YBS Savings Full terms & conditions for Yorkshire Building Society's e-ISA

E-ISA - Full terms

Introduction & Eligibility
ISA Rules
Rules of the Society
Deposits
Withdrawals
Interest Rate Changes
Changes to these Terms
Interest of Other Persons
Right to Close the Account
Charges
Unclaimed Balances
Our rights over Your Money
Service of Notice
Statements
Interest
Tax
Recording of Telephone Conversations
Governing Law

Introduction & Eligibility
The terms below apply to the E-ISA. References in these terms to 'you' and 'your' are to the account holder. References to 'we' and 'our' and 'Society' are to the Yorkshire Building Society. To open an E-ISA, you must be aged 16 and both resident and ordinarily resident for tax purposes or be a qualifying Crown employee or married to a qualified crown employee for tax purposes. Accounts can only be held in your sole name.

It is important that you read all the terms applicable to the account of your choice before you decide whether to open the account.
Terms 6, 7, and 10 explain the circumstances in which we may change the interest rates, terms and conditions and any charges relating to your account and how we will tell you about the changes.
Cash ISA Rules
1. You must notify the society if you cease to be resident and ordinarily resident in the UK, or if not so resident, cease to perform duties as a Crown employee serving overseas or to be married to a person, or in a civil partnership with, who performs such duties which allow you to subscribe to a Cash ISA. The Cash ISA will continue to be exempt from UK tax, but no further subscriptions can be made until you meet the residency requirements again.
2. Investment in a Cash ISA will be, and must remain in the beneficial ownership of the investor and must not be used as security for a loan.
3. Your Cash ISA application ceases to be valid at the end of a tax year in which you do not make a subscription. Where this happens you must make a fresh application before subscriptions re-commence.
4. In the event of death whilst the Cash ISA remains open, interest to the date of death will remain free from tax, but interest arising after that date will be subject to tax. No further investments will be permitted in the Cash ISA.
5. If you are found to have breached the ISA rules governing subscription limits or the number of Cash ISAs which may be opened in any year, or your application is incorrect, your Cash ISA will cease to be exempt from tax and any interest earned in that year will be subject to tax. Full details of the Cash ISA scheme can be obtained by visiting the HM Revenue & Customer's website or by calling them on 0845 604 1701 (Monday to Thursday 8.30am - 5.00pm, Friday 8.30am - 4.30pm.
6. We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities.
7. On your instructions and within the time stipulated by you (subject to this being a reasonable period for the practical implementation of the transfer) we will transfer your Cash ISA with all rights and obligations, or part of your Cash ISA, to another ISA manager. We will always carry out your instructions within a period of 30 days, although in certain cases some loss of interest may apply.
8. On your instructions and within the time stipulated by you (subject to this being a reasonable period for the practical implementation of the transfer) we will transfer or pay to you all or part of the investment held in your Cash ISA and proceeds arising from those investments. We will always carry out your instructions within a period of 30 days, although in certain cases some loss of interest may apply and/or closure of an account may be required.
9. We will notify you if, by reason of any failure to satisfy the provisions of the ISA regulations, your Cash ISA has, or will become void.
Rules of the Society
As you will be a member of the Society, the Society's Rules will apply to you. A copy of the current Rules is available for download or on request. Further information about membership can be found in Your Society.
Deposits
1. The minimum initial deposit is £10.
2. The maximum amount you can deposit is £3,600 this tax year. This is subject to change, HM Revenue & Customs review this every year and limits may change in the future. The maximum amount applies irrespective of any withdrawals you may make.
3. If you deposit money in your E-ISA in any tax year, you will not be able to deposit money in another Cash ISA in the same tax year.
4. Your initial E-ISA deposit can be by cheque. Any cheques subsequently received will be returned to you.
5. We do not accept Postal Orders
6. Additional deposits (minimum amount £10) must be transfers, either from another bank or building society account, e.g. by standing order, or from another account held with the Yorkshire. Deposits by account transfer will start to earn interest on the day they are credited to your account. To set up a standing order you need to quote the sort code 60-92-04 and your account number which is the first 8 digits of your account number, if you are asked for a reference number please quote the full 10 digits of your account number.
7. If you open an ISA and then change your mind within 14 days, we will close your account and repay your deposit, plus any interest you have earned. This interest will be subject to tax. You can then open another Cash ISA in the same tax year if you wish.

Withdrawals

Withdrawals can be made from your account, if there are sufficient cleared funds in your account. This is subject to the following:

The central clearing cycle for cheques and automated payments is normally 3 working days. As we are not a clearing bank we will normally treat cheques as cleared on the fifth working day following the day of receipt. Cheques paid in on a non-working day will be treated as received on the next working day (working days exclude Saturdays, Sundays and Bank Holidays); see table below.

Day Cheque Paid In	Day Interest Earned	Day Money Available
Monday	Wednesday	Monday (week 2)
Tuesday	Thursday	Tuesday (week 2)
Wednesday	Friday	Wednesday (week 2)
Thursday	Monday	Thursday (week 2)
Friday	Tuesday	Friday (week 2)
Saturday	Wednesday	Monday (week 2)

Automated payments will be treated as cleared on the day of receipt.

We will not regard a cheque drawn on a bank with an address outside the UK as cleared until we have received the cleared funds for your credit. This means that you may not be able to withdraw against such a cheque for a period, which is longer than in (d) above and which may be up to 25 working days from the date or receipt of the cheque.
We can restrict at any time the amount which can be withdrawn from an account if:
1. we reasonably believe that there may be fraud or some other unlawful activity affecting the account;
2. we are required to do so by law, our regulator or order of the court;
3. there is a dispute (which we reasonably believe may be genuine) about the ownership of or entitlement to, the money in the account;
4. circumstances beyond our reasonable control prevent us from offering a normal service (such as computer failure or industrial action);
5. circumstances exist which lead us reasonably to believe our financial stability may be at risk (such as actual or potential abnormal levels or withdrawals).
  In the case of (iv) and (v) above
  - We will respond proportionately to the circumstances in question;
  - We will take all reasonable steps to ensure that the restrictions are lifted as soon as practicable so that the inconvenience to you is minimised;
  - We will take in to account the interests of our membership as a whole;
  - We will, if practicable, give advance notice; and
  - We may consider exceptions to the restrictions if we are reasonably satisfied that substantial hardship would otherwise be caused.
If a cheque is returned unpaid before the end of the sixth working day following the day of receipt, interest will be adjusted. We will debit your account with the amount of the cheque even if we have allowed withdrawals against it. A cheque that has been returned unpaid will not be debited to your account after the sixth working day following day of receipt, without your consent.
The minimum amount you can withdraw is £10, and you must maintain a minimum balance of £10.
Funds withdrawn earn interest up to but not including, the day of withdrawal.
Once you have withdrawn money from your Cash ISA, you cannot put it back in during the same tax year. For example, if you invest £500 in your Cash ISA and then withdraw £200, you will only be able to invest a further £3,100, i.e. up to the maximum investment allowance of £3,600. Similarly, if you invest your total Cash ISA allowance and then withdraw some money, you will not be able to put money back in to your Cash ISA in that tax year. If you decide to close your Cash ISA you cannot reinvest in another Cash ISA for the rest of that tax year.
You will not be able to withdraw against the initial cheque deposit until the cheque has fully cleared and is included in your available balance. If the cheque is returned unpaid, we will deduct the amount from your balance even if we have allowed withdrawals against it.
Withdrawals are allowed by logging on to our website to transfer to your nominated bank or building society account held elsewhere or with us. Also by arranging an ISA transfer to another provider.
Transfers to an account with another bank or building society can take up to 5 working days.
Transfers to another account with the Society will normally be credited the next working day
All payments into and withdrawals from your account must be in sterling.

Interest Rate Changes
1. Subject to the guarantee that the interest rate will not be more than 1% below the Bank of England's Base Rate, we may change the E-ISA interest rate at any time where we reasonably believe the change is to your advantage or is needed for any one or more of the following reasons (which may relate to circumstances at the time or which we reasonably expect to apply in the near future):
  1. to take account of, in a proportionate manner, any change in the costs reasonably incurred by us in managing our investment business and, in particular, providing and administering our investment accounts;
  2. to take account of, in a proportionate manner, changes in the law or the interpretation of the law, decisions or recommendations of an ombudsman, regulator or similar person, or any code of practice applicable to the conduct of our business;
  3. to take account of, in a proportionate manner, changes in the Bank of England base rate or changes in interest rates paid by our competitors in the consumer savings industry;
  4. to enable us to harmonise, in a reasonable manner, the interest rates being paid to our investors following any acquisition or transfer of deposit or savings accounts or any takeover of, or merger with, another savings provider;
  5. to enable us to maintain the competitiveness of interest rates paid by our borrowers while having regard to the interests of our investors or the providers of funds to us and our business as a whole;
  6. to enable us to manage our business (and its growth) prudently.
2. We will tell you about the change in interest rates within 30 days of the change by e-mail.
Changes to these Terms
1. We can change these E-ISA terms (other than the rate of interest and charges, which can be changed under terms 6 and 10 respectively) at any time. Changes may include the removal of or any amendment to terms or the inclusion of new terms and may be made if we reasonably believe that the change is needed for any one or more of the following reasons(which may relate to circumstances existing at the time or which we reasonably expect to apply in the near future):
  1. to take account of changes in our products or services we provide or the way we provide them;
  2. to enable us to operate and administer your account more efficiently (which includes improving our efficiency such as by taking into account developments in technology);
  3. to give extra benefit to savers (including making the terms of accounts easier for you to understand);
  4. to correct mistakes if it is reasonable to do so;
  5. to take account of changes in general building society and banking practice if it is reasonable to do so;
  6. to take account of, in a proportionate manner, changes in the law or the interpretation of the law, decisions or recommendations of an ombudsman, regulator or similar person, or any code of practice applicable to the conduct of our business;
  7. if you agre;
  8. if the change is to your advantage;
  9. to enable us to manage our business (and its growth) prudently.
2. We will notify you of any such changes (other than in respect of interest rates or charges) as follows:
  1. Where we wish to make a change that is to your disadvantage we will tell you about it at least 30 days before we make the change by email. You may switch your account or close it within 60 days of the date of such a notice without giving notice or paying any additional charges or additional interest for doing so;
  2. Where we wish to make any other change, we may make the change immediately and tell you about it within 30 days by email.
3. If there have been significant changes in any one year, we will give or send you a copy of the new terms or a summary of the changes.
Interest of Other Persons
We do not have to recognise the interest or claim of any person other than the account holder in respect of money held in the account, nor will we be liable in any way for failing to recognise such interest or claim, except as required by law.
Right to Close the Account
1. Subject to clause 5 above, you can close the account at any time without giving any reason and without notice or charge.
2. We can repay to you any part of your savings at any time and without giving any reason. Under normal circumstances we will give you at least 30 days' notice and will not use this right solely to repay a fixed term investment before the end of the fixed term. If there are exceptional circumstances, for example, fraud or other unlawful activity or threatening or abusive behaviour or you have breached any ISA regulations, we may close your account immediately, whether or not the account is for a fixed term.
Charges
1. We may make charges for opening and administering your account and for services provided in connection with it and deduct those charges from the balance in your account. We will tell you about a charge, which affects a particular product or service, before we provide you with the product or service, before you use it or at any other time you ask. All details about our charges are on our website.
2. We can change the charges we make and introduce new charges at any time if it is to your advantage (for example to reduce or remove a charge) or if we reasonably believe that this is necessary for any one or more of the following reasons (which may relate to circumstances existing at the time or which we reasonably expect to apply in the near future):
  1. to take account of, in a proportionate manner, changes in the expenses we reasonably incur(including our reasonable management and administrative costs) in respect of the particular product or service provided to you;
  2. to take account of, in a proportionate manner, changes in technology or general practice in the consumer savings industry;
  3. to take account of, in a proportionate manner, changes we may reasonably make in the products and services we provide or the activities we carry out;
  4. to take account of, in a proportionate manner, changes in the law or the interpretation of the law, decisions or recommendations of an ombudsman, regulator or similar person, or any code of practice applicable to the conduct of our business;
  5. to enable us to harmonise, in a reasonable manner, the charges being paid by our savers following any acquisition or transfer of deposit or savings accounts or any take over of, or merger with, another savings provider;
  6. to take account of, in a proportionate manner, inflation;
  7. to correct mistakes if it is reasonable to do so;
  8. to enable us to manage our business (and its growth) prudently.
3. Where we introduce new charges, or increase existing charges for any of the reasons mentioned in 11 b), we will tell you about the charge (unless it relates to a non-standard charge which we will tell you about on request) not less than 30 days before it takes effect by email.
4. A change that abolishes a charge or reduces the amount of an existing charge may be introduced with immediate effect and without notice.
Unclaimed Balances
If you cannot be traced after a reasonable enquiry, and either:
1. for a period of 3 years you have made no payment to or withdrawal from your account and the amount in that account is less than £100, or
2. for a period of 5 years you have made no payment to or withdrawal from your account;
We may decide to close that account and the money in it will be retained by us. If, however, you contact us at a later date we will either open a new account for you and credit that account with the amount of money in the closed account or repay the money to you, with interest, at a rate we reasonably consider to be appropriate.
Our Rights Over Your Money
We may use the money in any account you have with us to pay any money you owe us (whether under a loan, guarantee or otherwise) which is due for payment but which has not been paid. We will tell you if we do this. No interest will be earned on any money used in this way.
Service of Notices
1. As we will advise you of changes to the E-ISA interest rate and terms by e-mail, it is very important that you notify us if your e-mail address changes.
  We will assume that you have received any personal notification by e-mail 24 hours after sending it to you. If you do not receive the notification, this will not make it invalid.
2. If you wish to change details that we hold, for example your name, address, e-mail address or the account to which withdrawals are made, we will require such changes to be notified in writing.
Statements
We will not send statements to you. You will be able to access your account online and view statements at any time, which will include details of interest paid.
Interest
1. Interest is calculated on a daily basis starting on the second working day following the day of receipt for cheques and on the day of receipt for cash and up to, but not including, the day of withdrawal. Cheques paid in on a non-working day are treated as received on the next working day (working days exclude Saturdays, Sundays and Bank Holidays). In the case of a cheque drawn on a bank with an address outside the UK, interest will start on the day the cleared funds are credited to your account. Interest is added on 31 March each year and on closure.
2. Once in each year where the interest payable to you or credited to your account is not an exact multiple of £1, we will pay from the account an amount (which will not exceed 99p) equal to the pence of interest to the Yorkshire Building Society Charitable Foundation. This will be used for charitable purposes, unless you (or any one of you if there is more than one account holder) tell us not to at any time.
Tax

Interest will normally be free from tax. If you are found to have breached the ISA rules governing the maximum amount you may save, or the number of ISAs in which you may save in any tax year, or your application is invalid, your account will cease to be free from tax. Any interest in that tax year will be subject to tax.
Recording of Telephone Conversations
To improve the quality of our service, all communications with us may be recorded for staff training and your protection and security.
Governing Law
These terms are governed by the laws of the country in the United Kingdom (i.e. England and Wales, Scotland or Northern Ireland) where you opened the account.

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