ISTermsAndConditions by liaoxiuli4

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									    MARKS & SPENCER
    CASH INDIVIDUAL SAVINGS ACCOUNT
    Terms and Conditions
    Your agreement with us consists of these M&S Cash                “Marks and Spencer Group” means Marks and Spencer
    Individual Savings Account Terms and Conditions (“Cash            plc, its subsidiaries, associated and affiliated companies;
    ISA Terms”) and any Additional Conditions (the Cash ISA          “Nominated Account” means a personal bank or building
    Terms and the Additional Conditions are together the              society account which you nominate to receive
    “Terms”) that apply to any product/service that you have          withdrawals from your Account which has been verified
    and which are described in the Terms.                             through our verification process highlighted in our
    Additional Conditions include the following, as applicable        key features literature. You can only nominate another
    to your product/service:                                          bank account which you hold solely or jointly with
    (1)     all interest rates that apply to the relevant product/    another person;
            service which are covered in the summary box             “Recipient” means the person(s) receiving the money
            applicable to your product/service (you will be           being paid (this will be either you, or you and other
            given this when you apply for the product/service         person(s));
            with us and can also find details of interest rates
                                                                     “Recipient Bank” means the bank which holds the
            by telephoning us or looking on our website),
                                                                      account you have nominated to receive withdrawals;
    (2)     Fixed Rate Savings Terms and
                                                                     “TS” means our Telephone Service;
    (3)     any other terms that we provide you.
                                                                     “Variable Rate Savings Option” means the option under
    If any Additional Conditions contradict the Cash ISA              your Account whereby the interest rate applied to the
    Terms, then the Additional Conditions will apply.                 money deposited will be subject to change in
    In the event of any inconsistency between the Terms               accordance with the Terms;
    and the ISA Regulations, the ISA Regulations will prevail.
                                                                     “We/us/our/ours” means the ISA manager Marks and
    The Cash ISA Terms are also a framework contract                  Spencer Financial Services plc (“M&SFS”), its successors
    (clauses 1 - 29 of the Cash ISA Terms form this                   or anyone else appointed to operate your Account;
    framework contract) for payment services on your
                                                                     “Working Days” means Monday to Friday, except public
    Account.
                                                                      holidays;
    No third party will have any rights under the Cash ISA
    Terms.                                                           “You/your/yours” means the account holder.
    Please read the Terms and keep them in a safe place.             2.     General
    You can ask for a copy of the Terms at any time.                 M&SFS is an authorised deposit taker under the Financial
    Where we ask you to telephone us, please ring 0808 005           Services and Markets Act 2000.
    5555 or +44 1244 688632 if calling from abroad. Lines            3.     Setting up a Cash ISA
    are open for these numbers from 8am to 8pm Monday to             3.1.   You are subscribing to a Cash ISA for the current
    Friday and 9am to 5pm on Saturdays and bank holidays                    tax year and each subsequent tax year in which
    (Closed on Sundays, Christmas Day, Boxing Day and                       you subscribe to the Account, and/or transferring
    New Year’s Day). Please be aware that opening hours                     to us a current tax year and/or previous tax year
    may be restricted over the Christmas period, please                     Cash ISA from another ISA manager.
    contact us for details.                                          3.2.   You cannot subscribe to a Cash ISA if you have
    1.      Definitions                                                     already subscribed to any other Cash ISA, or
    “Account” means your Marks & Spencer Cash ISA;                          subscribed your entire ISA allowance (see clause
    “Customer Service Representative” means an M&SFS                        5) to a Stocks and Shares ISA, in the same tax
     employee who deals with customer queries;                              year.
    “Fixed Rate Savings Option” means the option under your          3.3.   This agreement will commence on the day we are
     Account whereby the interest rate applied to the money                 in receipt of a valid application and your first
     deposited will be fixed in accordance with the Terms;                  subscription, or where you are transferring to us
    “Fixed Rate Savings Terms” means the terms applicable                   from another ISA manager, on the day we are in
     to the Fixed Rate Savings Option that we provide to you,               receipt of a valid transfer application form and the
     as updated;                                                            proceeds of transfer from your previous ISA
    “HSBC Group” means HSBC Holdings plc, its                               manager.
     subsidiaries, associated and affiliated companies;              4.     Minimum subscription
    “ISA Regulations” means the Individual Savings Account                  The minimum amount you can subscribe to the
     Regulations 1998 as amended or replaced from time                      Cash ISA by lump sum or monthly direct debit is
     to time;                                                               £10.


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    5.     Maximum subscription                                   7.4.   Debit card payments – you can deposit money
           The maximum that can be subscribed to a Cash                  into your Account using any UK bank or building
           ISA in each tax year is prescribed in the ISA                 society debit card with the Maestro, Visa Debit or
           Regulations. The current subscription limit is                Solo symbol. Payment must be from a debit card
           detailed in our Cash ISA Key Features Document.               in your name from an account in respect of which
    6.     Deposit Options                                               you are account holder or which you hold jointly
    6.1.   You can deposit money into your Account and the               with another person.
           interest rate applied will be subject to change in     7.5.   Cheques drawn on a personal account can be
           accordance with clause 24 (“the Variable Rate                 paid into your Account. You can subscribe a lump
           Savings Option”). From time to time, we may offer             sum by cheque. Cheques must be in your name
           the additional option to deposit money subject to             only or from an account which you hold jointly
           a fixed rate of interest for a specified time period          with another person.
           (“the Fixed Rate Savings Option”).
                                                                  7.6.   Cheques out of your Account (see clause 34.5).
    6.2.   You can transfer from us, or another ISA manager,
           a current tax year Cash ISA, or previous tax year      7.7.   All payments into your Account must be from a
           Cash ISA, into the Variable Rate Savings Option               bank or building society account in your name or
           and/or when offered (and subject to such offer                which you hold jointly with another person.
           remaining open) the Fixed Rate Savings Option,         7.8.   All deposits into your Account must be in sterling.
           subject to clause 33.                                  8.     Information you need to provide when you
    6.3.   You may instruct us to divide subscriptions to                make a withdrawal from your Account
           our Cash ISA under 6.1 between the Variable Rate              You must provide us with all the following details
           Savings Option, and when offered (and subject to              to enable us to make the withdrawal:
           such offer remaining open) the Fixed Rate Savings
           Option, subject to the Cash ISA subscription limit            • the sort code and account number for your
           outlined in clause 5.                                           Nominated Account;
    6.4.   We will send you notice prior to the maturity of a            • the date the payment is to be withdrawn from
           deposit in our Fixed Rate Savings Option outlining              your Account;
           the options available to you in respect of the                • the account holders of the Nominated Account;
           deposit, which may include the option to transfer               and
           to the Variable Rate Savings Option or any new                • your client reference number.
           offer we make under the Fixed Rate Savings
           Option. We will ensure that unless you give us an      9.     Telephone Service
           instruction to withdraw it and subject always to       9.1.   Clause 9 applies to your use of TS in respect of
           clause 31, your deposit will remain within your               your Account or an Account of a third party which
           Cash ISA at all times.                                        you are authorised by the account holder to
    6.5.   Clauses 4, 24 and 34 relating to minimum                      operate, e.g. because they have granted you a
           subscription, interest only and withdrawal apply to           power of attorney. If you use TS to operate any
           the Variable Rate Savings Option.                             accounts of a third party, you agree to do so only
                                                                         if, and to the extent that, you are authorised to do
    7.     Different types of payment into and out of your
           Account                                                       so by the account holder.
    7.1.   Bill payments – these are sterling payments made       9.2.   TS is available, provided that your identity can be
           through the BACS system, directly to another                  verified by speaking to a Customer Service
           account in the UK. Bill payments from your                    Representative and completing security
           Account can only be made to one other                         procedures.
           Nominated Account. Bill payments cannot be             9.3.   To use TS, telephone us on 0808 005 5555 in the
           made to an account held by a third party, except              UK or +44 1244 688632 from abroad. Lines are
           to another ISA manager when transferring your                 open 8am to 8pm Monday to Friday, 9am to 5pm
           ISA, or to personal representatives following the             Saturday and bank holidays (closed on Sunday
           closure of a deceased estate or to an authorised              and closed Christmas Day, Boxing Day and New
           agent with permissions to hold client money.
                                                                         Year’s Day). Please note that opening hours may
    7.2.   Electronic Fund Transfers – payments in sterling in           be restricted over the Christmas period, therefore
           the UK made through the Clearing House                        please contact us for details. To help us
           Automated Payment System (CHAPS). These are
                                                                         continually improve our services and in the
           available in exceptional circumstances and only
                                                                         interests of security we may monitor and/or record
           where the recipient account is held in your name,
           or in which you are a joint account holder.                   your telephone calls with us.
    7.3.   Direct debits – regular payments into your             9.4.   Your instructions
           Account from a Nominated Account, which may            9.4.1. You can make certain payments through TS (once
           vary by amount and which are made on the 4th of               you have completed our security procedures) by
           each month (or next working day) except where                 speaking to a Customer Service Representative,
           stated otherwise (see clause 16.4).                           who will take details of the payment and then


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           confirm the details to you. You must confirm these             • when we call you, we will never ask for details of
           details are correct before we make the payment.                   your client reference or password to identify you
           We will repeat the payment details before asking                  as our customer. We will ask you questions
           you to confirm them. Your confirmation will be                    based on information known to us about you
           your agreement for us to make the payment.                        and the transactions on your Account;
    9.4.2. On satisfactory completion of our security                     • when you contact us by telephone, you should
           procedures, we can act on any instructions given                  not use cordless or mobile telephones operating
           to us, even if these instructions were not given by               on an analogue network. We recommend that
           you or with your authority.                                       you use either a landline or a digital mobile
    9.4.3. We may ask you to confirm telephone instructions                  telephone. We are not responsible for the
           in writing. If we require you to confirm a telephone              security of your Account if anyone else
           instruction in writing, the processing of your                    intercepts or overhears you speaking to us on
           instruction will be completed within the five                     the telephone.
           business days commencing on the day we receive         11.3.   If any security details are lost or stolen, accessible
           your written instruction.                                      to others, or you suspect that someone has used
                                                                          or tried to use them, you must tell us without
    10.     Post
                                                                          delay by calling us, during opening hours on 0808
    10.1.   To instruct us to make a withdrawal by post, you
                                                                          005 5555 in the UK or +44 1244 688632 from
            must send a letter addressed to us at Savings &
                                                                          abroad or by emailing us, out of opening hours,
            Investments Department, Marks & Spencer
                                                                          by using the Contact Us form on
            Money, Kings Meadow, Chester, CH99 9UT. You                   http://money.marksandspencer.com/contact-us/
            must set out all the details we tell you we need to           overview
            make the relevant payment (please see clause 8)
            and you must sign the letter. This will be your       11.4.   If asked, you must confirm in writing the loss or
                                                                          theft of your security details relating to TS.
            agreement for us to make the payment. We will
            make the payment once we have checked your            11.5.   We will ask you to co-operate with us and the
            instructions.                                                 police in relation to any investigation into the
                                                                          actual or suspected misuse of your security
    11.     Important Security Information                                details and/or Account. You must report any
    11.1.   You must use TS in accordance with the Terms.                 unauthorised transactions to the police within
    11.2.   You must take all reasonable precautions to keep              seven days of our request. We may also disclose
            safe and prevent fraudulent use of any security               information about you or your Account to the
            details (including your client reference number and           police or other third parties if we think it will help
            any password or other details which allow you                 prevent or recover losses.
            to use TS). These precautions include but are not
                                                                  12.     When payments will and will not be made
            limited to:
                                                                          by us
            • never writing down your security details;
                                                                  12.1.   We will make/authorise a payment from your
            • not choosing security details that may be easy              Account if you authorise it in any of the ways set
               to guess;                                                  out the Cash ISA Terms and there are sufficient
            • taking care to ensure that no one hears or sees             cleared funds in your Account. There may be a
               your security details when you use them;                   delay in carrying out your instructions while fraud
            • keeping your security details unique to your                prevention checks take place.
               Accounts with us;                                  12.2.   We may refuse to make a payment (and we will
            • not allowing any one else to have or use your               not be responsible for any loss) if:
               security details and not disclosing them to                • any of the conditions set out in the Cash ISA
               anyone even the police and us;                                Terms have not been met; or
            • changing your security details immediately and              • we are not reasonably satisfied the transaction
               telling us as soon as possible in accordance                  or the instruction is lawful; or
               with clause 11.3 if you know, or even suspect              • we consider that your Account has been or is
               that, someone else knows any of those details,                likely to be misused; or
               or if we ask you to;                                       • for fraud prevention purposes; or
            • keeping your security details safe.                         • it would lead to your Account going overdrawn.
            Telephone Service                                     12.3.   If we refuse to make a payment that you have
            • when you call us, we will confirm your identity             requested you will normally be told when you
               using our current security procedures. We may              request the payment unless we suspect fraud -
               not be able to assist you if we are unable to              please see clause 21 for details about our fraud
               identify you as our customer using our security            prevention measures and what we do if we
               procedures and we will issue a letter notifying            suspect fraud. In all cases, if you telephone us
               you that an attempt has been made to access                and speak to a Customer Service Representative,
               your Account and that security was failed;                 we will tell you if a payment has been refused, the


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            reasons for the refusal (if possible) and the            14.3.   Where you have instructed us to make a payment
            procedure for correcting any factual errors that led             immediately, we will begin processing the
            to the refusal. This information will be available               instructions when they are received and you
            immediately after our refusal of your instruction.               cannot cancel your instructions after you have
            We will not be able to provide you with details in               given them to us.
            any of these ways if it is unlawful for us to do so.     14.4. If you instruct us to make a payment on a future
    12.4.   You must not borrow on your Account.                           date, we will begin to process the payment on
    13.     Interest on payments you make and receive                      the date you specify. In this case, whether you
    13.1.   For payments out of your Account, you will                     may cancel your instructions will vary for
            receive interest up to the time the payment is                 different types of payment and for different ways
            deducted from your Account. Interest will be                   in which the payment is requested. Information
            calculated up to and including the date of                     about cancelling is set out in the table in clause
            withdrawal.                                                    15.
    13.2.   Interest will be calculated on payments into your        14.5.   After any time limits for cancellation referred to in
            Account prior to the actual clearance of such                    this clause have expired, you may only cancel
            payments (please see clause 18.1.3). Calculation                 your instructions if we agree.
            of interest will commence the day following the          14.6.   All cut-off times quoted refer to London time.
            day upon which we credit your Account and will
            be added to your Account and will be paid in             15.     Withdrawals from your Account - Cheque, Bill
            accordance with the terms we have agreed with you.               payments and Electronic Fund Transfers

      Payment Type        How you              General cut-off       Maximum       Can you arrange a payment to be sent on
                          can request          time for giving       execution     a future date?
                          a payment            instructions to us    time
      Cheques             TS                   Weekdays: 8pm         3 working     Yes through TS or post and you can cancel
                          Post                 Saturdays and bank    days          the payment by TS and post up to 8pm the
                                               holidays: 5pm                       day before we process the payment
      Bill Payments       TS                   Weekdays: 8pm         3 working     Yes through TS or post and you can cancel
      (BACS)              Post                 Saturdays and bank    days          the payment by TS and post up to 8pm the
                                               holidays: 5pm                       day before we process the payment
      Electronic          TS                   Weekdays: 8pm         Next          Yes through TS or post and you can cancel
      Fund Transfers      Post                 Saturdays and bank    working       the payment by TS and post up to 8pm the
      (CHAPS)             In exceptional       holidays: 5pm         day           day before we process the payment
                          circumstances only

    14.     Cut-off times, execution times and when you              16.     Payments into your Account - direct debit
            can cancel an instruction to make a payment              16.1.   You can make direct debit payments into your
    14.1.   The cut-off time is the time before which on a                   Account, provided that it is into the Variable Rate
            working day a payment or a payment instruction                   Option.
            is treated as received by us on that working day.        16.2.   Subject to clause 16.5 below you can increase
            This means if we receive a payment or a payment                  (subject to the Cash ISA subscription limit outlined
            instruction after the cut-off time, we will treat this           in clause 5), decrease (subject to our minimum
            as received by us on the following working day.                  monthly subscription amount set out in clause 4),
            If we receive a payment or a payment instruction                 or suspend temporarily monthly direct debit
            on a day that is not a working day, we will treat                payments by telephoning us on 0808 005 5555 or
                                                                             writing to us at Savings & Investments
            this as received on the next working day. Cut-off
                                                                             Department, Marks & Spencer Money, Kings
            times vary for different types of payment and for
                                                                             Meadow, Chester, CH99 9UT.
            different ways in which the payment is requested.
            Information about cut-off times for each type of         16.3.   To cancel direct debit payments you must instruct
                                                                             us by telephoning us on 0808 005 5555 or writing
            payment is set out in the table in clause 15 and in
                                                                             to us at Savings & Investments Department,
            clause 18.1.2.
                                                                             Marks & Spencer Money, Kings Meadow, Chester,
    14.2.   The maximum execution time (the time it takes for                CH99 9UT.
            the payment to reach the recipient bank), is set         16.4.   Direct debit payments will usually be claimed on
            out in the table in clause 15 and in clause 18.                  the 4th day of each month, or the next business
            This starts on the working day after we receive                  day if the 4th is not a business day. It may be
            the instruction. The time at which this begins will              necessary on occasions to bring forward the
            depend on whether your payment instructions                      direct debit payment in April to ensure it is
            were received before or after the cut-off time.                  received before the tax year ends.

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    16.5.   You are unable to increase, decrease, suspend                 will be deposited into the Variable Rate Savings
            temporarily, or cancel a direct debit payment in              Option on the same day, and the calculation of
            the three business days immediately before the                interest at the variable rate will commence on the
            date on which the direct debit will be claimed.               next day.
    16.6.   If you withdraw the entire balance from your           18.     Payments into your Account – Cheques
            Account, in the three business days before a           18.1. Clearing cheques
            direct debit payment is to be claimed, the direct
            debit payment will be claimed and credited to          18.1.1. The ‘central clearing cycle’ (normally 6 working
            your Account. The direct debit payment will be                 days) is the time taken for money paid from or
            deemed a subscription to your Cash ISA, and                    into your Account to be deducted or added.
            therefore count towards the Cash ISA subscription              This section applies to our normal clearing cycles
            limit outlined in clause 5. This direct debit                  for cheques drawn in sterling (other than those
            payment, plus interest, will be returned to you                drawn on banks abroad). Payments may take
            either by cheque or payment to your Nominated                  longer through some financial institutions.
            Account within five business days of us confirming             Please also see clauses 18.2.3 to 18.2.5 below.
            receipt of the direct debit payment.                   18.1.2. When you pay a cheque into your Account,
                                                                           you will normally have to wait six working days
    17.     Switching
                                                                           after the day it has been paid in before you
    17.1.   You may switch money held in your Account from                 can withdraw the money unless we agree
            the Variable Rate Savings Option into any of the               otherwise, e.g. the proceeds of a cheque paid in
            Fixed Rate Bonds, subject to the minimum                       on a Monday will normally be available for
            deposit requirement set out in 4 above or in the               withdrawal on the following Tuesday (six working
            relevant Additional Conditions.                                days later). We may extend this time period if
    17.2.   You may switch money held in your Account from                 there are actual or potential credit or fraud
            any of the Fixed Rate Bonds into the Variable Rate             prevention reasons to do so. When we refer to the
            Savings Option at any time. Except for where the               day you pay a cheque into your Account we mean
            switch is made on or after the Maturity Date, this             the first day that we deal with and process the
            will be subject to any withdrawal charges                      cheque. Please also see clauses 18.2. The
            applicable to your Account.                                    cheque amount will be included in your balance
    17.3.   To complete the switch under 17.1 above you will               before you can withdraw the money.
            need to fill in a form. You can obtain the form by     18.1.3. We treat cheques as being cleared for interest
            telephoning us on 0800 028 2824 between 8am                    calculation purposes the day following receipt of
            and 8pm Monday to Friday and 9am to 5pm on                     the cheque, which is before the funds from the
            Saturdays and bank holidays, or by writing to us.              cheque have been received by us.
    17.4.   To complete a switch under 17.2 above you can          18.2. Cheques returned unpaid and paying
            telephone us on 0808 005 5555 between 8am                      in cheques
            and 8pm Monday to Friday and 9am and 5pm
            on Saturdays and bank holidays, or write to us.        18.2.1. The bank on which a cheque is drawn may return
            We may ask you to confirm telephone instructions               it unpaid, even if we have let you withdraw the
            in writing.                                                    money and/or the amount on the cheque has
                                                                           been included in your balance. When a cheque is
    17.5.   Instructions to switch from the Variable Rate                  returned unpaid, it will usually happen six working
            Savings Option to the Fixed Rate Savings Option
                                                                           days after the cheque has been paid into your
            under 17.1 above, will be completed on the day
                                                                           Account, but it could be later (see clauses 18.2.3
            we receive your instructions. Interest calculated up
                                                                           to 18.2.5).
            to the day we receive your instructions will be
            added to the amount to be switched from the            18.2.2. If a cheque paid into your Account is returned
            Variable Rate Savings Option if you are switching              unpaid, the amount of the cheque will be
            the entire balance held in the Variable Rate                   deducted from your Account. The amount of the
            Savings Option. The amount switched will be                    cheque is not a valid Subscription under the
            deposited into the Fixed Rate Savings Option on                Regulations and depending whether this is the
            the same day, and the calculation of interest at               initial subscription, we may terminate your
            the fixed rate will commence on the next day.                  Account.
    17.6.   Instructions to switch from the Fixed Rate Savings     18.2.3. Clauses 18.2.4 and 18.2.5 apply to sterling
            Option to the Variable Rate Savings Option under               cheques paid in at and drawn on branches of
            17.2 above, will be completed on the day we                    English, Scottish, Welsh or Northern Ireland banks.
            receive your instructions. Interest calculated up to   18.2.4. If a cheque paid into your Account is returned to
            the day we receive your instructions will be added             us unpaid, we will not deduct the amount of the
            to the amount to be switched from the Fixed Rate               cheque from your Account beyond the sixth
            Savings Option. Any withdrawal charges set out in              working day after it was accepted by us (i.e. when
            any Additional Conditions will be deducted from                your Account is credited with the amount of the
            the amount to be switched. The amount switched                 cheque). Because we process overnight, the


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            deduction from your Account could appear up to        21.2.   We, or any other member of the HSBC Group,
            9.00am on the seventh working day. For example,               may take whatever action we consider appropriate
            if you pay a cheque into your Account on                      to meet any obligations, either in the UK or
            Monday, your Account will not be debited after                elsewhere in the world, relating to the prevention
            9.00am on Wednesday the following week.                       of fraud, money laundering and terrorist activity
    18.2.5. A cheque you pay in may be returned and the                   and the provision of financial and other services to
            amount of the cheque deducted from your                       persons who may be subject to sanctions. This
            Account more than six working days after the date             may include, but is not limited to, investigating
            we accepted it:                                               and intercepting payments into and out of your
            • where you are, or we reasonably suspect you                 Account and investigating the source of or
               are, knowingly involved in a fraud concerning              intended recipient of funds. It may also include
               the cheque; or                                             making enquiries to establish whether a person is
                                                                          subject to sanctions. Exceptionally, this may delay
            • if you have given your express consent.
                                                                          the carrying out of your instructions or the receipt
    18.2.6. All sterling cheques paid into the Account must be            of cleared funds but, where possible, we will
            made payable to Marks and Spencer Financial                   advise you of the reasons for and likely length of
            Services plc.                                                 any delay. If we are not satisfied that a payment in
    18.2.7. Banking of cheques for payment will at all times              or out of your Account is lawful, we may refuse to
            be subject to the rules and clearing processes of             deal with it.
            any cheque clearing system(s) used by us.             21.3.   Neither we nor any other member of the HSBC
    19.     Third party authority                                         Group shall be responsible to you or any third
            Subject to the ISA Regulations, you can authorise             party for any loss incurred as a result of us or any
            another person to operate your Account(s) by                  other member of the HSBC Group taking the
            signing a power of attorney but you should take               actions set out in clause 21.2 above. In addition,
            legal advice before doing so. If you authorise                we shall not be responsible to you for any loss
            another person to operate your Account then you               you may incur if we, or any of our agents or
            will be responsible for their actions or omissions            correspondents are prevented from or delayed in
            as if they were your own.                                     providing you with any banking or other services
                                                                          due to strikes, industrial action, failure of supplies
    20.     Statements                                                    or equipment, or other causes beyond our
    20.1.   Except in relation to direct debit payments, each             reasonable control.
            time you make a deposit or withdrawal, you will
            be sent a certificate of deposit or a withdrawal      22.     Responsibilities
            advice notice by post.                                22.1. Making payments
    20.2.   We will send you a paper statement for your           22.1.1. We will make payments based on the information
            Account annually for the 12 month period ending               we require you to provide us as set out in clause
            5th April. We may change the date of your                     8. If you provide us with incorrect information, we
            statement, but you will never be sent a statement             will not be responsible if the payment is not made,
            dated more than 12 months after the date of the               it is delayed or it is made incorrectly. If you ask us,
            previous statement.                                           we will make reasonable efforts to recover an
    20.3.   You can ask us to provide you with monthly paper              incorrect payment.
            statements or an ad hoc statement at any time.        22.1.2. If you provide us with extra information to that
    20.4.   If an incorrect entry on your Account is identified           specified by us as required, we will only be
            we will correct it. If we do this on the same day             responsible for making the payment based on the
            the incorrect entry was made the details may not              information we have told you we require.
            show on your statement.                               22.1.3. For payments to your Nominated Account, we will
    20.5.   If you ask, we will send you additional details and           make sure payments are sent to the recipient
            additional statements (including copies of those              bank. It is that bank’s responsibility to make sure
            previously supplied).                                         the payment is added to your Nominated
                                                                          Account.
    21.     Fraud prevention                                      22.1.4. If you have instructed us to make a payment, we
    21.1.   We carry out certain checks on transactions on                are responsible for it being made correctly unless
            your Account as part of our fraud prevention                  we can prove to you, or the recipient bank (as
            measures. We will initially try to contact you by             appropriate), that the payment was received by
            telephone (including mobile phone), to say there              the recipient bank within the timescales for
            may be suspicious activity on your Account, or we             executing payments set out in the table in clause
            may leave a message to ask that you call us. If we            15. Where we can prove this, the recipient bank
            are unable to contact you by telephone we will                will be responsible to you and any other person(s)
            write to you. If we ask you, you must contact us              who holds the account with you, for making
            as soon as possible. If you do not reply to us, we            available the payment and crediting your Account
            will assume you have not authorised the                       with them as appropriate.
            transaction and it will not proceed.

6
    22.1.5. If a payment has been made incorrectly and we          22.3.4. Unless you have acted fraudulently, you will not
            fail to prove the payment you authorised was                   be responsible for any losses in respect of an
            received by the recipient bank as required by                  unauthorised transaction:
            clause 22.1.4, we will, without undue delay,                   • after you have notified us of the loss or theft of
            refund your Account with either:                                  your security details in accordance with clause
            • the payment; or                                                 11.3, or
            • in the case of an overpayment, any excess                    • if we have failed to provide the facilities we
               amount incorrectly deducted so you do not                      describe in clause 11.3 for you to tell us if any of
               incur any loss,                                                your security details have been lost or stolen.
            and we will also restore your Account to the           22.3.5. We will not be responsible to you if we fail to
            position it would have been in had the incorrect               comply with any of the obligations:
            payment or overpayment not been made, for                      • due to abnormal and unforeseen circumstances
            example, by refunding any interest as appropriate.                beyond our control, the consequences of which
            We will not do this if the circumstances giving rise              would have been unavoidable despite all efforts
            to the incorrect payment transaction were due to                  to the contrary; or
            abnormal and unforeseeable circumstances                       • where our failure to comply is due to our
            beyond our control, the consequences of which                     obligations under European or national law.
            would have been unavoidable despite all efforts to     22.4. Payments into your Account
            the contrary.
                                                                   22.4.1. We can only accept responsibility for payments
    22.1.6. If you ask us, we will make immediate efforts to               into your Account after we have received and
            trace a payment and will tell you the outcome.                 checked them.
    22.2. Unauthorised transactions                                22.4.2. If a payment is fraudulently or mistakenly paid into
            You must read your statements carefully on                     your Account, the amount of the payment may
            receipt. To help us prevent fraud, you must tell us            subsequently be deducted. This may happen
            immediately by calling us or emailing us (out of               even if the funds are included in the balance of
            hours) if you do not recognise any transaction                 your Account or you have used them to make
            shown on your statement or if you think any                    a payment.
            payment you have authorised has been executed
                                                                   23.     Changing the Terms – general information
            incorrectly. If you do not tell us promptly (at the
            latest within 13 months of the date the transaction    23.1.   We may change interest rates and other Terms
            was deducted from your Account), you may not                   in accordance with this clause 23 and clauses
            be entitled to have any errors corrected.                      24 to 28.
    22.3. Liability for unauthorised transactions                  23.2.    For products or services that you have which
                                                                            have particular terms that are fixed, please see
    22.3.1. Subject to clauses 22.3.2 to 22.3.5, we will be
                                                                            the Additional Conditions for information on the
            responsible for any unauthorised transactions that
                                                                            circumstances in which we may make changes to
            you tell us about in accordance with clause 22.2
                                                                            those terms. If there is a conflict between this
            (if we suspect fraud or that you have been grossly
                                                                            clause 23 and clauses 24 to 28 and those
            negligent, we will investigate the transaction and
                                                                            Additional Conditions, the Additional Conditions
            will only be responsible if/when we have
                                                                            will apply.
            concluded that there has been no fraud and you
            have not been grossly negligent). Where we are         23.3.   When we tell you about a change personally, we
            responsible, we will immediately refund the                    may do this by post, a message on your statement
            amount of the unauthorised transaction and any                 or a leaflet enclosed with your statement.
            resulting interest and charges. We will have no        23.4.   Information about our current interest rates is
            further liability to you.                                      available on our website
    22.3.2. You will be responsible for all losses if you act              www.marksandspencer.com/savings, by
            fraudulently or if you allowed another person to               telephoning us on 0808 005 5555 or by writing to
            use your Account.                                              us. When we change the interest rates on your
                                                                           Account, we will update this information within
    22.3.3. You will be responsible for all losses arising from
                                                                           three working days. The old rates will also be
            unauthorised transactions on your Account as
                                                                           available to help you compare rates.
            result of:
            • you acting fraudulently, or                          24.     Interest rates and interest rate changes
            • you intentionally or with gross negligence failing   24.1.   The rate of interest currently applicable to your
               to use TS in accordance with the Terms                      Account is available on the internet at
               (including keeping safe your security or                    www.marksandspencer.com/isa, by telephoning
               personalised details), or                                   us on 0808 005 5555 or by writing to us.
            • you intentionally or with gross negligence failing   24.2.   Interest will be calculated daily on the balance of
               to notify us in accordance with clause 11.3 of              your Account. Annual interest as at 5 April will be
               the loss or theft of any security or personalised           credited to your Account within 30 days following
               details.                                                    5 April.

7
    24.3.   The calculation of interest will commence on the                profitability of our business as a whole, where
            next day following the date on which a                          we are not acting dishonestly, for an improper
            subscription, or an amount transferred in from                  purpose, in a manner which inappropriately
            another ISA manager, is credited to your Account.               discriminates against a particular customer or as
            Interest will be calculated up to and including the             an unreasonable financial institution would.
            date of withdrawal.
                                                                   27.     Other reasons for making changes to the Terms
    24.4.   Interest will be paid without the deduction of tax.
                                                                           Subject to the ISA Regulations, we may also
    24.5.   If you die the money in your Account will continue             make a change to the Terms under clauses 23 to
            to attract interest. The tax benefits of an ISA
                                                                           25 for any other valid reason that applies and that
            cease at the date of death and tax at a rate of
                                                                           is not described in clause 26. We will always give
            20% will be deducted on any interest paid after
                                                                           you personal notice of any such change.
            this date.
    24.6.   We will notify you of any change to interest rates     28.     What you can do when we tell you about a
            applied to money you have with us in your                      change
            Account within 30 days of the change, telling you      28.1.   When we give you advance notice of a change we
            about it personally.                                           intend to make in accordance with clauses 23 to
    25.     Other changes to the Terms                                     25, before the change takes effect, up to 60 days
                                                                           after the date of the notice to you, you may end
    25.1.   We may make changes to the Terms by giving
                                                                           this contract and close your Account in
            you at least two months’ advance personal notice.
                                                                           accordance with clause 29. There will be no
    25.2.   We may introduce charges for operating/providing               charge for this. If you do not tell us that you want
            your Account/service(s) and subsequently change                to end this contract, and if we do not hear from
            these charges, by giving you at least two months’
                                                                           you as described in clause 28.2 before the date
            advance personal notice.
                                                                           each change is to take effect, then you will be
    26.     Reasons for making changes                                     deemed to have accepted the change and it will
            We may make any change to the Terms under                      take effect automatically.
            clauses 23 to 25 for all or any of the reasons set     28.2.   If you do not accept a change made under
            out in this clause 26 that apply.                              clauses 23 to 25, then you must tell us before the
            • If the change is favourable to you.                          change takes effect and we will treat this as notice
            • Following, or in anticipation of, and to reflect a           from you to end this framework contract and
              change in relevant law or regulation or to reflect           close your Account immediately in accordance
              a change in industry guidance or code of                     with clause 29. There will be no charge for this.
              practice or good banking practice.
                                                                   29.     Ending this contract and closing your Account
            • To reflect the making of a relevant
              recommendation, requirement or decision of any       29.1.   You can end this contract with us at any time, in
              court, ombudsman, regulator or similar body.                 writing or by telephoning us.
            • To reflect the costs or consequences of any          29.2. If this contract is ended in accordance with this
              event beyond our control that may impact our                 clause 29, your Account will close and your
              provision of accounts, services or facilities to             agreement with us, consisting of the Terms, will
              you.                                                         also end and you may instruct us to transfer the
            • To make the Terms clearer.                                   Account to another ISA manager in order to retain
            • To reflect any change in our systems and                     the tax benefits on your Account. If you do not
              procedures, including any change arising from                provide us with instructions to transfer your
              any reorganisation of our business as a result of            Account, we will hold the money in the Account
              it being acquired by, or by our acquiring,                   until we receive instructions from you.
              another bank or organisation.                        29.3. Subject to the ISA Regulations, we can end this
            • To reflect any change in the base rate, or any               contract with you and close your Account
              rate that replaces it, as set by the Bank of                 immediately in the following situations:
              England or by any Bank that takes over               29.3.1. if your Account no longer satisfies the ISA
              responsibility for setting such a rate.                      Regulations (in which case clause 31 will apply); or
            • To reflect changes or anticipated changes in         29.3.2. if you have significantly broken any of the Terms;
              costs associated with relevant technology, the
                                                                           or
              costs we pay to others in respect of the
              product in question, inflation and/or in our costs   29.3.3. there has been or we suspect there has been
              of providing accounts, services or facilities.               fraud involving any of your Accounts with us or
            • To reflect any changes or anticipated changes in             any transactions on any of your Accounts; or
              money market interest rates or the cost to us of     29.3.4. if there has been or we suspect there has been
              money we lend.                                               suspicious activity on your Account; or
            • To improve the services we provide.                  29.3.5. if we have reasonable grounds for believing you
            • To reflect our internal policies on                          have committed or are about to commit a crime in
              competitiveness, market share and/or the                     connection with your Account; or

8
    29.3.6. if you have not satisfied any anti-money laundering      32.4. FSA rules provide for a 14 day cancellation period.
            requirements; or                                               We have adopted a longer period than that
    29.3.7. if we have set up a duplicate account in error.                required by the FSA to give you the maximum
    29.4. We will give you notice in writing immediately after             period under the Guidance Notes for ISA
            your Account has been closed under clause 29.3.                Managers issued by HM Revenue & Customs.
    29.5. We may end this contract and close your Account            32.5. If you cancel a subscription, you are entitled to
            for any other reason by giving you at least two                have repaid any money subscribed together with
            months’ written notice.                                        gross interest earned. If you wish to cancel a
                                                                           transfer to us from another manager, but would
    29.6. In the event of your death the tax benefits of a
                                                                           like to retain the tax benefits of a Cash ISA, you
            Cash ISA will end immediately. We will continue
                                                                           will have the option of transferring it back to the
            to deal with your Account in accordance with                   original ISA manager (if they agree) or to another
            these Terms and the instructions received from                 ISA manager. Alternatively, you may instruct us to
            your legal personal representatives who will                   withdraw any money transferred to us and pay
            become subject to these Terms. Your personal                   this to you together with gross interest earned. If
            representative(s) must provide us with proof of                you instruct us to withdraw you will lose the tax
            death and of their appointment.                                benefits of a Cash ISA.
    29.7. Following termination, we will carry out any               32.6. If you do not exercise your right to cancel current
            transactions which remain to be completed after                tax year subscriptions to your Account within the
            your Account has closed in accordance with                     30 day period you will be deemed to have
            these Terms.                                                   subscribed to your Account for the current tax
    30.     Lending                                                        year, preventing you from subscribing to another
            It is a requirement of the ISA Regulations that you            Cash ISA in the current tax year.
            will be and remain the beneficial owner of the           32.7. If you have subscribed to both the Variable Rate
            money in your Account. At no time may the                      Savings Option and Fixed Rate Savings Option
            money in your Account be used as security for a                (when offered) of our Cash ISA and you cancel
            loan by you or us.                                             your entire subscription within the 30 day period,
                                                                           you will be deemed not to have subscribed to a
    31.     Void Accounts
                                                                           Cash ISA. Following the cancellation of your entire
    31.1.   We will write to you if all or part of your Account            subscription, and providing you continue to be
            has or will be voided because it does not satisfy              eligible to subscribe to an ISA, you will be able to
            the ISA Regulations.                                           subscribe to another Cash ISA within the same
    31.2.   Void subscription(s) to our Cash ISA, and any                  tax year. However, if you subscribe to both
            interest (net of tax) credited to your Account                 options and only cancel one, you will be deemed
            relating to the void subscription(s), will be returned         to have subscribed to a Cash ISA for that tax year,
            to you in the form of a cheque.                                preventing you from subscribing to another Cash
    31.3.   We will send any cheque within 30 days of the                  ISA in that same tax year. The tax year ends on
            date we become aware that your Account does                    5 April each year and in order to subscribe to
            not satisfy the ISA Regulations, or the date stated            another Cash ISA in the current tax year you
            on any notice from HM Revenue & Customs to                     must cancel the existing Cash ISA and complete
            void subscription(s).                                          the subscription to the new Cash ISA before
                                                                           this deadline.
    32.     Cancellation Rights
    32.1.   If you subscribe to the Account, or transfer to          32.8. There are no charges for cancelling the Account.
            the Account from another ISA manager, you will           33.     Transfers
            have the right to cancel your Account under              33.1.   You may transfer current tax year subscriptions
            the regulations made by the Financial Services                   in whole and/or previous tax year subscriptions in
            Authority (FSA) under powers granted to them by                  whole or in part held in a Cash ISA with another
            the Financial Services and Markets Act 2000.                     ISA manager to us which we will manage under
    32.2.   You have the right to cancel your Account. You                   these Terms.
            will have 30 days to cancel from the day we open         33.2.   Subject to you giving us 30 days written notice,
            your Account if you have made an application by                  you may give us written notice to transfer, at any
            post or internet. If you have made an application                time, within a time stipulated by you, current tax
            over the telephone the 30 day cancellation period                year subscriptions in whole, or previous tax year
            commences on the day you receive the Terms in                    subscriptions in whole or in part to another ISA
            the post following the telephone call.                           manager with all rights and obligations, to be held
    32.3.   If you wish to cancel, you should write to us at                 in another Cash ISA and/or Stocks and Shares
            Savings & Investments Department, Marks &                        ISA (subject to agreement from the new ISA
            Spencer Money, Kings Meadow, Chester, CH99                       manager).
            9UT or telephone us on 0808 005 55 55.                   33.3.   We will process the transfer as soon as possible
            You must telephone us or post your instruction                   following receipt of the written notice to transfer
            within the 30 day period.                                        to another ISA manager.
9
     34.     Withdrawals                                           36.     Your Personal Details
     34.1.   On your instructions and within a time stipulated     36.1.   For an Account opened before 1 July 2005:
             by you, a partial or full withdrawal of the funds             We may disclose any information relating to your
             held in your Account may be made.                             Account where in our reasonable opinion this is
     34.2. The minimum amount you can withdraw is £10,                     necessary for the prevention of fraud or money
                                                                           laundering or we have a legal obligation to
             unless the balance on your Account is less, in
                                                                           disclose it to any person making the request. Your
             which case any withdrawal must be of the entire
                                                                           name, address and date of birth will not be made
             remaining balance.                                            available to companies outside the Marks and
     34.3. A withdrawal may be made against a subscription                 Spencer Group for marketing purposes. Please
             credited to your Account after the following period           note that calls and electronic communications
             has lapsed following receipt of the subscription:             may be recorded for the purposes of monitoring,
     34.3.1. five business days for payment by direct debit,               training and dispute resolution. You have the right
     34.3.2. three business days for a payment by debit card,              to ask for a copy of the information we hold on
                                                                           you and have inaccuracies corrected. The Marks
             and
                                                                           and Spencer Group may use your details to send
     34.3.3. six business days for a payment by cheque.                    you information about other goods or services or
             These periods are indicative only and withdrawals             for research purposes. This information may be
             are subject to cleared funds being available in the           offered to you (or research carried out) by any
             Account. Please note that the central clearing                reasonable means, including letter, telephone or
             system normally takes six business days.                      electronic communications.
     34.4. The time stipulated by you in clause 34.1 above         36.2.   For an Account opened on or after 1 July 2005,
             may not be less than five business days from the              but before 6 April 2008: We may disclose any
             day we are in receipt of your instructions. If we             information relating to any account where in our
             require written confirmation of the telephone                 reasonable opinion this is necessary for the
                                                                           prevention of fraud or money laundering or we
             instruction the time stipulated by you cannot be
                                                                           have a legal obligation to disclose it to any person
             less than five business days from the day we
                                                                           making the request. Please note that calls and
             receive your written confirmation.                            electronic communications may be recorded for
     34.5. Payment will be made by cheque made payable                     the purposes of monitoring, training and dispute
             to you or direct to your bank or building society             resolution. You have the right to ask for a copy of
             account. Withdrawals cannot be made by                        the information we hold on you and have
             standing order or direct debit. Under limited                 inaccuracies corrected. Information we hold about
             circumstances we may refund a debit card                      you will be held and used by us, and will be made
             payment made into the Account.                                available by us to companies in the Marks and
     34.6. Once you have subscribed the maximum                            Spencer Group, and other organisations approved
                                                                           by Marks and Spencer plc (which may include
             permitted under clause 5 for a current tax year, if
                                                                           insurance companies) for us/them to hold and
             during that tax year you then withdraw an amount
                                                                           use, to maintain your Account, for testing,
             you cannot then pay it or a portion of it back into           monitoring, training, to process your Account, for
             your Account during that tax year.                            underwriting and claims handling (in respect of
     34.7. If you make a withdrawal that reduces the balance               insurance products), to send you details of other
             on your Account to nil we will automatically close            products or services and for research purposes.
             your Account. If during the same tax year you                 These details may be provided to you (and any
             wish to resume subscriptions, and you are eligible            research conducted) by any reasonable means,
             to do so, we will re-open your Account.                       including letter, telephone or electronic
     34.8. If you hold the Fixed Rate Savings Option, and                  communication. If you do not want to be
                                                                           contacted by any of these means please let us
             you make a withdrawal before the maturity date,
                                                                           know. You agree that, to determine which
             you are only permitted to make a full withdrawal,
                                                                           products or services may be of interest to you,
             no partial withdrawals are permitted and you will             information about the conduct of your Account
             have to pay the early withdrawal fee described in             may be analysed, including your purchases, other
             the Fixed Rate Savings Terms.                                 transactions and payment record. Please note
     35.     Tax                                                           that our agents and contractors who provide
                                                                           processing or other services on our behalf and to
     35.1.   The value of any of the tax benefits on your
                                                                           whom your information may be given, may include
             Account depends on your own personal
                                                                           other companies in our group and/or other
             circumstances. The tax benefits of ISAs may                   companies outside the European Union (EU).
             be changed in the future.                                     Although these companies are not bound by EU
     35.2.   Any reference to tax is based on our                          data protection laws, we will require them to
             understanding of current law and HM Revenue                   ensure that your personal information is protected
             & Customs practice which may change.                          to the same standard.
10
     36.3.   For an Account opened on or after                               Crime Prevention
             6 April 2008:                                           36.6.   To prevent crime and verify your identity, we may
             IMPORTANT - HOW WE USE                                          exchange information (both within the UK and,
             YOUR INFORMATION.                                               where appropriate, overseas) with other members
             “We”, “us” and “our” refer to Marks and Spencer                 of the HSBC Group and/or Marks and Spencer
             Financial Services plc. “HSBC Group” means                      Group, and, where appropriate other
             HSBC Holdings plc, its subsidiaries, associated                 organisations. In particular, if false or inaccurate
             and affiliated companies. We are a member of the                information is provided and fraud is identified,
             HSBC Group.“Marks and Spencer Group” means                      details will be passed to fraud prevention agencies
             Marks and Spencer plc and its subsidiaries,                     to prevent fraud and money laundering.
             associated and affiliated companies.                            Miscellaneous
             Data Processing                                         36.7.   Under data protection legislation, you can apply
     36.4.   The HSBC Group, members of the Marks and                        in writing for a copy of certain personal records
             Spencer Group and other companies approved by                   we hold about you. The current fee is £10.00 per
             Marks and Spencer plc may record, exchange,                     request from each individual. To ensure that we
             analyse and use relevant information about you                  carry out your instructions accurately, to help us
             and your relationships with the HSBC Group                      to continually improve our service and in the
             and/or members of the Marks and Spencer Group                   interests of security, we may monitor and/or
             (including the nature of your transactions) for                 record your telephone calls with us. Any
             testing, monitoring, training, market research and              recordings remain our sole property. We may use
             administrative purposes. This may include                       any service details you provide us for service
             information provided by you, or someone acting                  related reasons. You are required to notify us
             on your behalf. We may make such information                    promptly of any changes to these or other details.
             about you and your relationships available to           37.     Changes to your personal details
             members of the HSBC Group, members of the               37.1. You must immediately:
             Marks and Spencer Group and/or other
                                                                     37.1.1. inform us in writing of any change to your name.
             companies approved by Marks and Spencer plc
                                                                             Your instructions must be accompanied by
             for these purposes. Relevant information may also
                                                                             documentation that we ask for to satisfy us of the
             be exchanged with members of the HSBC Group
                                                                             change.
             and/or Marks and Spencer Group and others, for
             audit purposes and if required by appropriate           37.1.2. inform us by telephone or by post of any change
             governmental and non governmental regulators or                  to your home address, telephone numbers
             ombudsmen. We may use other HSBC Group                           (home, work or mobile), or email address.
             companies and/or third parties to process               37.1.3. provide us with any additional information we are
             information and provide services on our behalf.                 required to obtain to operate your Account or
             Whether it is processed in the UK or overseas,                  which we reasonably request.
             your information will be protected, in accordance       38.     Notice
             with data protection legislation, by a strict code of
                                                                     38.1.   You must send any written notices to Savings &
             secrecy and security which all members of the
                                                                             Investments Department, Marks & Spencer
             HSBC Group, their staff and any third parties are
                                                                             Money, Kings Meadow, Chester, CH99 9UT.
             subject to and will only be used in accordance
             with our instructions.                                  38.2.   Any notice to us will only be effective when we
                                                                             actually receive it. We will send all notices to you
             Information about Products and Services                         at the address given on your application or any
     36.5.   With your permission we, other members of the                   other address of which you later notify us.
             HSBC Group, members of the Marks and
                                                                     39.     Transferring of Our Duties
             Spencer Group and other organisations approved
             by Marks and Spencer plc may share information                  We may transfer our responsibilities as ISA
             about you to enable each of us to keep you                      manager to any company of the HSBC Group
             informed about special offers, products and                     which is approved under the ISA Regulations as
             services available from the HSBC Group, the                     an ISA manager, if that other group company
             Marks and Spencer Group and selected third                      writes to you and undertakes to carry out all our
             parties by post, telephone, email, mobile text and              duties and obligations in respect of your ISA. If it
             picture messaging. You agree that, to determine                 does so, you agree that we will be released from
             which products or services may be of interest to                all those duties and obligations that the new
             you, information about you and the conduct of                   manager has undertaken to carry out.
             your Account may be analysed. If you do not want        40.     Delegation
             us to contact you about such special offers,                    Subject to the rules of the FSA and the ISA
             products and services please let us know.                       Regulations, we may delegate any of our functions
                                                                             or responsibilities under these Terms to any


11
             person, provided by before doing so we satisfy            44.    Compliance
             ourselves that such person is competent to carry                 We are authorised to do anything necessary to
             out those functions and responsibilities.                        comply with any legislation or regulations which
     41.     Complaints                                                       may affect the Account. In particular, we may
             If you have a complaint please write to us at -                  account for any tax and give any information
             Savings & Investments Department, Marks &                        about the Account to HM Revenue & Customs,
             Spencer Money, Kings Meadow, Chester, CH99                       the Financial Services Authority or their
             9UT or telephone us on 0808 005 5555.                            successors or any other regulatory body as
             If we are unable to resolve your complaint to your               required.
             satisfaction you can write directly to the Financial      45.    Savings Options
             Ombudsman Service at South Quay Plaza, 183
                                                                              We reserve the right to offer other savings options
             Marsh Wall, London, E14 9SR. Telephone
                                                                              under these Terms, which are qualifying
             Number: 0845 080 1800.
                                                                              investments under the ISA Regulatons. Additional
             E: complaint.info@financial-ombudsman.org.uk
                                                                              terms and conditions may be issued for such
             Internet: www.financial-ombudsman.org.uk
             A written complaints procedure is available                      investments.
             on request.                                               46.    Governing Law
     42.     Compensation                                                     These Terms are governed by the laws of England
             If we cannot meet our financial obligations to you,              and Wales, and subject to the non exclusive
             you may be entitled to compensation under the                    jurisdiction of the English courts. The Terms are in
             Financial Services Compensation Scheme. Details                  English and all communications we send to you
             of the scheme can be obtained from Financial                     will be in English.
             Services Compensation Scheme, 7th Floor, Lloyds
             Chambers, Portsoken Street, London, E1 8BN.               Additional Terms
             Telephone Helpline: 020 7892 7300.                        The following terms and conditions are in addition to
             Email: enquiries@fscs.org.uk                              the M&S Cash Individual Savings Account Terms
             Internet: www.fscs.org.uk                                 and Conditions (Cash ISA Terms) and should be read
             The maximum level of compensation you can                 in conjunction with them.
             receive from the scheme is £50,000.                       1.      From 22 January 2009 to 9 February 2010, the
                                                                               Variable Rate Savings Option consisted of two
     43.     Commitment to CAT Standards
                                                                               separate options, the Tracker Cash ISA option
             This section applies if your first subscription to
                                                                               and the Advantage Cash ISA option. From 9
             our Cash ISA subject to a variable rate of
                                                                               February 2010 a third option has been added, the
             interest occurred between 6 April 1999 and 5
             April 2005.                                                       Flexi Cash ISA option. All balances held in the
                                                                               Variable Rate Savings Option up to 21 January
     43.1.   The government has set standards to help
                                                                               2009, are held in the Tracker Cash ISA option.
             investors identify simple ISA products which offer
             a fair deal. These are voluntary standards for            2.      New subscriptions and/or transfers to us from
             Charges, Access and Terms.                                        another ISA manager into the Variable Rate
     43.2.   Full details of the CAT standards can be obtained                 Savings Option can be held in the:
             by calling us on 0808 005 5555. We will maintain                  (a) Tracker Cash ISA option (subject to paragraph
             the CAT standard for our Cash ISA subject to a                        3 below), and/or
             variable rate of interest.                                        (b) Advantage Cash ISA option (subject to
     43.3.   In the event that it is not possible to maintain the                  paragraph 4 below), and/or
             CAT standard for the Cash ISA subject to a                        (c) Flexi Cash ISA option
             variable rate of interest to which you have                       You must tell us which option you want your
             subscribed, if you choose, we will arrange to                     money paid into.
             transfer the Account to another ISA manager
             offering equivalent or better terms.                      3.      You can only make new subscriptions and/or
                                                                               transfers to us from another ISA manager into the
     43.4.   We will give you three months’ notice of ceasing
                                                                               Tracker Cash ISA option if you already hold a
             to offer the CAT standard Cash ISA subject to a
                                                                               balance in the Tracker Cash ISA option.
             variable rate of interest including the reasons for the
             decision and will state whether this is a temporary       4.      From 9 February 2010 you can only make new
             or permanent change. In exceptional circumstances                 subscriptions and/or transfers to us from another
             this period may be less than three months.                        ISA manager into the Advantage Cash ISA option
     43.5.   We may decide at any time that we no longer                       if you already hold a balance in the Advantage
             wish to accept further subscriptions from existing                Cash ISA option.
             investors into the CAT standard Cash ISA subject          5.      You cannot switch all or part of the balance held
             to a variable rate of interest. We shall give you not             in the Tracker Cash ISA option to the Advantage
             less than one month’s notice of this change.                      Cash ISA option or Flexi Cash ISA option.


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     6.    You cannot switch all or part of the balance held
           in the Advantage Cash ISA option to the Flexi
           Cash ISA option.
     7.    You can only switch all or part of any balance held
           in the Advantage Cash ISA option or the Flexi
           Cash ISA option to the Tracker Cash ISA option if
           you already hold a balance in the Tracker Cash
           ISA option.
     8.    You can only switch all or part of any balance held
           in the Flexi Cash ISA option to the Advantage
           Cash ISA option if you already hold a balance in
           the Advantage Cash ISA option.
     9.    You can only switch all of the balance held in our
           Fixed Rate Savings Option to the Tracker Cash
           ISA option if you already have a balance in the
           Tracker Cash ISA option.
     10.   You can only switch all of the balance held in our
           Fixed Rate Savings Option to the Advantage Cash
           ISA option if you already have a balance in the
           Advantage Cash ISA option.
     11.   The minimum amount you can subscribe to the
           Advantage Cash ISA option or Flexi Cash ISA
           option is £100 by lump sum or £25 by monthly
           direct debit. This paragraph replaces clause 4 of
           the Cash ISA Terms for subscriptions to the
           Advantage Cash ISA option and Flexi Cash ISA
           option only.
     12.   We guarantee that the interest rate on our Tracker
           Cash ISA option will at least equal the Bank of
           England Base Rate until 01 January 2011. Clause
           24.6 of the Cash ISA Terms will apply to the
           Tracker Cash ISA option, Advantage Cash ISA
           option and Flexi Cash ISA option.
     13.   Interest will be calculated daily on any balance in
           the Flexi Cash ISA option. Annual interest as at
           the anniversary of the date of your first
           subscription or transfer into the Flexi Cash ISA
           option, or the next working day if the anniversary
           date of your first subscription or transfer in is not a
           working day, will be credited to your Account
           within 30 days following the anniversary date. This
           paragraph replaces clause 24.2 of the Cash ISA
           Terms in respect of the Flexi Cash ISA option only.




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