Key Facts Document: Island Regular Savings Tracker Account (Issue 2)

The table below sets out specific conditions for your account. These conditions apply as well as our General Terms and Conditions. Where there are differences, it’s these specific Terms and Conditions that apply.

What is the name of the account?

Island Regular Savings Tracker Account

What currency is the account available in?

Sterling only

What is the interest rate?

A variable interest rate tracking the Bank of England Base Rate (currently 4.00%), paid for 12 months from the date of your first monthly deposit.

Currently, the interest rate is 4.00% gross/AER.

We’ll work out the interest we pay on your account each day, which will be paid at the end of the 12 month term.

The rate of interest payable on the Island Regular Savings Tracker Accounts is a variable rate of interest which tracks the Bank of England Base Rate. 

Can Santander International change the interest rate?

We will not change the tracking rate during the term of the Account.

If the Base Rate changes, then the interest rate payable on the account will update the next working day after the Bank of England’s announcement.

Interest will only accrue and be paid on balances up to the maximum amount of £6,000 (based on 12 maximum monthly deposits of £500). This means that nil interest will accrue or be paid on any balance amount above £6,000 as a result of you depositing more than the maximum monthly amount by standing order from your Gold Account or by transferring additional amounts from any other account.

What would the estimated balance be after 12 months based on 12 monthly deposits of £250 totalling £3,000?

To work out the estimated balance, we’ve assumed that:

• The account is opened and an initial deposit is made on the 1st of the month
• You pay in a further £250 on the 1st of each month afterwards until the 12th month anniversary
• You make no withdrawals in the 12 month period
• The rate of interest is 4.00% gross/AER (Bank of England Base Rate)
• There is no change to the Bank of England Base Rate in the 12 month period

This illustration is only an example and doesn’t take into account your individual circumstances.

The gross rate is the rate payable where interest is paid without the deduction of tax.

How do I open and manage my account?

Eligibility

You can have one of these accounts only and it must be in your sole name or in joint names. You must be 16 or over and live in one of the Crown Dependencies.

You can have this account if you have an Island Gold Account with us, whether in your sole name or joint names.

Paying money in

• You must make the monthly deposits into the account by standing order from your Island Gold Account
• Minimum balance: £1
• Minimum monthly deposit is £25. A ‘month’ is calculated by the date you make your deposit. For example, if you open the account on the 1st of a month and make your first deposit on the 1st of the month, your month will run from 1st of one month to the 1st of the next month
• Maximum monthly deposit is £500. This means the maximum balance you can have at the end of the term is £6,000 (plus interest)
• You can change the amount of your monthly deposit within the 12 month term, as long as it remains above the minimum monthly deposit and below the maximum monthly deposit

We can close your account and transfer the funds to your Island Gold Account if you break the terms of this account. For example, if you try to pay money in from an account that isn’t your Island Gold account, if you deposit more than £500 or less than £25 in any month, or you have more than one of these Accounts.

Can I withdraw money?

Yes, you can make payments out of your account using Mobile Banking, Online Banking or Telephone Banking, as long as you maintain the minimum account balance.

At the end of the term

The term of the account is 12 months. We’ll transfer the full balance at the end of the 12 month term (as well as any interest you’ve earned) to your Island Gold Account linked to the standing order.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year.

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 offers protection for eligible deposits of up to £50,000. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on the Government of Jersey website www.gov.je/dcs, or on request. 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.