Monthly Savings

Key product information for our savings accounts - Monthly Savings

Additional conditions

These additional conditions relate to the Monthly Savings account and supplement and amend the general conditions of your Customer Agreement with us (Barclays Bank PLC). In the event of any inconsistency between these additional conditions and the general conditions of the Customer Agreement, these terms will apply in relation to the Monthly Savings account.

1. Availability

1.1 To have this account you must be at least 16 and resident in the UK for tax purposes. You can only have one Monthly Savings account at any given time either in sole or joint names. This means that if you have a Monthly Savings account in your name you cannot also have a joint Monthly Savings account with another person.

1.2 This account can not form part of any Openplan or offset mortgage arrangement.

2. Monthly Savings Terms

Duration

2.1 The Monthly Savings Terms set out in this condition will apply to the account until the first anniversary of the date the account was opened or if that is not a working day, the next working day.

Payments into and out of the account

2.2 You must make:

(a) an initial deposit within one calendar month of opening the account;

(b) no more than 12 monthly deposits (including the initial deposit), each of at least £20 but not more than £250, up to a maximum of £3,000 in the first year; and

(c) all deposits other than the initial deposit by standing order from an account with us or another bank.

2.3 You do not have to make a deposit in each month and you can change the amount as long as it is at least £20 and not more than £250.

2.4 You can make a withdrawal from your account or transfer to another account with us at any time without notice but if you do interest is payable at the lower Monthly Savings rate for that month.

Interest

2.5 Interest can only be paid into the account.

2.6 The interest rate depends on whether any withdrawals have been made from the account. We pay interest on the first working day of the each month (or when the account is closed or converted to an instant access account):

a) At the higher Monthly Savings rate as long as you have made no payments out of the account, since the account was opened in the case of the first month, or interest was last paid into the account, but otherwise;

b) At the lower Monthly Savings rate.

2.7 Our Monthly Savings rates are fixed for the duration of the account and are advised to you at the time the account is opened.

2.8 We will only pay interest on your payments to the extent that those payments are allowed under these Monthly Savings Terms.

3. Terms that apply after the Monthly Savings Terms

3.1 On the first anniversary of the date the account was opened we will convert the account into the Barclays instant access savings account specified in our interest rate leaflet and on our website and the Monthly Savings Terms will no longer apply. When your account is converted we will confirm the details of the instant access account to you.

3.2 The instant access account will have no access restrictions.

3.3 If you make monthly deposits by standing order from your Barclays current account, we will continue to make the same monthly standing order payments to your account after we convert it to an instant access savings account until you tell us otherwise.

Cooling Off
If you are not happy with your account, you have a 14 day period in which to contact us to cancel your account or switch to another account. This period begins on the date your account is opened or the date you receive your terms and conditions and other account information, whichever is the later. If you contact us within this period to cancel or switch your account, we will refund any account fees you may have paid. However, if you cancel or switch your account at a later date, you will not be refunded the account fees that you have paid. If you wish to cancel or switch your account, you should tell us by writing to Barclays, Leicester LE87 2BB.

Your Feedback
We want to hear from you if you feel unhappy with the service you have received from us. Letting us know your concerns gives us the opportunity to put matters right for you and improve our service to all our customers.

You can complain in person at your branch, in writing, by email or by telephone. A leaflet detailing how we deal with complaints is available on request in any of our branches, from the Barclays Information Line on 0800 400 100 ³ or at  www.barclays.co.uk  Alternatively you can write to Barclays, Leicester LE87 2BB.

If we do not resolve your complaint internally to your satisfaction, you may be able to refer it to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR (Tel: 08000 234 567). The Financial Ombudsman Service is an organisation set up by law to give consumers a free and independent service for resolving disputes with financial firms. Details of those who are eligible complainants can be obtained from the Financial Ombudsman Service.