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| Yearly interest rate | ||||
| Term | Access | Gross % | Net % | AER % |
| 2 Years | Postal | 3.65 | 2.92 | 3.65 |
Open an AA Two Year Postal Fixed Rate Savings Account
| Yearly interest rate | ||||
| Term | Access | Gross % | Net % | AER % |
| 5 Years | Postal | 4.40 | 3.52 | 4.40 |
Open an AA Five Year Postal Fixed Rate Savings Account
Rates correct at 20 April 2012
Download a fixed rate savings account brochure
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| Account name | AA 2 Year Fixed Rate Savings Account |
| Interest rates (gross/AERs) | 3.65% gross/AER fixed for two years |
| Tax status | Interest will be paid net after the deduction of income tax (currently 20%) unless you register your account to receive gross interest |
| Conditions for bonus payment | There is no bonus available on this account |
| Withdrawal arrangements | Withdrawals are allowed, subject to the following early access charges on the amount withdrawn. The charge is dependent on the length of term remaining at the time of access and is the equivalent of a number of days gross interest. 1 year or less: 90 days gross interest Up to 2 years: 180 days gross interest The charge will be taken from the account balance and depending on when the withdrawal is made, this may result in you getting back less than you originally deposited. |
| Access | Postal |
| Account name | AA 5 Year Fixed Rate Savings Account |
| Interest rates (gross/AERs) | 4.40% gross/AER fixed for five years |
| Tax status | Interest will be paid net after the deduction of income tax (currently 20%) unless you register your account to receive gross interest |
| Conditions for bonus payment | There is no bonus available on this account |
| Withdrawal arrangements | Withdrawals are allowed, subject to the following early access charges on the amount withdrawn. The charge is dependent on the length of term remaining at the time of access and is the equivalent of a number of days gross interest. 1 year or less: 90 days gross interest Up to 2 years: 180 days gross interest Up to 3 years: 270 days gross interest Up to 4 years: 320 days gross interest Up to 5 years: 365 days gross interest The charge will be taken from the account balance and depending on when the withdrawal is made, this may result in you getting back less than you originally deposited. |
| Access | Postal |
Our agreement with you is made up of general conditions contained in the General Investment Conditions (General Conditions) and the AA Postal Fixed Rate Savings Account (Account) Conditions below. If there is any overlap or conflict between the account conditions and the General Conditions, the account conditions apply. In these conditions 'we', 'our' and 'us' mean Bank of Scotland plc – Birmingham Midshires is a division of Bank of Scotland.
The account is a fixed rate savings account which is operated by post, and we treat this as not being a payment account. (We explain what a payment account is in condition 1 of the General 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. Eligibility
1.1 To have an account you must be a UK resident.
2. Opening your account
2.1 The account can be a sole or joint account.
2.2 The minimum opening balance is £1. The maximum balance is £5 million for sole accounts, £10 million for joint accounts.
2.3 The account term will run from the date we pay in your opening payment.
2.4 Your opening payment should be a cheque made payable to yourself, or a transfer from another savings account you have with AA Savings.
2.5 You must contact us by post to run this account.
3. Putting money in your account
3.1 You can deposit a minimum of £1.
3.2 Each issue of the account has a limited amount of money allocated to it. When that money is taken up, the issue will be closed to new deposits. You can put money into the account by cheque while it is open to new deposits.
4. Taking money out of your account
4.1 If your account has a term of less than two years when you open it, you cannot withdraw money from the account.
4.2 If your account has a term of two or more years when you open it, you can withdraw a minimum of £1, subject to conditions 4.3 and 4.4 below.
4.3 If you take money out of your account which has a term of two or more years when you open it, you will pay a withdrawal charge. The withdrawal charge depends on the remaining term of the account and is the equivalent of a number of days gross interest on the amount withdrawn as explained in the following table:
| Length of remaining term at the time of withdrawal | 1 year or less | Up to 2 years | Up to 3 years | Up to 4 years | Up to 5 years |
| Withdrawal charge on the amount taken out of your account – equivalent in days gross interest | 90 days | 180 days | 270 days | 320 days | 365 days |
If your remaining term includes part of a year your withdrawal charge will be calculated based on the next whole year, eg 18-month term = the two-year withdrawal charge.
4.4 Any withdrawal charge will be taken from your account balance.
4.5 When you ask us to withdraw money from your account, we will do this by sending you a cheque.
4.6 On closure of your account we will return your money plus any interest earned less any charges for withdrawals.
4.7 Condition 4.1 above (no withdrawals) conditions 4.2 to 4.4 (withdrawal charge) and condition 6.1 (no cancellation) will not apply if the account holder dies.
5. Interest
5.1 The account pays a fixed interest rate for a fixed term.
5.2 Interest is calculated daily and is either paid yearly on the anniversary of the first deposit, or for monthly accounts, available for withdrawal on the first day of each month.
5.3 If you have chosen to receive interest monthly, this will be paid on the first day of each month. If you have chosen to receive interest yearly, this will be paid 12 months after the date we credit your account with your opening deposit, or if that is not a bank working day, the first bank working day after that. Interest can be paid into your account, to another AA Savings account or to another bank or building society account – you will make this choice when you open your account. Interest payments to non AA accounts will reach the other account on the next bank working day.
5.4 Where the term of the account is for 12 months or less, yearly interest must be paid back into the account.
6. No cancellation
6.1 This account does not have a cooling-off period. If it has a term of less than two years when you open it, then you cannot withdraw your money until the end of the term. If it has a term of two or more years when you open it and you change your mind, you will have to pay a withdrawal charge to return your money (see condition 4.3).
7. Statement
7.1 If your account has a term of a year or more when you open it, we will send you a yearly statement.
8. At the end of the fixed term
8.1 We will write to you at least 14 days before the end of the fixed-rate term with some choices of account to put your money into, or the option of having it returned to you, at the end of the fixed term. We will let you know that if we do not hear from you, we will put your money into an instant access variable rate account.
Issue date 20 April 2012
Our agreement with you is made up of general conditions contained in the General Investment Conditions (General Conditions) and the AA Internet Fixed Rate Savings Account (Account) Conditions below. If there is any overlap or conflict between the account conditions and the General Conditions, the account conditions apply. In these conditions 'we', 'our' and 'us' mean Bank of Scotland plc – Birmingham Midshires is a division of Bank of Scotland.
The account is a fixed rate savings account which is operated online, and we treat this as not being a payment account. (We explain what a payment account is in condition 1 of the General 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. Eligibility
1.1 To have an account you must be 18 or over.
2. Opening your account
2.1 The account is a sole account.
2.2 The minimum opening balance is £1. The maximum balance is £5 million.
2.3 The account term will run from the date we pay in your opening payment.
2.4 Your opening payment should be a cheque from your linked account made payable to yourself (see condition 6 for more information about your linked account). Your name must be pre-printed on the cheque. Once we have made sure the details on the cheque match your linked account we will pay it into your account.
2.5 The account is managed online. However, if you need to change your personal details you will need to write to us as these cannot be changed online or by telephone.
3. Putting money in your account
3.1 You can deposit a minimum of £1.
3.2 Each issue of the account has a limited amount of money allocated to it. When that money is taken up, the issue will be closed to new deposits. You can put money into your account while it is open to new deposits.
3.3 After your first payment in by cheque (referred to in condition 2.4), any payment in must be made by direct debit from your linked account and deposits by cheque will not be allowed.
4. Taking money out of your account
4.1 If your account has a term of less than two years when you open it, you cannot withdraw money from the account.
4.2 If your account has a term of two or more years when you open it, you can withdraw a minimum of £1, subject to conditions 4.3 and 4.4 below.
4.3 If you take money out of your account which has a term of two or more years when you open it, you will pay a withdrawal charge. The withdrawal charge depends on the remaining term of the account and is the equivalent of a number of days gross interest on the amount withdrawn as explained in the following table:
| Length of remaining term at the time of withdrawal | 1 year or less | Up to 2 years | Up to 3 years | Up to 4 years | Up to 5 years |
| Withdrawal charge on the amount taken out of the account – equivalent in days gross interest | 90 days | 180 days | 270 days | 320 days | 365 days |
If your remaining term includes part of a year your withdrawal charge will be calculated based on the next whole year, eg 18-month term = the two-year withdrawal charge.
4.4 Any withdrawal charge will be taken from your account balance.
4.5 When you ask us to withdraw money from your account, we will do this by moving money from your account to your linked account by faster payments service. There will be no charge for this. Withdrawal by cheque will not be allowed.
4.6 On closure of your account we will return your money plus any interest earned less any charges for withdrawals.
4.7 Condition 4.1 above (no withdrawals) conditions 4.2 to 4.4 (withdrawal charge) and condition 7 (no cancellation) will not apply if the account holder dies.
5. Interest
5.1 The account pays a fixed interest rate for a fixed term.
5.2 Interest is calculated daily and is either paid yearly on the anniversary of the first deposit, or for monthly accounts, available for withdrawal on the first day of each month.
5.3 If you have chosen to receive interest monthly, this will be paid on the first day of each month. If you have chosen to receive interest yearly, this will be paid 12 months after the date we credit your account with your opening deposit, or if that is not a bank working day, the first bank working day after that. Interest can be paid into your account, to another AA Savings account or to another bank or building society account – you will make this choice when you open your account. Interest payments to non AA accounts will reach that other account on the next bank working day.
5.4 Where the term of the account is for 12 months or less, yearly interest must be paid back to the account.
6. Linked account
6.1 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. You will be able to transfer money between your account and your linked account. The same conditions apply to any new linked account you may set up. If you wish to change your linked account details, you may amend them by deleting the original and adding another while online.
7. No cancellation
7.1 This account does not have a cooling-off period.
7.2 If your account has a term of less than two years when you open it, then you cannot withdraw your money until the end of the term.
7.3 If your account has a term of two or more years when you open it and you change your mind, you will have to pay a withdrawal charge to return your money (see condition 4.3).
8. At the end of the fixed term
8.1 We will write to you at least 14 days before the end of the fixed-rate term with some choices of account to put your money into, or the option of having it returned to you, at the end of the fixed term. We will let you know that if we do not hear from you, we will put your money into an instant access variable rate account.
Issue date 7 February 2012
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