Treasury Tracker Account

Terms & Conditions

1. Deposit Amount

The initial deposit and ongoing balance requires to be at least £500. There is no maximum.

2. Deposits and Withdrawals

For your protection and to conform to our current money laundering procedures, deposits to the account will only be accepted from your organisation’s existing bank or building society current account if received via electronic funds transfer or by cheque drawn on the aforementioned account. Withdrawals may not be made against the proceeds of cheques and BACS payments until at least the eighth day commencing from the date the amount is credited. Withdrawals and deposits are subject to a minimum amount of £100 and will only be acted upon if the funds are to be returned by electronic fund transfer to your existing bank or building society current account. Provided you can give us two business days’ notice of withdrawal, we can arrange the transfer free of charge. It should be noted that cheques will not be issued in repayment of funds deposited in this account. 60 day notice accounts withdrawals are subject to the agreed period of notice.

3. Payment of Interest

Variable interest rates will apply to the account at an agreed margin below Bank of England base rate. Should we subsequently wish to change the margin for example as a result of regulatory changes or changed market conditions, this will be advised to you in writing at least 90 days advance of the change. Prospective customers or their Financial Advisers can obtain details of current rates by telephoning our 24 hour pre-recorded Interest Information Line (0870 845 0829).

Interest is calculated on a daily basis from the day cleared funds are received by us. This means that you will earn interest after the third business day in respect of cheques received for credit of the account. For BACS payments you will earn interest from the day funds are credited to your account. Interest will normally be payable annually or quarterly on the first day of January, April, July and October. A monthly payment option is available for balances in excess of £50,000. The nominal monthly and quarterly interest rates when compounded will produce the same Annual Equivalent Rate (AER).

Interest may be credited to this account or your organisation’s existing Bank or Building Society current account in accordance with your pre-advised instructions held on file. Where interest is to be paid away by us you should allow three business days after the interest payment date for the transfer to reach the account.

4. Taxation of Interest

Interest may be paid gross without deduction of basic rate tax subject to confirmation of tax status as evidenced by the following documentation or as otherwise agreed with our Customer Service staff:

• Company — Certificate of Incorporation.
• Pension Fund — Letter from Inland Revenue confirming that funds are exempt from tax.
• Association — Latest Annual Accounts or Deed of Constitution.
• Others — Please contact our Customer Service staff.

5. Telephone Banking

Telephone calls to us may be recorded for the benefit of both parties. We reserve the right to request additional account information as is reasonable to satisfy ourselves that the telephone caller is an authorised party.

6. Security

On opening an account with us, you will be allocated an identification number, the purpose of which is to assist us in locating the account details in order to deal efficiently with your requirements. It is not a security code and should be quoted on all correspondence and in telephone enquiries. The security requirements of passwords and pre-advised settlement details which are provided with the opening account form are held on file for your protection. Any of these can be changed at your request providing notification is given in writing (evidenced as required) and signed in accordance with the application form.

Always take reasonable steps to keep the passwords and other security information secret at all times. This is essential to help prevent fraud and protect the accounts. Take care when storing or getting rid of information about your accounts. You should take simple steps such as shredding printed material.

It is essential that you tell us as soon as possible if you suspect or discover someone else knows your security information — call our Customer Service Staff on 0845 845 0829.

7. Confirmation

A confirmation will be provided within two business days by post for any transaction(s) of £250 or more passing over the account other than interest payments.

8. Statements

A statement of account will be provided to you within 10 business days of any interest application date unless you elect to receive statements less often. Should additional statements be required this may be regarded as an exceptional service and we reserve the right to apply a charge (refer to Section 11 below).

9. Transaction Processing

Banking instructions received by 3pm on any business day will be processed that day. Instructions received at any other time will be processed the following business day. The term ‘business day’ excludes Saturdays, Sundays and Bank Holidays.

10. Charges

Where withdrawal is requested for same day value by clearing house payment, a charge (presently £25) will be applied to cover our transfer costs. Where at least two business days notice has been given, payment by BACS electronic transfer will be made free of charge. No other charges will apply to the account for standard services.

11. Exceptional Services

We may at our discretion charge for services we regard as non-standard. The scale of any future charge will be advised to you prior to any service being provided.

12. Amendments

Requests to amend account details should be made in writing and be signed by any one or all account signatories in accordance with the prevailing instructions. For your convenience standard amendment forms are available on telephone request to our Customer Service Line. Please note that evidence of change may be required.

13. Variation

Any variation to these Terms and Conditions will be notified in writing at least 30 days before implementation.

14. Contracts (Rights of Third Parties) Act 1999

This contract is between the applicant(s) and Scottish Widows Bank plc. The terms of the Contracts (Rights of Third Parties) Act 1999 and any other legal third party rights are specifically excluded. This means that only the parties to the contract (or their legal successor(s), assignee(s) or other security holders) may have contractual rights.

15. Complaints Procedure

Scottish Widows Bank has in place an internal complaints procedure, details of which can be obtained by telephone from our Customer Services Staff on 0845 845 0829. If you cannot settle your complaint with us, you may be entitled to refer to the Financial Ombudsman Service.

16. Banking Code

Scottish Widows Bank subscribes to the Business Banking Code, copies of which are available from our Customer Services Staff.

17. Notice to Close the Account

The Bank undertakes not to close your account without giving you 30 days notice unless there are exceptional circumstances such as fraud or threatening or abusive behaviour towards staff.

18. Law

For legal purposes the law of England and Wales, Scotland or Northern Ireland will apply. This will depend on where you live when you open your account.