Stroud & Swindon Postal Account Information and Rates correct as at 1st November 2009. The Stroud & Swindon Postal Account is designed to be operated by post only and will pay either monthly or annual interest as well as having a guarantee that the rate will be at least 0.25% above the published Bank of England base rate until 30th September 2010. Summary Box Key Product Information for our Stroud & Swindon Postal Account Account Name Stroud & Swindon Postal Account Interest Rates Annual (variable) 2.25% AER 2.25% Gross 1.80% Net Monthly (variable) 2.25% AER 2.23% Gross 1.78% Net Tax Status Gross or net of income tax Conditions for bonus payment Not applicable Withdrawal arrangements Withdrawal requests can be made by post only. Access Post only for deposits and withdrawals AER: AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. GROSS: The gross rate is the contractual rate of interest before the deduction of tax. NET: Net rates are shown (rounded to two decimal places) for illustrative purposes after deduction of income tax at 20%. Product Terms and Conditions Operating your account > These product terms and conditions should be read in > This account will not be issued with a passbook. Any cheque conjunction with the general terms and conditions applicable to receipt and withdrawal instructions will be acknowledged by our savings accounts, which are available on request. post and a statement will be sent on an annual basis, which will > You must be at least 16 years old to be eligible to open this provide a record of your account transactions made during the account. year. > An account can be opened in single or joint names but is > Deposits are accepted by cheque. restricted to one account per customer. > Minimum additional deposit £100. > Minimum withdrawal amount is £100. Investment > Withdrawals will be sent by cheque only. > £1,000 minimum opening investment for monthly or annual > A withdrawal can be arranged by writing to us. You will be sent interest. a letter to confirm your request together with a cheque for the > The maximum investment is £500,000 in this account. amount you wish to withdraw. This is usually despatched within > Transfers are allowed from other Society accounts into this 24 hours of receipt of your request. account. > When you open your account, you will be issued with a welcome > Cash and coins are not accepted by post. pack and letter, confirming details of your initial investment. Investments by cheque should be made using the paying-in Payment of Interest slips provided. Your signature and/or identity will be verified before a transaction can be carried out. > Interest is credited annually to the account on 1st April or > Your account cannot be operated in Branch or Agency. paid monthly at midnight on the first day of each month commencing 1st of the month after you open the account. > Interest rates on this account are variable and interest is calculated on a daily basis. > Interest can be added to this account, transferred to another Society account you hold, paid to another UK bank or building society account you hold, provided that your balance does not fall below £1,000. If the amount of monthly interest falls below £20, the interest can only be credited to the account. Withdrawals > No notice required and no loss of interest for withdrawals. > Cheques must be deposited for 6 banking days following receipt, in order to “clear” before a withdrawal can be made against them. > Should, for whatever reason, the account balance be reduced to less than £1,000 then the Society reserves the right either to close the account and return the funds to you at your registered address by cheque or to pay an interest rate equivalent to the lowest tier on our Classic Gold account, details of which are available in our ‘Current Savings Interest Rates’ leaflet, available on request. Calculation of Interest Additional information > All cheques invested in your account start to earn interest on > We may vary your contract in accordance with the general the 2nd working day following receipt. For example, a cheque terms and conditions. paid in on a Monday will begin to earn interest on a Wednesday. > We will not accept applications from non-UK residents, > Cash and bank transfers (e.g. standing orders) start to earn residents of Channel Islands or Isle of Man (except British interest from the day they are received. Forces Personnel Overseas), corporate bodies or registered > We will pay you interest up to and including the day before a charities. withdrawal is made or the account is closed. > This account is a share account, which provides membership rights and is subject to the rules of the Society. Copies of the Tax rules are available on request. > For basic rate taxpayers, we are required by HM Revenue & > The Society operates a charitable assignment scheme, Customs regulations to deduct income tax at the appropriate full details of which are set out on the savings application rate from any interest paid and to account for this amount to form. Certain categories of investors are exempt, including HM Revenue & Customs. those customers who were existing shareholding members > If you pay income tax at a higher rate, you will have to pay on 21st April 1999 who have continuously maintained their additional tax on the interest to cover the difference between shareholding account with the Society. the tax deducted by us and the higher rate due. If you are > We reserve the right to withdraw the account at any time a non-taxpayer, we can pay interest gross (i.e. without the without prior notice and to refuse any investment at any time. deduction of tax), subject to completion of the R85 registration > We accept no liability for any losses or delays whatsoever form. On joint accounts (where one saver is a non-taxpayer sustained by reasons beyond our control, e.g. industrial and the other pays tax) we can pay 50% of the interest gross. disputes, failure of power supplies, telecommunications, other Please contact your local Tax Office if you are unsure about equipment or any other causes. your eligibility for tax-free interest. > This contract will be governed by the laws of England and > There may be other taxes or costs that are not paid through us Wales and all communications will be in English. or charged by us. > Tax treatment depends on your individual circumstances Important information about compensation arrangements and may be subject to change in the future. > We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors Fees and Charges if a building society is unable to meet its financial obligations. > We do not charge for the day to day operation of your account. Most depositors are covered, including individuals and small Please refer to the general terms and conditions and our fees firms. An eligible depositor is entitled to claim up to £50,000. and charges leaflet for details of any other charges that may Further details can be found in our general terms and be applied to your account, which are available on request. conditions, the FSCS website www.fscs.org.uk, or by contacting us via the means listed below. Joint accounts Complaints > All account holders must sign the declaration form. > Withdrawals and other transactions on joint accounts need > We always try to provide a first-class service. Occasionally, the consent of all account holders, unless all parties have things may go wrong. If they do, we will try to put them right. authorised us to accept the consent of any one of them or (if > If you have a complaint you should contact us first. there are more than two holders) any combination. > If we do not deal with your complaint to your satisfaction, you can refer it to the Financial Ombudsman Service. Details of this Closing your account service are available on request. Further information can also be found in our leaflet ‘Putting Things Right’ which is available > You must write to us to close your account. on request. Changing your mind How to contact us > If you open a new account and then change your mind, then as > visit any of our Branches and Agencies listed on our website. long as you inform us in writing within 14 calendar days after > telephone us on 08457 25 24 23. the contract is entered into (or, if later, 14 calendar days from > visit our website: www.stroudandswindon.co.uk the day you first receive, on paper or electronically, the terms > e-mail us: email@example.com & conditions and other information relating to it). > write to us: Head Office, Stroud & Swindon Building Society, You can: Rowcroft, Stroud, Gloucestershire, GL5 3BG - have your money back; or > Our Customer Contact Centre is open from 8am to 8pm - switch to another available account. Monday to Friday and 9am to 3pm on Saturdays, excluding In this case, you will not have to bank holidays. - give any period of notice; - lose any interest on the account you are closing; or Telephone calls may be monitored and recorded for quality and - pay any other charges. training purposes. > Cheque receipts must be cleared before the money can be refunded. This will take 6 banking days after receipt of the If you would prefer to have this information provided to you in cheque. braille, large print or on audio tape, please contact us via the > If you do not exercise your right to change your mind, you means listed above and we will be pleased to arrange this for will be bound by these Conditions and the general terms & you. conditions. > This section does not apply to fixed rate accounts (excluding ISA’s), or to accounts where the price depends on rises and falls in the financial markets outside our control that may happen in the cancellation period. Stroud & Swindon is a member of the Building Societies Association. The Society is authorised and regulated by the Financial Services Authority (Registration number 164588) and introduces only to Aviva Life Services UK Limited, who are authorised and regulated by the Financial Services Authority for life assurance, pensions and investments. Any financial advice given will relate only to the products and services of the Society and Aviva.