These are the full terms applying to our e-Saver account.
When you make an application to open an e-Saver account, it will be a condition of our acceptance that you have read and agreed with these terms.
To hold an e-Saver account you must be a UK resident aged 16 or over. If you cease to be eligible to hold an account, you must notify us. You may not hold an account in trust or under a power of attorney.
As a member, the Society's Rules will apply to you. A copy of the Rules is available on request. See Contact us.
The minimum initial deposit for e-Saver is £250.
Only your initial e-Saver deposit may be by cheque. Any cheques subsequently received will be returned to you. Additional deposits must be transfers, either from another bank or building society account, e.g. by standing order, or another account held with the Yorkshire.
If you make your initial deposit by cheque, this is subject to the following:
All withdrawals are subject to the requirement to maintain a minimum balance of £250. Funds withdrawn earn interest up to, but not including, the day of withdrawal.
If you make your initial deposit by cheque, you will not be able to withdraw against it until the first working day after 4 working days (not including the day the cheque is credited to your account) have elapsed. If the cheque is returned unpaid, we will deduct the amount from your balance even if we have allowed withdrawals against it.
Withdrawals will only be allowed either by:
In the case of transfers to another account held with us, the funds will normally be credited the next day. Transfers to an account at another bank or building society could take up to 5 working days to be credited.
We can limit the amount that may be withdrawn from your account at any time without giving you notice if we reasonably consider it necessary in order to protect the interests of our members as a whole.
You can hold an account with one other person. All terms apply to both of you together and to each of you on your own. Each of you can be held fully responsible for any liability that you may have.
Each of you will be able to operate the account, including arranging withdrawals, making changes to the account such as your address or closing the account.
The law relating to building societies requires that whichever account holder is the first named in our records is called the representative joint shareholder for the purposes of membership. Statutory notices such as the notice of Annual General Meeting will be sent to the representative joint shareholder only. E-mails concerning changes to interest rates or terms will also be issued to the representative joint shareholder only.
For security reasons, if you open an account in your sole name, you will not be able to add an additional account holder at a later time, but will be able to open a new account in joint names.
If we are advised that there is a dispute between joint account holders, e.g. in the event of separation or divorce, we will place a stop on the account and any further transactions will have to be authorised in writing by both holders until the dispute is resolved.
If one of you dies, the surviving joint account holder should inform us of the death and provide us with evidence. Only the survivor will own and be able to operate the account.
The gross rate for e-Saver will equal the Bank of England's base rate unless:
We will tell you about changes to e-Saver interest rates within 30 days by e-mail.
We can change e-Saver terms (other than interest rates and any charges) at any time if we reasonably believe the change is needed. Changes may include the removal of or amendment to terms, or the inclusion of new terms for any of the following reasons:
We may also change these terms for any other valid reason where we reasonably believe change is appropriate.
We will notify you of any change in terms:
We will tell you about changes to e-Saver terms by e-mail.
If there have been significant changes in any one year, we will provide you with a copy of the new terms or a summary of the changes.
We may make charges for items relating to the operation of your account and deduct those charges from the balance in your account. The charges will reflect expenses we incur and the cost of staff time and the use of our office and computer facilities.
We can change the charges we make at any time. Changes may include the removal of or amendment to existing charges or the introduction of new charges. Where we introduce a new charge or increase an existing charge, we will tell you at least 30 days before the change takes effect by e-mail.
Where we remove or reduce an existing charge, we may do so immediately without notice.
As we will advise you of changes to e-Saver interest rates 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.
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.
Our right to close your account
We can repay to you all or part of your balance at any time, without giving any reason, after giving you at least 30 days notice, except that we can close your account immediately if we believe that you have been involved in fraudulent or serious criminal behaviour or that the relationship between you and us has irretrievably broken down.
We do not have to recognise the interest or claim of any person other than the account holder(s) 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.
If for a period of 5 years you have made no payment to or withdrawal from your account, and you cannot be traced after reasonable enquiry, we may decide to close your 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 which we reasonably consider to be appropriate.
We have the right to retain and set-off all money in your account against any money you may owe to us (whether under a mortgage, loan, guarantee or otherwise) which is due for payment but has not been paid. We will advise you when we have done this. Interest will not be paid on any money after it has been used in this way.
We will not send statements to you. You will be able to access your account and view statements at any time, which will include details of interest paid and tax deducted.
If you decide to close your account, we will add any unpaid interest to your balance and transfer the closing amount either to your nominated bank or building society account or to a nominated account held with us.
If your e-Saver account is in your sole name and you die, we will close the account and transfer the balance to our Postal Saver account so that it may be operated by your personal representatives.
Interest is calculated daily based on the balance in your account and added on 31 March each year and on closure.
Interest is payable net of tax or, subject to the required registration, gross. If you are eligible to receive interest without tax deducted, you should complete HM Revenue & Customs form R85 and we will pay your interest gross. In the case of joint accounts, we can pay interest part net part gross if only one of you is eligible to receive gross interest and completes form R85. Whether you receive interest gross or net, it is your responsibility to declare gross interest earned when making a tax return.
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 to be used for charitable purposes, unless you (or any one of you if there is more than one account holder) tell us not to. The payment will be calculated by reference to the pence of your interest net of tax unless you are entitled to receive interest without tax deducted in which case we shall refer to the gross amount.
These terms are governed by the laws of England and Wales.
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.
Either when you apply to open an account, or subsequently, you may select to receive a LINK card and Personal Identification Number (PIN) to enable you to withdraw cash and check your balance at any LINK cash machine in the UK. For joint accounts, a LINK card and PIN will be issued to each account holder.
Your LINK card will be sent within 5 days of your account being activated or making a subsequent request, and your PIN will follow 4 days later. If you do not receive your card or PIN within these times, you should advise us immediately.
The LINK card remains our property at all times and the right to use the card and PIN may be revoked or suspended by us without notice.
You can change your PIN at any of our own cash machines, but you should be careful to avoid numbers that others may be able to guess, for example your birthday. You must never write the new number down.
You must take care of the card and PIN to help prevent fraud and to protect your account. It is essential that you notify us as soon as you can if you suspect or discover that your card has been lost or stolen or that someone else knows your PIN. The quickest way is to telephone the 'LINKLINE' on 08459 10 11 12. Where possible, you should quote your card number, i.e. the number beginning 564131 across the centre of your card. We may require you to confirm this notification in writing within 24 hours. On receipt of this notification we may, at our discretion, inform the police and give them any information they may require.
If your card is retained by a cash machine, you should contact us to report this in the same way as you would a lost card.
You agree:
It is important that you comply with these conditions to ensure there are no unauthorised transactions on your account. You will be liable for all losses if you have acted fraudulently. You may be liable for all losses if you have acted without reasonable care, which may include failure to comply with the above requirements if such failure causes those losses.
You cannot withdraw cash from a LINK machine if your balance would fall below the minimum balance required by your account as a result of that withdrawal.
We do not make any charges for the use of your LINK card at any LINK machine. However, it is possible that the institution providing the machine may make a charge. You will be advised of this during the transaction and will be able to cancel it if you do not wish to pay this charge.
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Yorkshire Building Society is one of the largest building societies in the UK. We offer a range of financial products and services including: savings & investment accounts, insurance products, loans, mortgages and more.
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Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).
