Promise Saver Account Terms
You must read these Account Terms (which include the ‘Summary Box – Key Product Information for our Promise Saver Account’) with our ‘General Conditions’ (including the applicable ‘Account Specific Terms’) which are in the current edition of our ‘Savings Terms & Conditions’ and also apply to the account. If there is any conflict between these Account Terms and the General Conditions, these Account Terms will prevail.
Account Terms - effective from 7th June 2016
1. Your Account Rate is variable in accordance with General Conditions 74 to 78 and from the date you open your Promise Saver Account, the Account Rate payable will be as shown in the Summary Box overleaf.
2. The minimum age for investment is 16 years old.
3. The minimum investment you are required to make into your Account is £500 and the maximum investment is £2,000,000. The initial investment into your Account must be made by cash, faster payment, cheque or transfer from another Principality Account (where the terms of that Account permit).
4. The minimum balance of £500 must be maintained in order to operate your Account.
5. You can continue to make investments into your Account provided you do not exceed the maximum balance of £2,000,000.
6. Existing customers who wish to transfer funds in their maturing Principality Fixed Term Bond to open this Account can do so in branch, agency, online or by post. All other customers can only open this Account in branch or agency. Once opened, this Account can be operated in branch, agency or by post.
7. If no more than two withdrawals (closure will count as a withdrawal) are made during a calendar year (1 January to 31 December), a bonus interest rate of 0.50% will be paid in addition to the core Account Rate.
8. In order to make a withdrawal from your Account or to close it you are required to give us 30 days’ written notice of withdrawal or closure. Where less than 30 days’ notice is given, you must give up 30 days’ Gross interest on the amount withdrawn.
9. You can make an unlimited number of withdrawals subject to the limits set out in conditions 44 and 46 of the General Conditions, subject to possible loss of bonus and subject to loss of interest if you fail to give adequate notice.
10. Core Account Rate interest is calculated daily. You can choose to have your interest paid annually or monthly.
11. Annual interest will be paid as set out in General Condition 38 in the ‘Savings Terms & Conditions’ booklet. Annual interest may be added to this Account, paid into another Principality savings Account or paid by direct credit transfer to another UK bank or building society account.
12. Monthly interest will be paid as set out in General Condition 39.2 in the ‘Savings Terms and Conditions’ booklet. Monthly interest must be paid into another Principality savings Account or paid by direct credit transfer to another UK bank or building society account.
13. Bonus interest is calculated daily. Eligible bonus payments will be made annually on 1 January and on closure. The bonus will be paid to you in the same way as you have elected to receive your annual or monthly interest.
* Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law