Regular Saver Bond - Account Terms
Account Terms - Regular Saver Bond, effective from 6 April 20161. You must read these Account Terms which include the relevant ‘Summary Box – Key Product Information’ with our ‘Fixed Term Bond Rate Guide’ and General Conditions (including the ‘Account Specific Terms & Conditions’ applicable to all Bonds and applicable to Fixed Rate Bonds & Variable Rate Bonds which are in the current edition of our ‘Savings terms and conditions leaflet’), which also apply to these Bonds. If there is any conflict between these Account Terms and the General Conditions, these Account Terms will prevail.
2. The minimum age for opening this Bond is 16 years.
3. The Bond can be opened as a Joint Account but this offer is limited to only one Bond of any given issue number for each customer. (The Bond issue number is stated in our ‘Fixed Term Bond Rate Guide’ and will also be shown on account statements).
4. The initial Investment into your Bond must be made by cash, cheque, faster payment or by transfer from another Principality Account (if permitted by the terms of that Account).
5. The minimum initial Investment in your Bond is £20 and the maximum monthly Investment is £500. The maximum balance is £6000.
6. Subject to the limits in Account Term 5 you can make further Investments in your Bond as you wish.
7. The Account Rate for your Bond is shown in the ‘Fixed Term Bond Rate Guide’ and is a Fixed Account Rate until Maturity, subject to Account Term 11.
8. Each Investment after the initial Investment must be made by cash, cheque, standing order, faster payment or by transfer from another Principality Account (if permitted by the terms of that Account).
9. Your Bond will mature on the first anniversary of the date on which it was opened (‘Maturity’).
10. Interest will be added to your Bond on Maturity and will be calculated on a daily basis 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. Interest will be paid into the Bond account which accrued the interest.
11. If you close your Bond before Maturity the Account Rate for the entire period from opening to closure of your Bond will be the Reversion Rate which will be the Variable Account Rate for our Instant Access Account, or nearest equivalent then available. Prior to Maturity you will not be permitted to withdraw any money from your Bond.
12. On Maturity the Account Rate and Account Terms for your Bond will be the Variable Account Rate and the Account Terms that apply to our Instant Access Account, or nearest equivalent then available.