4 year internet fixed rate bond (monthly interest)

Benefits and features

• Guaranteed rates - so you always know how much your savings will earn
• Save from just £1 - up to £10 million, or £20 million for joint accounts
• Straightforward account information - with full and mini-statements
• Safe online banking - with secure password protection.

At a glance

Rates	Term	Save From	Access	Features	Balance after 12 months (£1k investment)
4.07 4.07% Gross p.a. 4.15% AER* 3.26% Net	4 year	£1	Permitted subject to a loss of interest charge Manage online		£1040.70
The estimated balance is for illustrative purposes only. It is based on the gross rates shown and assumes that the interest rate and rates of tax remain constant.

• Single account holder only
• Joint account holders available
• Apply online
• Apply by telephone
• Monthly interest
• Annual interest
• ISA transfers allowed
• Interest on maturity

Risks and commitments

• Linked Account - you’ll need a ‘Linked Account’ which must be a UK bank or building society personal current account with Direct Debit facilities. The Linked Account must be in your name only or a joint account, but only if either of you can set up direct debits. You'll be able to transfer money between the BM Savings account and your Linked Account. If you set up a new Linked Account, the same conditions apply.
• Interest - calculated daily and credited to the account or your Linked Account on the first day of each month. Interest paid to your Linked Account could take up to 4 bank working days to clear.
• Limited issue - the bond has a limited amount of money that can be invested in it, so we urge you to invest before the issue is fully subscribed.
• Withdrawal charges - you should leave your money in the account for the full term. Withdrawals are allowed subject to a loss of interest. See section 4 of Terms & Conditions.
• AER - the AER quoted assumes the monthly interest payments are reinvested elsewhere earning an identical gross rate of interest.
• Initial deposit - to take full advantage of this offer, your initial deposit should be for the full amount you'd like to invest.

Account Name	4 year internet fixed rate bond (monthly interest)
Interest Rates	4.15% AER (fixed)
Tax Status	Interest will be paid net after the deduction of income tax (currently 20%) unless you register your account with us to receive your interest gross.
Conditions for Bonus Payment	There is no bonus available on this account.
Withdrawal Arrangements	Withdrawals are allowed subject to loss of interest charge depending on the remaining term of the bond
Access	Internet

Additional Special Terms & Conditions

Internet 4 Year Fixed Rate Bond

These Internet 4 Year Fixed Rate Bond terms and conditions are in addition to the General Investment Conditions and where there are any contradictions these conditions shall prevail. In these terms, “we”, “our” and “us” mean Birmingham Midshires, a division of Bank of Scotland plc. We treat our Internet 4 Year Fixed Rate Bonds as not being payment accounts. (We explain what a payment account is in condition 1 of the General Investment 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. The minimum investment in an Internet 4 Year Fixed Rate Bond is £1. The maximum investment for each customer is £10 million.
2. Rates of interest on this account are fixed for the duration of the term as follows:-
   • Monthly Interest Rate: 4.07% gross p.a (3.26% Net) 4.15% AER*
3. The term of the account will run from the date of the first deposit. Interest is calculated daily and is paid on the first day of each month. Interest can be paid into the account or your Linked Account. Interest payments to your Linked Account could take up to 4 bank working day to clear.
4. The bond can be accessed or closed prior to maturity, subject to the following early access charges. There are no charges if an investor dies.

   Length of remaining term at the time of closure/access	1 year or less	Up to 2 years	Up to 3 years	Up to 4 years
   Early access charge on the amount withdrawn – equivalent in days gross interest	90 days	180 days	270 days	320 days

   If your remaining term includes part of a year your early access charge will be calculated based on the next whole year e.g. 18 month term = the 2 year early access charge.
   
   The amount of the early access charge will depend on the term of the bond and will be equivalent to the number of days' gross interest as detailed in the table above. If there is insufficient earned interest, then the amount of the early access charge will be taken from your capital. If your interest has been paid into your nominated bank account, the loss of interest charge will be taken from your capital. The funds in the bond, together with any interest earned and less the early access charge, will be paid to you.
5. Additional deposits are permitted as long as the issue remains open.
6. 1. You agree that Birmingham Midshires may undertake a search with a credit reference agency for the purposes of verifying your identity. To do so the agency may check the details you supply against your particulars on any database (public or other) to which they have access. They may also use your particulars in future to assist other companies for verification purposes. A record of the search will be retained.
   2. If false or inaccurate information is provided and fraud is identified, details may be passed to fraud prevention agencies. Law enforcement agencies may access and use this information.
   3. We and other organisations may also access and use this information to prevent fraud and money laundering, for example, when:
      • Checking details on applications for credit and credit related or other facilities
      • Managing credit and credit related accounts or facilities
      • Recovering debt
      • Checking details on proposals and claims for all types of insurance
      • Checking details of job applicants and employees
   4. If you want to receive details of the relevant fraud prevention agencies, please contact us at:
      Fraud Prevention Team, PO Box 81, Pendeford Business Park, Wobaston Road, Wolverhampton, WV9 5HZ (the 'Corporate Centre'). We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.
7. Linked Account. 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. After the maturity of the Fixed Rate Account 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.
8. Initial Deposit
   a) New Birmingham Midshires Internet Savings customers. You must make the payment to your account for the full amount you would like to invest with a cheque drawn from your Linked Account and made payable to yourself. Your name must be pre-printed on the cheque. Once we have made sure the details on the cheque correspond with your Linked Account we will pay it into the account.
   b) Existing Birmingham Midshires Internet Savings customers, Initial deposits will be made by Direct Debit from your existing nominated Linked Account.
9. You can obtain details of our customer complaints process by calling our Internet Savings Team or visiting our website.
10. You can obtain details of our charges by calling our Internet Savings Team or visiting our website www.bmsavings.co.uk. Complaints which we cannot settle may be referred to the Financial Ombudsman Service.
11. The Internet 4 Year Fixed Rate Bond cannot be held as a joint account. You can only open an Internet 4 Year Fixed Rate Bond in your own name. You may only select a linked bank account where you have the authority to do so. You are not permitted to have a link to a bank account on which you are not named, or to a joint bank account where two names are required to authorise a Direct Debit. You are not allowed to have more than one linked bank account. If you wish to change your linked bank account details, you may amend them by deleting the original and adding another.
12. Amendments to personal details may be required in writing.
13. If no instructions for reinvestment are received, we will re-invest your funds at maturity in an Easy Access Account of our choice.
14. We reserve the right to suspend the issue of this account at any time.
15. Accounts cannot be operated by power of attorney.

Issue Date: 12 March 2010

 

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.