Supplementary Terms and Conditions for Base Rate Tracker Accounts

Introduction

Santander International is the registered business name of Santander Financial Services plc, acting through its Jersey Branch (‘Santander Financial Services plc, Jersey Branch’) in relation to Accounts located in Jersey and acting through its Isle of Man Branch (‘Santander Financial Services plc, Isle of Man Branch’) in relation to Accounts located in the Isle of Man.

These Terms and Conditions set out the rights and obligations of You (the Customer) and Santander Financial Services plc, Jersey Branch and/or Santander Financial Services plc, Isle of Man Branch. These Supplementary Terms and Conditions for Base Rate Tracker Notice Accounts supplement Our published General Terms and Conditions and these documents are referred to as the ‘Aggregated Terms and Conditions’.

Together with the signed and completed application form, the Mandate contained therein and any additional conditions that apply to any products and/or services that You have, the Aggregated Terms and Conditions constitute the entire contract between You and the Relevant Branch.

When You sign the application form, You accept these Aggregated Terms and Conditions. In some places these Terms and Conditions refer to details, for example Our interest rates and charges, which We provide separately. These details also form part of the contract between Us.

In accordance with Our General Terms and Conditions (see Clause A11.4), these Supplementary Terms and Conditions maybe varied by Us.

If there is any conflict between Our General Terms and Conditions, Online and Mobile Banking Service Terms and Conditions and these Supplementary Terms and Conditions, these Supplementary Terms and Conditions will prevail.

When We refer to Your ‘Account’ this means the relevant term or condition that applies to all Your Accounts, other than any excluded accounts. Where a term or condition only applies to one of Your Accounts, We make this clear.

By signing the declaration on Our application form or any other relevant form which makes reference to these Supplementary Terms and Conditions, You are confirming that You accept and fully understand the meaning of these Supplementary Terms and Conditions.

Section One – Base Rate Tracker Notice Accounts Specific Conditions

1.1 Cheque books or cards are not available on Base Rate Tracker Notice Accounts.

1.2 Standing Orders or Direct Debits are not permitted on Base Rate Tracker Notice Accounts.

1.3 The frequency of interest payments is dependent on the type of Base Rate Tracker Notice Account held. Please see Our Website or call Us for further details.

1.4 You may only make withdrawals, including closure, providing the required Notice Period of the Account is given. If insufficient Notice for a withdrawal request is given, We will withhold the funds until the full Notice Period is completed.

On an exceptional basis and at Our discretion, We may allow withdrawals, including closure, without the required Notice Period of the Account being given. A penalty rate will be applied at Our discretion, but will be set at a rate higher than the Account rate of interest for the remainder of the term.

1.5 The Notice Period starts from the date of receipt of Your notification for the amount specified. The funds continue to earn interest in the Account up to the date of withdrawal, but any differential to the applicable currency Base Rate will be removed for the duration of the notice period, unless the differential to the Base Rate is a negative amount, in which case the interest rate will remain unchanged for the duration of the notice period.

1.6 The rate of interest payable on Base Rate Tracker Notice Accounts is a variable rate of interest which tracks the applicable currency Base Rate. Any differential to the Base Rate will be dependent on the type and term of the Account held and may be changed at any time.

1.7 The interest rate will change the next working day after the applicable Base Rate change.

1.8 You are solely responsible for placing Notice of withdrawal, on an Account, as required. Under no circumstance will the Bank automatically apply Notice on an Account.

1.9 Notice may be given in writing by signed letter or by Authenticated Users of the Telephone Banking service.

1.10 Notice to close an Account is taken on the balance in the Account at the time Notice is placed. Additional funds may not be added after this time unless the closure request is withdrawn.

1.11 The amount covered by an existing Notice instruction may be reduced or cancelled at any time prior to the date of withdrawal, without incurring a penalty. This may be given in writing by signed letter or by Authenticated Users of the Telephone Banking service.

1.12 If You wish to pay the funds from a Notice Account, to be transferred to a different financial institution You must provide Us with a separate instruction to the Notice instruction. If We do not receive an instruction to pay away the funds from Your Notice Account before the Notice Period expires, the Notice will lapse.

1.13 You are not permitted to increase the amount advised in a Notice instruction during the Notice Period. If You wish to withdraw additional funds You are required to give a new Notice instruction for the extra sum required.

1.14 Confirmation of the Notice and the expiry date of the Notice Period will be sent to You in writing. There is no period of grace following the expiry date of the Notice Period for a withdrawal to be made.

1.15 The Notice Period will be waived if You are transferring funds to another Account with Us, which has an equivalent or greater Notice Period. This is unless the Account to which funds are being transferred specifically excludes this facility.

1.16 If transferring funds to an Account with a lesser Notice Period, You only need to give the differential in the Notice Periods.

1.17 We do not accept instructions or requests to place deposits on constant Notice, rolling Notice, or to close an Account and transfer funds to a new identical Account in order to benefit from interest capitalisation.

Santander International is the trading name of Santander Financial Services plc, Jersey Branch and Santander Financial Services plc, Isle of Man Branch. 

Santander Financial Services plc is incorporated in England and Wales with number 2338548 and its registered office is 2 Triton Square, Regent’s Place, London NW1 3AN, United Kingdom. Santander Financial Services plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Santander Financial Services plc’s Financial Services Register number is 146003. You can check this on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/register. Santander Financial Services plc, Jersey Branch has its principal place of business at 13-15 Charing Cross, St Helier, Jersey JE2 3RP, Channel Islands and is regulated by the Jersey Financial Services Commission. Santander Financial Services plc, Isle of Man Branch has its principal place of business at 19 - 21 Prospect Hill, Douglas, Isle of Man, IM1 1ET and is regulated by the Isle of Man Financial Services Authority.  www.santanderinternational.co.uk

All accounts opened with Santander Financial Services plc, Jersey Branch have situs in Jersey and therefore are not covered by the Financial Services Compensation Scheme established under the UK Financial Services and Markets Act 2000 or by the Isle of Man Depositors’ Compensation Scheme. Santander Financial Services plc, Jersey Branch is a participant in the Jersey Bank Depositors Compensation Scheme (the Scheme). The Scheme aims to provide protection for eligible depositors of up to £50,000. For further information about the Scheme and to understand your eligibility, please refer to www.jrdca.org.je/jdcs.  

All accounts opened with Santander Financial Services plc, Isle of Man Branch have situs in the Isle of Man and therefore eligible deposits are covered by the Isle of Man Depositors’ Compensation Scheme as set out in the Isle of Man Depositors’ Compensation Scheme Regulations 2010 and not covered by the UK Financial Services Compensation Scheme or by the Jersey Bank Depositors Compensation Scheme. Full details of the Scheme and banking groups covered are available at the Isle of Man regulator’s website, www.iomfsa.im/consumers, or on request.

Santander and the flame logo are registered trademarks. The latest audited accounts are available upon request. Calls to Santander International are recorded and may be monitored for security and training purposes.