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
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.
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
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
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
• 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
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
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
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,
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.
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
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 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
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
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.
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
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
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.
• 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.
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.
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
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
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
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.
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 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.
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
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
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
terms and conditions may be issued for such
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: firstname.lastname@example.org 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.
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
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
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.