5 Year Fixed Rate Bond Account Terms

1. You must read these Account Terms which include the relevant ‘Summary Box’ and General Conditions (including the applicable Account Specific Terms which are in the current edition of our ‘Savings Terms & Conditions’), which 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 Bond can be opened as a Joint Account with a maximum of 2 Bond Holders, but this offer is limited to one Bond per customer.
3. The minimum Investment in your Bond is £500 and the maximum Investment is £20,000 if the Bond is opened in a single name or £40,000 if the Bond is opened in joint names.
4. Provided you do not exceed the maximum Investment specified in Account Term 3 you can continue to invest in your Bond whilst it remains open for new applications.
5. The Account Rate for your Bond from the date of opening until its end of the fixed term will be as shown in the Summary Box.
6. If you choose Monthly Interest your interest will be paid one month after the date on which your Bond is opened, and then monthly after that, and may be paid to another Principality Account or another UK Bank or Building Society account by direct credit transfer. Direct credit transfers are subject to a minimum of £5 being payable as set out in the General Terms.
7. Following Maturity the Account Rate and Account Terms for your Bond will be the Account Rate and the Account Terms that apply to our Instant Access Account, or nearest equivalent then available.
8. The Bond has a fixed term of three years starting on the date you open your Bond and ending on the third anniversary of that date (‘Maturity’).
9. If you choose Annual Interest it will be paid annually on the anniversary of opening your Bond and may be added to your Bond or paid to another Principality Account or to another UK Bank or Building Society account.
10. No withdrawals permitted prior to Maturity. Closure permitted subject to loss of 270 days’ gross interest. Where you close your Bond before you have earned 270 days’ gross interest we may deduct the difference between the amount of interest you have earned and 270 days’ worth of gross interest from the balance in your Bond and then pay the remaining balance to you.