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These set out the basis on which your Account can be opened and operated
Section A
General Conditions for the MINI eSaver Account.
Section B
Special Conditions for the MINI eSaver Cash ISA.
Section A - General Conditions
1. Definitions
"Account" means the Account you take with Newcastle Building Society on these Terms and Conditions.
"Accountholder" means the person(s) in whose name the Account is held; in the case of joint Accountholders it means either or both of you depending on the circumstances.
"AER" means "annual equivalent rate" and is a notional rate that illustrates the contractual interest rate (excluding any bonus interest payable) as if paid and compounded on an annual basis.
"Application Form" means the application form you complete when you open a MINI eSaver Account.
"Business Day" means any day except Saturdays, Sundays and English Bank Holidays.
"Customer Acceptance Form" means the form you complete when you open a MINI eSaver Cash ISA.
"Gross" interest is the contractual rate of interest payable before the deduction of income tax.
"eSaver Account" means the Account set out in these Terms and Conditions.
"Initial Investment" means the amount you initially invest in the Account.
"Internet" as used in these terms and conditions also includes communication via Interactive Digital Television, Wireless Application Protocol (WAP), General Packet Radio Services (GPRS) and other mediums used for electronic communication.
"ISA Regulations" means the Individual Savings Account Regulations 1998 including any future changes.
"Net" is the rate of interest which would be payable after allowing for the deduction of income tax at the specified rate.
"The Newcastle" means Newcastle Building Society and "the Society" will also be construed accordingly.
Reference to "you" refers to the applicant / customer and "your" has a corresponding meaning.
Reference to "we" and "us" refers to Newcastle Building Society and "our" has a corresponding meaning.
In these Terms and Conditions, unless the context requires otherwise, words importing the singular shall include the plural and vice versa.
2. Applications
2.1 To open an Account you must send your initial investment and a completed Application Form / Customer Acceptance Form to the Society. When an investment is made by cheque it will earn interest from the second working day after receipt. Any cheque should, for security reasons, always be made payable to Newcastle Building Society Re: MINI Re: Your Name(s), Account Number: xxxxxxx (if known) or Application Number xxxxxxx (if known). Please remember to draw a line through any unused space on the cheque.
2.2 Deposits by internal transfer from an existing Society account are not permitted.
2.3 We reserve the right to reject any Application Form at our discretion. If an Application Form is rejected any funds paid into the Account will be returned within 10 business days of receipt. During this period interest will be paid at a rate equal to the MINI eSaver Account interest rate less 1.00%.
2.4 MINI eSaver is for your personal use only. This Account is only available to individuals resident in the UK who are 18 years or older. It is not available for businesses, clubs, charities or other organisations or trustees. Similarly it is not available to companies or to pension funds. We do not believe the MINI eSaver Account is suitable for operation under a power of attorney and applications submitted on this basis will be rejected.
2.5 The minimum investment is £1 and the maximum investment is £1,000,000.
3. Joint Accounts
3.1 The Account can be held in either single or joint names. If your Account is a Joint Account, these conditions apply to all of you together and any of you separately. In the event of the death of any Accountholder, the Account will remain open in the name of the remaining Accountholder. In the event of divorce or separation, the Newcastle (providing it is made aware of the situation in writing) will not permit withdrawals to be made from the Account unless signed instructions are received from both Accountholders.
3.2 Correspondence will be sent to the Joint Accountholder whose name appears first in the Application Form and the other Joint Accountholder will be bound by any such communication. This provision will not apply to the forwarding of the security details, which will be sent to each Accountholder individually in writing. If we send information to any one Joint Accountholder via the Internet or e-mail the other Joint Accountholder will also be bound by it. (Security details will not be sent via the Internet).
4. Interest
4.1 The interest on your Account is variable. Annual interest will be paid on 1 December each year and can be credited to your Account or paid to your nominated bank or building society. Monthly interest will be paid on the last working day of each month and be paid to your nominated bank or building society.
5. Withdrawals
5.1 You can make withdrawals without notice.
5.2 Withdrawals can only be made by transferring funds directly to your nominated bank or building society account, or other savings accounts with us, subject to the terms applicable to that account either on a regular monthly basis or by individual one off amounts. It could take up to four working days for withdrawals to be transferred directly to your nominated account.
5.3 We will not accept payment requests originated by other financial institutions on your Account with us.
5.4 Withdrawals from your Account may be made by telephone or Internet but in no other manner. We shall still be obliged to permit withdrawals even where you have failed to keep your security details and password secret and the order was given by someone else using your security information and password.
6. Additional Funds
6.1 There is no limit to the number of investments you can make.
6.2 You can only make subsequent payments into your Account by direct debit payments from your nominated bank or building society account, either on a regular monthly basis, or by individual one off amounts. Payments credited to your Account require 6 working days to clear. You will not be allowed to withdraw against uncleared funds until such time as they are cleared.
6.3 We will not accept nominated bank or building society accounts in the names of third parties, businesses, sole traders, partnerships or limited companies. It must be a bank account in your name.
6.4 Please note that it takes 5 working days to process your Direct Debit mandate and you will not be able to conduct transactions on your Account during this time.
7. Death of Accountholder
Where an Account is closed following the death of the Accountholder, the total accrued interest to the date of closure of the Account will be payable.
8. Rules
The Account is a share account and Accountholders are deemed to be members of the Society. As a member of the Society you are subject to the rules of the Society, a copy of which may be obtained on request.
9. Notice to Close
Under normal circumstances we will not close your Account without giving you 30 days notice.
10. Tax
All returns on the Account will be paid after the deduction of income tax at the appropriate rate (currently 20%*) or, subject to the required certification, gross. Individuals who are non-tax payers, and who have not registered to receive their interest without tax deducted, can claim a repayment of tax from HM Revenue & Customs.
Individuals with taxable income in the starting rate band (currently 10%*) who are due to pay less tax than the amount deducted from their interest can also claim such a repayment. Individuals whose interest falls within the basic rate band (currently 22%*) will have no more tax to pay on their interest, as the tax deducted from it at the appropriate rate (currently 20%*) will satisfy the tax due. Individuals who are higher rate tax payers will have to pay the extra tax due on their interest (the difference between tax deducted at the appropriate rate - currently 20%* - and the higher rate - currently 40%*).
*The rate of tax is subject to legislation and may vary in the future.
11. Account Termination
We will be entitled in our absolute discretion, to terminate or suspend your Account immediately if we have reasonable grounds to believe that you:
11.1 Are in breach of any of the Terms and Conditions of this Account; or have, or will cause damage to this Account; or
11.2 Have attempted to, or have actually obtained access to our files, programs, passwords or files and Accounts of other customer(s); or
11.3 Have attempted to introduce to the Account any virus or other harmful bugs or programs or you have advised any other person how to do so; or
11.4 Have or will use the Account in such a way as to unreasonably interfere with the operation of the Account; or
11.5 Have given instructions to us to transfer funds when you have not had sufficient funds to cover the transaction.
If we close your Account then we will remit to your nominated bank account the balance held on your investment Account.
12. Our agreement
The agreement between us in relation to your Account is made up of:
- These Terms and Conditions;
- The Application Form / Customer Acceptance Form signed by you;
- The Rules of the Society.
If you require a copy of our current rules then please contact the Customer Services Manager, MONEY BY MINI, Portland House, New Bridge Street, Newcastle upon Tyne, NE1 8AL or telephone 0845 607 6160.
Any other special conditions relating to interest rates payable, notice periods and/or charges relevant to the product you have chosen, details of which can be found on our web site or in any product leaflet which you have been given by us containing written details of interest rates payable, notice periods and /or charges relevant to the product you have chosen.
13. Communication
13.1 Please note that the e-mail facility via www.moneybymini.co.uk cannot be used for authorising withdrawals or for notifying us of any material changes to your Account. Material changes to your Account must be notified in writing. If you contact us in any other way we are not obliged to act on your instructions and if we elect to do so may charge you a fee.
13.2 Each time you telephone or contact us by internet we will check your identity from the security details you gave us.
13.3 We will record all telephone calls you make to us to ensure that we have a record of your instructions. We may also listen to calls from time to time to help us monitor the quality of our service.
13.4 We shall be entitled at any time to ask you to confirm in writing instructions you have given us by telephone or internet if we consider this is necessary or desirable for any reason.
14. Security Procedures
14.1 We shall establish security procedures with you by post. You must keep your security details and password secret and secure. If you need to make written records of any security details or password you must keep them safe and take steps to ensure that they cannot easily be understood or copied by anyone else.
14.2 You must notify us as soon as possible if you:
- Believe that someone else knows your security details or password;
- Have misplaced any record of your security details or password;
- Have forgotten your security details or password; or
- Think that someone else (other than a Joint Accountholder) is trying to use your Account.
14.3 Until such time as we have received notification from you, you will be responsible for any instruction in writing or by telephone or internet, which we receive and act on, even if it was not given by you. If you have acted fraudulently, have been grossly negligent or have not taken adequate steps to keep your security details and password secret, you will be responsible for all payments we make and all losses on your Account. In these circumstances we will have no other liability to you.
14.4 We shall be entitled at any time to refuse to act on an instruction we receive if for any reason we think it was not given by you, was not clear, might cause us to breach a law or contractual duty, or we think your Account is being used for an illegal purpose.
14.5 Your Account is for use in the UK only. You shall not access your Account from another country. We do not recommend and would actively discourage you from accessing your Account from a cyber café or any other public internet access point.
14.6 We cannot guarantee completely the confidentiality or privacy of any information passing over the internet or that it will not be interfered with and by using this facility you are giving instructions to us on this basis and understanding.
15. Information Technology Requirements
15.1 When you use your Account you must ensure that your computer and modem comply with any requirements we tell you about from time to time. You must also follow any procedures and instructions contained in any user guide that we give to you or from time to time contained on our website.
15.2 If we provide you with any software to help you to use your Account you must not change it or allow anyone else to use or copy it. You must carry out your own virus checks.
15.3 You should notify us if you find any delay, failure or error in your Account, especially in the sending or receiving of instructions. It is in your interest to notify us as soon as possible in these circumstances.
15.4 We will not be liable to you if we do not act on your instructions for any reasons set out in these conditions or if we cannot carry out our responsibilities to you because of something we cannot reasonably control. This would include for example computer failure or failure in the internet system not caused by us.
15.5 For technical or other reasons there may be times when you are not able to access our website. We cannot guarantee its availability at all times.
Section B - Special Conditions for the MINI eSaver Cash ISA.
1.1 The Account can only be held in single names.
1.2 Interest will be credited annually on 5 April each year.
1.3 The maximum investment for one tax year is £3,600.
1.4 The Newcastle will notify the Accountholder in the event of any failure to satisfy the provisions of the ISA Regulations and where the ISA has/or will become void i.e. no longer exempt from tax.
1.5 At the request of the Accountholder this Cash ISA, including full rights and obligations, may be transferred to another ISA Manager or be withdrawn in full. Where a transfer or withdrawal request has been made, the Newcastle will endeavour to complete the transaction within the time period specified by you and in any event will take no longer than 30 days in total.
1.6 The ISA investment will be, and must remain in, the beneficial ownership of the investor and must not be used as security for a loan.
1.7 The level and basis of relief from tax are subject to change. The favourable treatment of ISAs may not be maintained.
1.8 Where an Account is closed following the death of the Accountholder, interest will be payable at the advertised rate less tax.
1.9 The Newcastle subscribes to the HM Revenue and Customs 'Not in Writing' scheme. As part of this scheme we are required to confirm your ISA declaration. You must complete a Customer Acceptance Form to confirm your personal details and agree to this Account's Terms and Conditions.
Agreement to Assign Windfalls to Charity
- Paragraphs 2 to 6, below, will apply to me unless I am an exempt customer (of the Newcastle) at the time when the Account is opened.
- I agree with the Newcastle that, if the right to any windfall benefits is granted to me after the account is opened, I will assign those windfall benefits to the selected charity unless either of the following applies:
- the period between my account being opened and the conversion announcement date is more than five years (or, if applicable, the shorter period).
- on the conversion announcement date, I am a borrowing member of the Newcastle.
- I authorise the Newcastle and the successor to pass any windfall benefits direct to the selected charity (or to any other charity which the selected charity may nominate to receive those benefits), without notice to me.
- I authorise that the Newcastle has promised to transfer to the selected charity the benefit of the agreement which I have given under paragraph 2, above; neither the Newcastle nor the selected charity will release me from that agreement; and any power of the Newcastle to change the terms of its contract with me will not apply to any of the terms set out in this section of the application form.
- I authorise the Newcastle to give the selected charity any information about me or any account which I have with the Newcastle (now or in the future) but only if the selected charity reasonably needs it regarding the agreement I have given under paragraph 2, above.
- I understand that the Newcastle will require anyone who opens a share account (who is not then an exempt customer) to agree to assign to charity the right to any windfall benefits which that person may become entitled to. The terms of the agreement will be decided by the Newcastle and may be different from the terms in paragraphs 1 to 5, above. This paragraph will no longer apply if the Newcastle publishes a notice in the press of a decision by the Newcastle that it will no longer require new share holding members to enter into such agreements.
These notes apply to paragraphs 1 to 6, previously detailed:
- The "account" is the share account which you are applying to open by completing this form.
- The "conversion announcement date" means the date on which the Newcastle makes a public announcement of a proposal to transfer its business to a successor.
- The "current terms" means terms which are the same as, or similar to, the terms set out in paragraphs 2 to 5 previously detailed.
- You are an "exempt customer" when you open the account if:
- you have held shares in the Newcastle (other than permanent interest bearing shares) at all times since 31 March 1999; or you are a borrowing member of the Newcastle; or
- you have already entered into an agreement with the Newcastle binding you to the current terms; or
- You belong to one of the groups of the other people who, in the Newcastle's opinion, do not need to be asked to agree to the current terms. A list of these groups is available from the Newcastle at any time. The Newcastle may alter the number and composition of the groups from time to time, but no alteration will apply retrospectively.
- A person "opens" an account either by opening a new account or by having an existing account transferred into his or her name (whether as sole or joint holder).
- The "selected charity" means the Community Foundation or, if it is at any time no longer a registered charity, any other charity or charities selected by it to receive assignment of windfall benefits.
- A "shorter period" is applicable if, when the Newcastle opens your account, you belong to one of the groups of people who, in the Newcastle's opinion, do not need to be asked to agree the usual five-year period. A list of these groups, stating the period applicable to them, is available from the Newcastle at any time. The Newcastle may alter the number and composition of the groups and the period applicable to them from time to time, but no alteration will apply retrospectively.
- The "successor" is any company or other corporate body to which the Newcastle transfers its business under Section 97 of the Building Societies Act 1986 (or under any provision which amends or replaces it).
- A "windfall benefit" is a benefit which a person has the right to receive as a share holding member of the Newcastle, under the terms of any future transfer of the Newcastle's business to a successor (i.e. on a conversion or take over), other than:
- the replacement of savings in a share account with the Newcastle with savings in a deposit account with the successor, or
- any benefit which the Newcastle has decided may be kept by a person who has a number of accounts and was an exempt customer when opening one or more (but not all) of them. A list setting out the conditions which determine whether, and to what extent, such a person may keep a benefit is available from the Newcastle at any time. These conditions may be altered by the Newcastle from time to time, but no alteration will apply retrospectively.
- Where more than one of you is signing this form, paragraph 1 and (if applicable) paragraphs 2 to 6, previously detailed, apply to each of you separately.
- If the Newcastle no longer exists following a merger with another building society, paragraphs 2 to 6, previously detailed, will still apply between you and the other society.
Accessibility
We are committed to ensuring that all of our products and services are easily and equally accessible to all. With this in mind we are able to provide this brochure in larger print, Braille or audio cassette format*. If you would like more details, or would like to register to receive correspondence in an alternative format please contact the Newcastle on 0845 607 6160.
*Each individual case will be considered separately upon request.
Handling customer complaints
We always aim to provide you with the highest quality financial services to meet your expectations. Unfortunately, mistakes are occasionally made but we encourage you to let us know so that we can explain things and put them right.
A leaflet entitled 'Our complaints procedure' provides full details of how we handle complaints. A copy of this leaflet is available by calling 0845 607 6160.
Newcastle Building Society is an active member of the Building Societies Association. Shares and Deposits in the Society are Trustee Investments.
The Newcastle Building Society is a participant of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Payments under the Scheme are limited to a maximum payment of 100% of the first £35,000 of an investor's total shares and/or deposits in a society. Most investors are covered, including individuals and small firms. A small number of categories of shares and deposits are not covered (for example deferred shares - permanent interest bearing shares).
Although most shares and deposits are denominated in sterling, all other currencies are covered. Further details are available on request.
MONEY BY MINI is a trading name of MINI Financial Services.
Registered Office: Europa House, Bartley Way, Hook, Hampshire RG27 9UF. Registered in England & Wales. Registered Company Number 01288537.
MONEY BY MINI savings products are provided and administered by Newcastle Building Society which is authorised and regulated by the Financial Services Authority (FSA) and is entered in the FSA's register under number 156058.
Newcastle Building Society Principal Office: Portland House, New Bridge Street, Newcastle upon Tyne NE1 8AL. Tel: 0845 607 6160. We may monitor and record telephone calls for training and security purposes. Calls to the 0845 number from BT landlines cost up to 5p per minute. Calls from other networks may vary.
We fully support the Banking Code. Copies are available on request.
All information is correct at the time of going to print and is subject to change without notice.
