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Additional Special Terms and Conditions

For AA Internet Access Plus Account (Issue 1)

(We strongly recommend that you print a copy of these conditions for your reference.)

These AA Internet Access Plus Account (Issue 1) Special Terms and Conditions are in addition to and supplemental to the General Online Terms and Conditions and General Investment Terms and Conditions. Where there are any contradictions these Special Terms and 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.

  1. 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.
  2. The AA Internet 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 Internet 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.
  3. Interest is calculated daily and credited to your Linked 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 Internet 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.
    1. You agree that we may undertake a search with a credit reference agency for the purposes of verifying your identity. To do so the agency may check the details you supply against your particulars on any database (public or other) to which they have access. They may also use your particulars in future to assist other companies for verification purposes. A record of the search will be retained.
    2. If false or inaccurate information is provided and fraud is identified, details may be passed to fraud prevention agencies. Law enforcement agencies may access and use this information.
    3. We and other organisations may also access and use this information to prevent fraud and money laundering, for example, when:
      • checking details on applications for credit and credit related or other facilities
      • managing credit and credit related accounts or facilities
      • recovering debt
      • checking details on proposals and claims for all types of insurance
      • checking details of job applicants and employees

    Please contact us at 01902 325424 if you want to receive details of the relevant fraud prevention agencies.

    We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.

  5. 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. 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.
  6. Initial deposit. You must make the opening payment to your account with a cheque for £500 exactly 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.
  7. 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.
  8. You can obtain details of our customer complaints process by contacting the AA Savings Team or visiting our website www.theaa.com/savings. Complaints which we cannot settle may be referred to the Financial Ombudsman Service.
  9. You can obtain details of our charges by calling our AA Savings Team or visiting our website www.theaa.com/savings
  10. The AA Internet Access Plus Account (Issue 1) cannot be held as a joint account. You can only open an AA Internet Access Plus Account (Issue 1) in your own name. You may only select a linked bank account where you have the authority to do so. You are not permitted to have a link to a bank account on which you are not named, or to a joint bank account where two names are required to authorise a Direct Debit. 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.
  11. Amendments to personal details may be required in writing.
  12. Rates of interest on the account are variable.
  13. We reserve the right to suspend the issue of this account at any time.