From 31 October 2023, we’re making changes to our terms and conditions, to make them clear and simple for you to understand.
Here are our new Savings Account Terms and Conditions. You should download and print or save a copy for your records.
Here’s a summary of the updates
1. Making payments and withdrawals
We now provide more information about when we could refuse to accept cash payments into your account. For example, if we ask you for evidence of the source of the money and you can’t provide it. Please see section 3 in the Savings Account Terms and Conditions for details.
A cheque you've deposited can be returned unpaid up to 4 business days after we have received it. If this happens, we’ll remove the amount of the cheque from your savings account.
The maximum you can now withdraw by cheque from a branch is £125,000. If you require a cheque for a higher amount, please contact us to arrange this.
2. Refusing a withdrawal
We can refuse to process a withdrawal from your account in several circumstances. For example if the request comes from a third party that doesn’t have consent to act on your behalf. Please see section 4 in the Savings Account Terms and Conditions for the full list.
We've added some additional reasons for when we can close your account. For example, if you try to use your savings account illegally or for criminal activity. Please see section 9 in the Savings Account Terms and Conditions for details.
4. Charitable Assignment
We've removed details of our charitable assignment from the terms and conditions because they’re already contained in our application forms.
Frequently asked questions
Do I need to confirm I am happy with the changes?
No, the Savings Account Terms and Conditions become effective from 31 October 2023, unless we hear from you before then, we'll take it that you’re happy to accept the changes.
I have a Fixed Rate Bond, can I close my account because of these changes?
No, Fixed Rate Bonds will remain unaffected by the changes until the fixed term ends, so you won’t be able to close your account before then.
I have a Fixed Rate ISA, can I close my account because of these changes?
No, Fixed Rate ISAs will remain unaffected by the changes until the fixed term ends, so you won’t be able to close your account before then due to these changes. In line with your existing terms and conditions, if you close your account early you will incur an interest penalty so you may get back less than you paid in.
I have a Notice Account, can I close my account because of these changes?
No, Notice Accounts will remain unaffected by the changes until 31 October 2023 plus your account notice period. So, you won’t be able to close your account without giving the standard notice period.
I have an Easy Access Savings Account, can I close my account because of these changes?
If the changes aren't suitable for you, you have the option to close the account before they take effect.
If you’re thinking about closing an ISA or Child Trust Fund, please contact us so we can help make sure your money keeps its tax-free status. If you're a personal representative on an account, you'll still need to provide any documentation we've asked you for before the account can be closed.
Will I get a notification for each of my savings accounts?
You will only have received one notice of these changes, even if you have multiple savings accounts with us or act as a personal representative, trustee or power of attorney for different accounts.