How our offline accounts operate

(Refer to our eSavings FAQs for information and FAQs on how our online savings accounts operate.)

Interest

Interest rates are variable. Click here for the current rates of interest.

Interest calculation

Funds deposited in your account will start earning interest with effect from:

• the day after deposit for deposits made by electronic funds transfer and cash deposits (cash deposits are accepted only from Manx resident customers) and for deposits made to the YoungSave account.
• on the fourth working day after deposit for sterling cheques from a bank account based in the UK, Isle of Man or Channel Islands.
• the day after clearing, which can be several weeks after deposit, for cheque deposits not in sterling or not from a bank account based in the UK, Isle of Man or Channel Islands (only available on sterling accounts).
• Interest is payable up to and including the day of withdrawal
• sterling interest is calculated on a 365-day year, whilst US dollar and euro interest is calculated on a 360-day year, in line with international banking standards.

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Interest payment

Interest is paid gross.

However if you (or another party to the account) are resident in an EU country for tax purposes then your proposed new account will be affected by the EU Savings Tax Directive (EUSTD). It is important to note that your account will be subject to retention tax and interest will be applied net of tax.

Alternatively, EU residents may wish to receive gross interest and opt for exchange of information, this option will result in interest details, together with certain personal details being forwarded to tax authorities. Should you wish to choose this option you will need to obtain an exchange of information mandate form from our office or by going to our website.

Further details of EUSTD are available from the EUSTD section of this website.

If you are resident outside of the European Union, your account will be unaffected by the EUSTD and interest will be paid gross. You must make arrangements to declare and pay any tax that may be due in the country where you are classed as resident for taxation purposes.

Interest is payable on dates specific to each product, unless you have a monthly interest account.

Monthly interest is paid away on the last working day of each month to the bank account you have designated. The receiving account must be with a bank within the UK clearing bank system or another Bradford & Bingley International account, as this enables us to transfer your money free of charge to your account.

Annual interest on sterling accounts may be paid away with no charge as long as the bank account it is going to is within the BACS system (UK, Isle of Man and Channel Islands).

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Availability

Accounts can be opened by private individuals, trustees or investment companies on behalf of private individuals. Trustees may be corporate entities, fiduciaries or other private individuals. The Business Call, Business 7 and Money Market accounts may be opened by trading companies using the company application form.

If you are opening an account as a trustee, please use the trustee application form.

Investment Companies should contact our Business Development Team for more information on accounts tailored to suit your organisation.

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Making Deposits

Initial deposits and additional deposits, are subject to the minimum levels of the individual products.

We do not make any charges for receiving deposits into your account. However your bank may charge for transferring funds to us.

Sterling Accounts

For sterling denominated accounts (except internet savings accounts), deposits can be made by:

• Sterling cheque
• electronic funds transfer to Bradford & Bingley International. Please note that your bank may make a charge for this service. Transfers in currencies other than sterling will be converted with reference to market rates and will be added to your account less any charges.
• non-sterling cheques - these will be converted into sterling with reference to market rates and will be added to your account less any relevant charges. This process can be expensive and lengthy and we would recommend that you consider one of the other methods of deposit.
• Cash - up to £1,000 a day for Isle of Man residents only.

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For Euro and US dollar denominated accounts

Deposits to and from internet savings accounts, euro and US dollar accounts must be made by electronic funds transfer. Please note that your bank may make a charge for sending an electronic funds transfer.

Transfers in currencies other than the currency of your account will be converted with reference to market rates and will be added to your account less any charges. We are not able to agree conversion rates in advance.

Electronic Funds Transfer

If you are making your deposit by electronic funds transfer then you will need to instruct your bank. Please complete our electronic funds transfer form and pass this to your bank to action. It is advisable to use this form as electronic transfer routing instructions can become complex when correspondent banks are involved. The form is available from our office or as a download from our website.

Initial Deposit Only

If you are not sending a sterling cheque with your application, but intend to send your initial deposit by electronic transfer, you will need to contact us for a reference number to give to your bank, so that your funds can be matched up to your application form quickly. Once your account is operational, an account number will be allocated and this should be quoted on any future deposits. All cheques should be made payable to the account holder or “Bradford & Bingley International Limited account (account holder’s name)”.

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Making withdrawals

Subject to the minimum levels and notice terms mentioned in the account details, all withdrawals from internet savings accounts, euro and US dollar accounts must be made by electronic funds transfer.

• withdrawals by the BACS electronic funds transfer system usually take between 3 - 4 working days to clear and are for transfers made to banks within the UK clearing system in sterling. No charge is made for BACS transfers.
• sterling denominated accounts (except internet savings accounts) can have withdrawals made by crossed cheque or electronic funds transfer, subject to the minimum levels and notice terms.
• Isle of Man residents have the additional option of visiting our offices and withdrawing cash up to £500 per day (account conditions permitting).

We do not make a charge for withdrawals by crossed cheque (sterling accounts only), BACS transfers or where an Isle of Man resident visits our office for a cash withdrawal.

Withdrawals by the CHAPS electronic funds transfer system, where transfers will take place the same day if instructions are received before 11am. CHAPS is only available from sterling accounts to a sterling bank account within the UK, Isle of Man or Channel Islands and is currently charged at £20 per transfer.

For withdrawals using the SWIFT electronic funds transfer system, available for sterling, US dollar and euro accounts, the charges are as follows:

• for transfers up to £10,000 - £20 or USD/EUR15,000 - USD/EUR30
• for transfers above £10,000 - £30 or USD/EUR15,000 - USD/EUR45

Instructions may be given by post, fax or by visiting our office in the Isle of Man. Alternatively, if you have already signed up for our telephone service, you can simply ring your withdrawal instruction through to us.

Any request to “transfer” funds will be subject to the Company’s interpretation and may be sent by any means so chosen, although this would normally be by BACS, it may also be by CHAPS.

Withdrawal requests are normally actioned within 1 working day of receipt.

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Money Market Accounts

All transactions must be carried out by Electronic Funds Transfer.

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Foreign Exchange Service

We are able to provide a currency exchange service for deposits, withdrawals and transfers between your accounts. We aim to provide some of the most competitive rates available, based on the London foreign exchange market, and we do not make a specific charge for exchanges on top of the rate that we quote to you.

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Service Charges

Charges made by us will normally be deducted from the balance of your account.

If you are closing your account, any charges will be deducted from the closing balance prior to payment.

Where charges have been deducted by a third party (e.g. banks involved in sending money to your account) the amount paid into your account will be net of these charges, and we will not be liable for the reimbursement of these charges.

We reserve the right to amend charges, or introduce new ones, in accordance with the terms and conditions of deposit.

• we do not make a charge for “Bed and Breakfasting” your account (i.e. closing an account and re-opening the same type of account with the proceeds of the closure in order to create a taxable event - this service is sometimes requested when moving from one jurisdiction to another). However, please note that the “new” account will be opened the day after the “old” account is closed, the effect of which is one day’s loss of interest, which is not reclaimable.
• if you ask us to place a stop on a cheque (only available where the cheque has been lost or stolen), then we will charge £10 and will need to have a written instruction from the account holder before arranging for the cheque to be stopped.
• if you make a deposit by cheque into your sterling account, which is subsequently returned to us unpaid (including countermanded cheques, cheques drawn against uncleared balances, incorrectly completed cheques etc), then we will make a charge of £10 per item. We will not normally re-present cheques which are returned to us unpaid.
• if you request a replacement statement or a confirmation of interest previously advised, there will be a charge of £15 per duplicate statement or per amount of interest previously advised.

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What to do if you have a query or complaint

Please contact us straight away. We aim to provide a high quality service and if we haven’t got something right then we would like to know to enable us to address the issue. If you do have a complaint, we will provide you with our customer complaints leaflet, which explains our complaints procedure in detail. Copies are available on request from our customer services team. In the unlikely event we are unable to settle your complaint, you have the right to refer it to the Financial Services Ombudsman Scheme for the Isle of Man.

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