if a deposit is returned by your bank as unpaid due to insufficient funds, in accordance with our standard charges. If 3 deposits are returned by your bank/building society as unpaid due to insufficient funds during a 12 month period, your Direct Deposit facility will be automatically cancelled and you will be advised in writing.
- As the Direct Deposit service is part of the UK Direct Debit Scheme, all payments are covered by the Direct Debit Guarantee which is offered by all banks and building societies that take part in the Direct Debit Scheme. The efficiency and security of the scheme is monitored and protected by your own bank or building society. If the amount to be paid or the payment dates change, we will notify you within 10 working days in advance of your account being debited, or as otherwise agreed. If any error is made by us or your bank or building society you are guaranteed a full and immediate refund from your branch of the amount paid. You can cancel a Direct Debit at any time by writing to your bank or building society.
Other terms and conditions
- Additional terms and conditions apply to our Internet Banking service. If you apply online and wish to use our Internet Banking service, you should read our Internet Banking terms and conditions. These can be viewed on our website and will also be made available to customers registering for or authorising use of this service.
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