Account conditions Wolves gold account
Our agreement with you is made up of general conditions contained in the Birmingham Midshires General Investment Conditions (General Conditions) and the Birmingham Midshires Wolves Gold Account (Account) Conditions below. If there is any overlap or conflict between the Account Conditions and the General Conditions, the Account Conditions apply. In these conditions “we”, “our” and “us” means Bank of Scotland plc – Birmingham Midshires is a division of Bank of Scotland.
The Account is a variable interest rate savings account which is operated by telephone, and we treat this as a payment account. (We explain what a payment account is in condition 1 of the General Conditions. You will see from conditions 18 and 19 of those conditions that we may treat payment and non payment accounts differently if we make any changes to your conditions or interest rate).
1. ELIGIBILITY
1.1 To have an Account you must be 16 or over.
2. OPENING AND RUNNING YOUR ACCOUNT
2.1 The minimum opening balance is £1 and the maximum balance is £5,000,000 for each depositor.
2.2 You can withdraw or deposit a minimum of £1.
2.3 To open an Account you must make the opening payment to your Account by writing a cheque made payable to yourself from your linked account (see condition 4 for more information about your linked account). Your name must be pre-printed on the cheque. Once we have made sure the details on the cheque match your linked account we will pay it into the Account. Payment in after the first payment must be made by Direct Debit from your linked account. No further cheque deposits are allowed.
2.4 Deposits and withdrawals from your Account are unlimited, subject to the maximum and minimum balance in condition 2.1. When you ask us to do so, we will move money from your Account to your linked account by Faster Payments Service. Withdrawal by cheque will not be allowed.
2.5 To run this Account you must contact us by telephone. We will not accept instructions by e mail or post, other than outlined in condition 2.7.
2.6 For joint accounts, once the appropriate passwords are in place, either signatory can have access to the Account for deposits and withdrawals. It is the joint responsibility of the Account holders to make sure they are happy that they can access the Account from their linked account without getting the other Account holder’s permission.
2.7 You’ll need to write to us to change your personal details, as these cannot be changed by telephone or online.
2.8 When using your Account we will ask you to provide us with the security passwords which have been set up on the Account. We can stop any transactions on the Account if we think that someone else is attempting to use your Account or it is being used for an illegal purpose.
2.9 We can ask you to change your passwords if we think it is necessary for administrative or security reasons.
2.10 If you think that someone else knows any of your passwords then you must tell us as soon as possible by calling 0845 602 2828, and you must assist us in investigating any actual or suspected unauthorised use of your Account.
3. INTEREST
3.1 Interest is calculated daily.
3.2 The Account pays a variable interest rate.
3.3 If you have chosen to receive interest monthly, this will be paid on the first day of each month. If you have chosen to receive interest yearly, this will be paid 12 months after the date we credit your Account with your opening deposit, or if that is not a bank working day, the first bank working day after that. Interest can be paid into your Account, to another Birmingham Midshires account or to another bank or building society account – you will make this choice when you open your Account. Interest payments will reach non Birmingham Midshires accounts on the next bank working day.
4. LINKED ACCOUNT
4.1 You must set up one linked account to operate your Account. A linked account must be a personal current account with Direct Debit facilities at a UK Bank or Building Society. The linked account must be in your name. It may be in your name jointly with another person, but only if either of you can set up direct debits on the linked account. If the Account is in joint names, the linked account can be in either or both of your names. You will be able to transfer money between the Account and your linked account. The same conditions apply to any new linked account you may set up.
5. COOLING OFF
5.1 If you are not happy with your Account, you can cancel it at any time. We will then help you to move to another account we offer or will return your money to you with any interest you have earned. To cancel this agreement please write to us at Birmingham Midshires Savings Team PO Box 81, Pendeford Business Park, Wobaston Road, Wolverhampton, WV9 5HZ. There are no charges for cancelling your Account and you do not have to give any advance notice.
Issue date: 24 November 2011
BM general investment conditions
These general investment conditions should be read together with any special terms and conditions relating to your specific deposit account. If there is any conflict between these general investment conditions and the special terms and conditions then the special terms and conditions shall have priority. The general investment conditions apply to all Birmingham Midshires savings accounts.
Interest will be paid net after income tax (currently 20%) has been deducted. If you're a higher rate tax payer you may have a further amount to pay. If we deduct more tax than you have to pay this can be reclaimed from HMRC. Please contact our Wolves savings team if you wish your interest to be paid gross.
If you're opening a joint account, it is possible for interest to be paid part net and part gross to a maximum of four account holders, one of whom must be a non-tax payer.
Tax certificates
If you need a tax certificate for the present or past tax years, you can get one by writing to the Wolves savings team at our corporate centre:
Wolves savings team
Birmingham Midshires
PO Box 81
Wobaston Road
Wolverhampton WV9 5HZ
Non - taxpayers
If you think that you may not have to pay income tax, for instance if you're retired, you should read the HMRC leaflet IR111 'Bank and Building Society Interest. Are you paying tax when you don't need to?'. You can get one from your local tax office and some post offices. If you do not have to pay tax on your Savings then please contact our Savings and Investments Team.
Back dated tax
If you have paid tax on your savings that you shouldn't have, you have five years from 31 January after the end of the tax year for which you're claiming back tax to make your claim. For example, if you paid more tax than you needed to for the tax year 2004-2005, you have until 31 January 2011 to claim your tax back