Telephone Access Plus Account (Issue 1)
Additional special terms and conditions
These AA Telephone Access Plus Account (Issue 1) Terms and Conditions are in addition to and supplemental to the General Investment Terms and Conditions and where there are any contradictions these conditions shall prevail (with the exception of condition I.4 in the General Investment Terms and Conditions). In these terms,'we', 'our' and 'us' mean Birmingham Midshires, a division of Bank of Scotland plc.
- The minimum balance on the account is £500. The maximum is £500,000 per investor. The minimum transaction is £1 for a deposit or a withdrawal. A minimum operating balance of £500 must be maintained at all times. You can make unlimited withdrawals as well as additional deposits. You can make withdrawals without notice or charge on cleared funds only.
- The AA Telephone Access Plus Account (Issue 1) is a variable rate product that pays a 6 month bonus of 0.20% gross. The bonus is calculated daily and paid into the AA Telephone Access Plus Account (Issue 1) or your Linked Account with your interest payment, on the anniversary of the first deposit. If you choose to have the interest paid into your Linked Account, this will take place using the Banking Automated Clearing System (BACS) and funds will typically take up to four banking days to be transferred from the day of the first year deposit anniversary.
- Interest is calculated daily and credited to your nominated Account annually on the anniversary of the first deposit or monthly on the first day of each month. Interest can be paid back into your AA Telephone Access Plus Account or paid away to your Linked Account. If interest is paid away from the account, it will take three banking days for the funds to arrive in your Linked Account.
- 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. 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 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. You will be able to transfer money between the account and your Linked Account. The same Terms and Conditions apply to any new linked account you may set up.
- Initial deposit. You must make the opening payment to your account with a cheque for at least the minimum opening balance of £500 drawn on 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.
- Any subsequent payments must be made by direct debit from your Linked Account. No further cheque deposits / withdrawals will be allowed. Withdrawals from your account will be conducted by BACS transfer to your Linked Account and incur no handling charge.
- All transaction instructions must be made by telephone. The telephone lines are open Monday to Saturday, 8am – 8pm, excluding public holidays in England, and any other dates that are specific holidays to the AA Savings Team (eg reduced hours on Christmas Eve). We reserve the right to change the opening hours of the call centre at our discretion.
- You can obtain details of our customer complaints process by contacting the AA Savings Team or by visiting our www.theaa.com/savings. Complaints which we cannot settle may be referred to the Financial Ombudsman Service.
- You can obtain details of our charges by calling our AA Savings Team or by visiting www.theaa.com/savings.
- Amendments to personal details may be required in writing.
- Rates of interest on the account are variable.
- When using your account we will require you to provide us with the security passwords which have been set up on the account. We reserve the right to 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 and we may ask you to change your passwords from time to time if we consider it necessary for administrative or security reasons.
- You must take reasonable steps to keep your passwords and the fact that they are used for your account secret. You must not write your passwords on any documentation relating to your account and wherever you do write it down it should not be recognisable as a password for your account.
- You will not be responsible for any transactions on your account once you have notified us that your security passwords have been lost or stolen provided that they are not done by you or on your behalf or you have not been fraudulent or grossly negligent. Failure to take precautions to keep your passwords secret may be considered negligent.
- If you think that someone else knows any of your passwords then you must tell us as soon as possible by calling 0845 603 6302 and you must assist us in investigating any actual or suspected unauthorised use of the account.
- Joint Accounts: passwords are required to enable each party to operate the account. In all cases, once the appropriate passwords are in place, any signatory can have access to the account for deposits or withdrawals. It is the joint responsibility of the account holders to make sure they are happy that deposits and withdrawals can be made from the Linked Accounts provided.
- We also reserve the right to refuse to operate the account when any of the above conditions are not being complied with.
- Minimum account opening age is 16.
- We reserve the right to suspend the issue of this account at any time.