Money Market Accounts Money Market Accounts
A range of accounts linked to the London Financial Markets
A choice of accounts for you
We offer three main types of deposit which are described in the following pages.
Fixed Term Deposit Contracts
Suitable for savings you can afford to leave for a fixed term.
Call Accounts
Call (ready access) accounts are suitable for savings you may need to withdraw in a hurry.
Offshore Limited Edition Deposits (OLEDs)
We provide these special limited offer and availability deposits that give the opportunity for a higher return than the more conventional deposits mentioned above. They have in the past included returns linked to Stock Markets, Foreign Exchange Markets and Interest Rates.
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The best account for your money
We all want our money to earn interest when we’re not using it. But we all have different needs. At Lloyds TSB, we have developed a range of deposits linked to the London Money Market that are designed to meet your requirements. You may not want to see your savings tied up for long periods of time, yet you still want to earn a competitive rate of interest. We offer two options: • A Fixed Term Deposit Contract – we agree the interest rate with you in advance and this rate is fixed for the whole period of your deposit. • A Call Account – the interest rate is not fixed, but neither is the deposit period; you receive interest at a rate that is linked to the money markets. Please note that, from time to time, where interest rates in a country are particularly low, we may be unable to pay interest on accounts in the currency of that country.
The best money for your account
It isn’t just the interest you earn that is important, it is also the currency in which you earn it. We acknowledge that you may require your deposit in a currency other than sterling. No problem! Simply tell us your requirements and we will do our best to meet them. We currently offer accounts in all of the major currencies and are more than happy to consider requests for accounts in other currencies as well. Your Fixed Term Deposit Contract or Call Account does not have to be in sterling – you choose the currency and we will do our best to provide it.
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Fixed term deposit contracts
• You tell us how much you are prepared to deposit and for how long. • We confirm with you the rate of interest that your savings will earn. • We will fix that rate for the period of your deposit. • You agree not to withdraw the funds before the end of your chosen deposit period. • All placement of funds on to a new Fixed Term Deposit Contract are applied on a two working day value basis for currency other than sterling. • A Principal Servicing Account must be opened for each currency in which a Fixed Term Deposit Contract is held. • A Principal Servicing Account is a Call Account and will show all additions to and withdrawals from a Fixed Term Deposit Contract at each maturity.
The period of your deposit
We offer a full range of deposit periods ranging from a week up to several years. The period will generally depend on the amount you have to deposit. The application form enclosed with this brochure provides further details of our current range; however, if you cannot find what you are looking for, please give us a call to discuss your requirements – we aim to be flexible.
When your interest is paid
Interest is normally paid at the end of the agreed deposit period. However, for Sterling Deposits of 6 months, 1, 2, and 3 years interest can be paid at alternative times (for example, annually for a 3 year deposit) to suit your personal requirements. Please contact us for further details.
Choose how much to deposit
A minimum deposit of £10,000 is required. Sterling Deposits • £10,000 for periods of 1 month to 3 years. Periods greater than 3 years may be available upon request, but the minimum balance requirement may be considerably higher. Currency Deposits • Currency equivalent of £10,000 (approximately) for periods of 1 month to 1 year. Periods greater than 1 year may be available upon request but the minimum balance requirement will be considerably higher. Generally, the more you deposit the higher the interest rate your money will attract. Please see our interest rate sheet in the back of this brochure for details.
The currency of your deposit
You can choose from all of the major currencies and we are happy to consider requests for deposits in most other currencies as well. Holding a currency deposit can be a way, if you are living overseas, to ease the effects of exchange rate fluctuations. It might also prove more convenient to hold a contract in the currency in which you are being paid.
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The end of the agreed term
There are two options available to you upon maturity of your deposit:
Option 1
Re-deposit your savings and the interest they have earned. This we will happily do automatically or you can select this option on the application form. Your savings and the earned interest will simply be re-deposited for the same term at the rate applicable on the renewal day. We will confirm this to you by sending you a statement, stating the full maturity value, re-deposit term and relevant interest rate. If you wish to use this opportunity to add more funds to your deposit, please let us know.
Option 2
Withdraw some or all of your savings and earned interest. If you choose this option, you need to mark this on the application form or give us your instructions shortly before the end of the term. For sterling deposits this means before 4pm on the day before maturity. For accounts in other currencies we ask for notice by 4pm (UK time) three working days before the day of maturity.
If you are withdrawing some of your original deposit you must ensure that those funds remaining meet the minimum deposit requirements.
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Call accounts for ready access
• You tell us how much you are prepared to deposit. • You tell us the currency you require. • We provide you with confirmation of the interest rates currently being paid on that amount and currency.
Choose how much to deposit
The currency of your account
Our Money Market Call accounts are available in Sterling, US Dollars and Euros. Minimum deposit amounts are £10,000, US$15,000 and E15,000 respectively. Interest is paid monthly and, generally, the more you invest the higher the interest rate your money will attract. For other currencies our standard currency call accounts are available, which require a minimum opening balance of the currency equivalent of £2,000. You can choose from all of the major currencies and we are happy to consider requests for accounts in most other currencies as well. Holding a currency account can be a way, if you are living overseas, to ease the effects of exchange rate fluctuations. It might also prove more convenient to hold an account in the currency in which you are being paid. For new customers who do not have the required minimum balance for a US Dollar or Euro Money Market Call account then we can offer you a US Dollar or Euro account with a VISA Debit Card, subject to a lower minimum balance requirement of US$100 or €100.
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Important points
Important points for your Fixed Term Deposit Contract and Call Accounts
• For EU residents a withholding or retention tax will be deducted from interest payments unless they have opted to ‘exchange information’. In the case of accounts opened with Lloyds TSB Bank (Gibraltar) Limited, we are required to disclose to the tax authority in Gibraltar details of (among other things) your identity, residence and the amount of credit interest paid on all accounts you hold with us in Gibraltar for onward reporting to your home (EU) tax authority. Please ask us for further information about the EU Savings Tax Directive. It is the responsibility of the customer to disclose any liability to tax arising from the receipt of gross interest. • Whilst interest rates around the world are constantly changing, our range of Fixed Term Deposit contracts offers you a rate of interest which is fixed for the period of the deposit that you choose. • You will not normally be able to withdraw funds from your Fixed Term Deposit Contract until maturity. However, in cases of extreme need please contact us. • An indication of the current rates available has been enclosed with this brochure – you should be aware, however, that these rates are only applicable at the date and time shown. For up-to-date information, please contact us. • We make no specific account charges. However, in certain circumstances a charge will be made for a transfer of funds. Transfers to an offshore account in your name with Lloyds TSB are free. If you wish to transfer funds to a ‘third party’ (e.g. another bank or an account in another name), a charge will be made and we can only make such a transfer on receipt of original (not faxed) written instructions. • The interest rate paid on your call account is not fixed. It will fluctuate, although any rate changes will appear on your statement. • You are able to make additions or withdrawals on your call account at any time.
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• We recommend that when making additional deposits this is completed by bank transfer. We will accept cheques, although for larger amounts we may not be able to credit your account immediately: it will be credited once we have received the money from the paying bank. This can take from a few days to over a month depending on the country involved and will incur increased charges. Any deposits to your account in a currency other than that in which the account is held will be converted at the prevailing exchange rate. • Sterling, US Dollar, Canadian Dollar and Euro Call accounts offer instant access (provided instructions are received by 12.00 noon UK time); however, a call account in any other currency requires two days’ notice.
Endorsing cheques
In order that your transactions run smoothly, it’s important that each of your cheques are correctly endorsed on the reverse. This means you should write the name of the person to whom you are paying the cheque exactly as it appears on the payee line on the front, being certain to include the title. Endorse the cheque by signing next to the information you have added to the reverse. If you are a joint account holder both parties must sign the reverse of the cheque before it can be paid. If the cheque is made payable to two people you must endorse both names on the reverse of the cheque. For example, a cheque payable to ‘Mr T and Mrs S Smith’ should be endorsed on the reverse as ‘Mr T Smith’ and ‘Mrs S Smith’. Again, sign the reverse next to each name. If your account is in two names, both account holders must sign the reverse of the cheque next to the names of the payees.
Offshore Limited Edition Deposits
Series Deposits
We are constantly looking for ways to improve the range of money market accounts that we are able to offer. As a result, new and exciting opportunities often become available but usually these can only be offered for a limited period. The potential for higher returns* is often greater with an OLED than with the more conventional range of money market accounts. They are generally innovative and provide the private investor with opportunities normally available only to institutional investors. The usual minimum deposit is £10,000 (or currency equivalent). We do, however, welcome larger investments and can usually offer bespoke arrangements for amounts in excess of £1,000,000 (or currency equivalent). If you would like news of these OLEDs as and when they become available, then please contact us. If you are making an application for a Fixed Term Deposit Contract or Call account, simply complete the relevant section, and we will be happy to add your name to our mailing list. We are always interested in your ideas. If you can think of any opportunities that we may not have considered but which you feel are needed, please contact us and we will be delighted to discuss your idea with you. Throughout the year, special deposit offers will be available. These offers, called Series Deposits, will vary in their design and make-up in order to take advantage of favourable market conditions at the time. Details of current OLEDs and Series Deposit offers can be found on our website:
www.lloydstsb-offshore.com/treasury
*In the event of early withdrawal you may receive back less than your original capital amount.
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How to open your account
Just complete the application form at the back of this brochure and send it to your local Lloyds TSB branch in the jurisdiction in which your account is to be held, Offshore Centre or one of the addresses shown on the form, with your cheque or details of how you intend to make your payment.
3 steps to open an account
1. Complete the Money Market Account application form:
The form needs to be correctly completed in full and signed by all applicants in Section 7 of the application form.
Documentation required
Our aim is to ensure that the account opening process is as simple as possible. To help guide you through, we have set out opposite the procedures and documentation necessary to open your Money Market Account. In order to comply with anti-money laundering legislation and to help combat potential fraud, we are required to hold documentary confirmation of your identity and residential address. We are also required to obtain certain personal financial information, as requested in the application form. In addition we may also request further information regarding the source of any initial and/or subsequent transactions across the account. Please note we are unable to start processing your application until we have received the correct identity and address documentation and the application is correctly completed in full and signed by all applicants. Notwithstanding this, we reserve the right to not open an account or to refuse a deposit without giving a reason for doing so.
2. Provide confirmation of your identity:
Passport – a clear black and white certified photocopy (see** below) of your current passport and those of any joint applicants. Your passport(s) must be valid (not out of date) and show your date and place of birth and signature. Your signature should be the same as that on your application form.
3. Provide confirmation of your address:
Utility bill – an original recent gas, telephone (not mobile), local authority rates or electricity bill, which shows your name and current residential address. For joint accounts we need a utility bill addressed to each party – either jointly or individually. The bill must have been issued within the last 3 months.
**Certification of photocopy passports and all other documents
All photocopies of documents must be certified by one of the following: an embassy, consulate or high commission of the country of issue of documentary evidence of identity, a member of the judiciary, a senior civil servant, or a serving police or customs officer; a lawyer or notary public, an actuary, an accountant holding a recognised professional qualification, or a director, officer or manager of a regulated financial services business operating in an equivalent jurisdiction. The certifier must certify that he or she has seen original documentation, and that the copy document provided (which he or she certifies) is a complete and accurate copy of that original. The certifier will also sign and date the copy document, printing his or her name clearly in capitals underneath, indicate his or her position or capacity, and contact address. If you have any questions or difficulties in providing any of the requested items, please contact us, we will be pleased to help you.
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For your peace of mind
Our range of Money Market Accounts are provided by Lloyds TSB Offshore Limited and Lloyds TSB Bank (Gibraltar) Limited which are part of the Lloyds TSB Group, one of the world’s largest financial companies. When you make your application to open an account, we will write to you with confirmation just as soon as your application is accepted and cleared funds have been received. This confirmation will include details of the amount invested, your personal account number and/or Fixed Term Deposit Contract reference number. Once the account is opened, please quote your account number in any correspondence or telephone conversation to ensure your queries or requests are dealt with efficiently and promptly.
US Dollar or Euro Account with Debit Cards
These are special accounts in US Dollars or Euros that pay tiered rates of interest but add the flexibility of a Visa Debit Card. This card provides world-wide access to your funds immediately through cash machines and, as a debit card, allows you to pay for goods and services anywhere. Interest is tiered and paid half-yearly on balances over US$2,000 (Dollar account) or e2,000 (Euro account), and we only require a US$100 (Dollar account) or e100 (Euro account) minimum opening deposit. You will then have complete freedom to add to or withdraw funds in the account as you please.
Trade finance
Our Lloyds TSB Offshore Limited Jersey office offers a Letter of Credit, Bank Guarantee and Documentary Collection service. If you require further details of these products, then please contact us.
Other services available
We also offer the following services:
Foreign exchange
A full foreign exchange service is available should you need to convert from one currency to another on an inward or outward payment or to switch from a deposit in one currency to another. We will normally require the amount of currency to be converted to be held already in your account with us or in one of our accounts abroad before proceeding with the deal.
International payments
We can arrange for payment to be made to most parts of the world by a variety of different methods. Full details and current charges are provided in our separate leaflet, ‘Sending and Receiving Payments’. Please remember that should you want to send money to a third party we must be in receipt of original (not faxed) written instructions, before we can make the payment.
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Here is your application form
Please read the following important information before completing your application. The information contained in this brochure does not constitute an offer to provide this product or accept deposits, in any jurisdiction to any person to whom it is unlawful to make such offer, nor should it be construed to constitute any investment advice. Legislation or regulations in your home jursidiction may prohibit you from entering into such a transaction with us. We reserve the right to make final determination on whether you are eligible for this product. JERSEY OFFICE Lloyds TSB Offshore Limited, PO Box 10, 9 Broad Street, St Helier, Jersey JE4 8NG. Tel: +44 (0) 1534 284157. Fax: +44 (0) 1534 284471. GUERNSEY OFFICE Lloyds TSB Offshore Limited, PO Box 123, Sarnia House, Le Truchot, St. Peter Port, Guernsey GY1 4EF. Tel: +44 (0) 1481 716141. Fax: +44 (0) 1481 716181. ISLE OF MAN OFFICE Lloyds TSB Offshore Limited, PO Box 351, Peveril Buildings, Peveril Square, Douglas, Isle of Man IM99 2RZ. Tel: 0845 6015168 if calling from UK and 08702 402281 If calling from outside UK. Fax: (0) 1624 618677. Lloyds TSB Offshore Limited in incorporated in Jersey, and its registered office and principal place of business is PO Box 160, 25 New Street, St Helier, Jersey JE4 8RG. Registered in Jersey, number 4029. Regulated by the Jersey Financial Services Commission to carry on deposit-taking business under the Banking Business (Jersey) Law 1991, and investment and general insurance mediation business under the Financial Services (Jersey) Law 1998. The paid up capital and reserves of Lloyds TSB Offshore Limited was £319m at 31st December 2006. Copies of our terms and conditions and latest report and accounts are available upon request from the above registered office. Lloyds TSB Offshore Limited is not and is not required to be, authorised under the Financial Services and Markets Act 2000 of the United Kingdom and therefore is not subject to the rules and regulations of the Financial Services Compensation Scheme made under that Act for the protection of depositors. The Guernsey branch of Lloyds TSB Offshore Limited is licensed to conduct banking, investment and insurance business by the Guernsey Financial Services Commission under the Banking Supervision (Bailiwick of Guernsey) Law 1994, the Protection of Investors (Bailiwick of Guernsey) Law 1987 and the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law 2002. The Isle of Man branch of Lloyds TSB Offshore Limited is licensed by the Isle of Man Financial Supervision Commission to conduct banking and investment business and is registered with the Insurance and Pensions Authority in respect of general Business. Deposits made with the Isle of Man branch of Lloyds TSB Offshore Limited are covered by the Depositors Compensation Scheme contained in the Banking Business (Compensation of Depositors) Regulation 1991. Complaints involving the Isle of Man branch of Lloyds TSB Offshore Limited that it cannot settle should be referred to the Financial Services ombudsman scheme for the Isle of Man. By virtue of the adoptions of the terms of the European Unions Savings Tax Directive by the States of Jersey, States of Guernsey and the Isle of Man Government, Lloyds TSB is obliged to deduct tax at source at the published rate from all interest payments and other similar income, made to an individual beneficial owner resident in an EU Member State. If you are within the scope of these provisions, you may elect for details of any payments of interest, or similar income, to you to be passed to the tax authority of your place of residence. In this case no tax is deducted at source. This election must be made by you in writing. Please advise in writing if you want to take this option. Lloyds TSB Bank (Gibraltar) Limited. Registered office: 323 Main Street, Gibraltar. Registered in Gibraltar, no 99982. Regulated and authorised by the Gibraltar Financial Services Commission for the conduct of banking, investment and insurance mediation business. Lloyds TSB Bank (Gibraltar) Limited is a participant in the Gibraltar Deposit Guarantee Scheme (“the Scheme”) established under the Deposit Guarantee Scheme Act, 1997. Details of the Scheme are available on request. The Bank conducts its business in accordance with local legal and regulatory requirements, including anti-money laundering requirements which require the Bank to disclose information that would otherwise be confidential in circumstances where the bank suspects its customer is benefiting or engaging in criminal activity including tax fraud. The issue of a Debit Card is at the Bank’s discretion and you must be 18 or over to apply. Lloyds TSB Offshore Limited is a wholly-owned subsidiary of Lloyds TSB Group plc whose registered office is Henry Duncan House, 120 George Street, Edinburgh EH2 4LH. To ensure security for our customers and staff and to help maintain service quality, some telephone calls may be recorded and monitored. The information contained in brochure does not constitute an invitation to buy or the solicitation of an offer to sell securities or accept deposits or to provide any other products or services in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation, nor should it be construed to constitute any investment advice. Legislation or regulations in your home jurisdiction may prohibit you from entering into such a transaction with us. We reserve the right to make final determination on whether you are eligible for any products or services. Residents or Nationals of certain jurisdictions may be subject to exchange controls and should seek independent advice before entering into any transactions with us.
www.lloydstsb-offshore.com/treasury
OB522 (March 2008)