Dylan's Regular Saver Bond Account Terms
1. You must read these Account Terms which include the ‘Summary Box’ with our General Conditions (including the ‘Regular Saver Bonds Account Specific Terms’ section ‘Regular Saver Terms’ which are in the current edition of our ‘Savings terms & conditions’ leaflet) and also apply to this Bond. If there is any conflict between these Account Terms and the General Conditions, these Account Terms will prevail.
2. The maximum age for opening this Bond is 17 years.
3. Only one Bond can be opened for each child.
4. The minimum initial Investment in your Bond is £10 and the maximum monthly Investment is £150. The maximum balance is £5400, excluding any interest added to the Account.
5. The opening amount (first month's payment) paid into your Bond must be paid by cash, cheque, faster payment or transfer from another Principality Account (if permitted by the terms of that Account), but any remaining monthly Investments must be made by cash, cheque, faster payment, standing order or transfer from another Principality Account (if permitted by the terms of that Account).
6. Subject to the limits in Account Term 4 you can make further Investments in your Bond as you wish.
7. Your Bond has a fixed term of three years and will come to an end on the third anniversary of the date on which it was opened (‘Maturity’).
8. Interest will be calculated daily and paid annually on the anniversary of opening your Bond so that interest on each Investment will be calculated over the period for which it is actually invested and not the entire period of your Bond.
9. If your child is aged 14 or under at the time of account opening, on Maturity the money in your Bond will be transferred in to our Children's Account (or equivalent) which has a Variable Account Rate and the investment will then be subject to the terms and conditions of that Account.
10. If your child is aged 15 or over at the time of account opening, on Maturity the money in your Bond will be transferred in to our Instant Access Account (or equivalent) which has a Variable Account Rate and the investment will then be subject to the terms and conditions of that Account.
11. A Bond can only be opened by a parent, grandparent, other relative or legal guardian of the child for whom the Bond is opened.
12. If your child is aged 14 or over, they can open a Bond on their own, providing they have the required proof of identity.
13. You may close your Bond prior to Maturity.
14. No partial withdrawals permitted prior to Maturity.
15. The Account Rate for your Bond is shown in the Summary Box and is a Fixed Account Rate until Maturity.