AA Internet Extra Account (Issue 4)
Our agreement with you is made up of general conditions contained in the AA General Investment Conditions (General Conditions) and the AA Internet Extra Issue 4 (the 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' means Bank of Scotland plc – Birmingham Midshires is a division of Bank of Scotland.
The account is a variable interest rate savings account which is operated online, and we treat this as 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 and running your account
2.1 The minimum opening balance is £1 and the maximum balance is £1 million.
2.2 You can withdraw or deposit a minimum of £1.
2.3 To open an account you must make the opening payment to your account by writing a cheque made payable to yourself from your linked account (see condition 4 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 the account.
2.4 After the initial payment in by cheque referred to in condition 2.3, any payment in must be made by direct debit from your linked account and deposits by cheque will not be allowed.
2.5 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. Withdrawal by cheque will not be allowed.
2.6 To run this account, you must contact us online. However, you will need to write to us to change your personal details, as these cannot be changed online or by telephone.
2.7 This account is only available as a sole account so it cannot be held in joint names. You can only open the account in your own name.
3. Interest
3.1 Interest is calculated daily.
3.2 The account pays a variable interest rate.
3.3 We will pay you a bonus on the money in your account from the day we start to pay interest on your opening cheque deposit (see condition 5.2 of the General Conditions) until 12 months after the date we credit that deposit to your account. The percentage bonus you will receive can be found on theAA.com/savings. The bonus will be paid into the account that your interest is paid into – see condition 3.4 for more information.
3.4 Interest 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 account or to another bank or building society account – you will make this choice when you open your account. Interest payments will reach non AA accounts on the next bank working day.
4. Linked account
4.1 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 the 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.
5. Cancellation
5.1 If you are not happy with your choice of account, you can cancel it at any time. There are no charges for cancelling your account and you do not have to give any advance notice. To cancel this agreement please close the account online and we will transfer your money to your linked account.
Issue date 21 December 2011