TWO - YEAR FIXED BOND TERMS AND CONDITION
Specific Terms and Conditions for the Two Year Fixed Term Deposit Bond
These terms and conditions (as may be amended from time to time) apply to the Two Year Fixed Term Deposit Bond Contract (?the contract?) which the contract holder/Bond holders (?you?) with Turkish Bank (UK) Ltd. (?The Bank?;?we?,?us?,?our?).
1. Deposit Amount
To be eligible for Two Year Fixed Term Bond, you must be a UK Resident aged 18 or over and invest a minimum £5,000. The maximum amount accepted by us is £250,000 but this may be increased at our discretion.
2. Payment Of Interest
Interest Rates
The rate of interest earned on the Two Year Fixed Term Deposit Bond is fixed at the beginning of the term and will apply for the full term of the contract.
Interest Calculation
Interest is calculated on a daily basis from the day funds are cleared. This means that you will earn interest after the second business day after the receipt of your cheque. The bond will be cancelled if the cheque returns unpaid by your bank. Funds received by Electronic Fund Transfer (EFT) will earn interest from the date the bond is opened.
Taxation of Interest
Interest will normally be paid net of standard UK basic rate tax (currently 20%) but may be paid gross if the amount on deposit is over £50.000 and held to maturity or subject to receipt of a valid declaration or self-registration of eligible non-taxpayer status by all parties to the account. (Form R85 is available on request).
The gross rate is the interest we pay before income tax deducted. AER stands for Annual Equivalent Rate and shows, for comparison purposes only, what the interest rate would be if we paid interest and added it to your account each year.
Payment Of Interest.
Interest will be paid annually on the anniversary of the Fixed Deposit. Annual interest can be paid to another account with us or to an account with another UK Bank by BACS but cannot be reinvested in the Bond.
Payments at Maturity
At the end of the term, Interest will be added to the principal amount of the bond and rolled over for a further period matching that of maturing bond, or may be sent for the credit of the nominated account, as indicated in writing by you at least two business days before maturity.
3. Joint Bonds
You may hold a bond in joint names. If so, you are liable for any money due to us, and all of you must sign to operate the Bond unless you all authorise us in writing that we can accept one signature.
4. Withdrawals
No repayments or closures are allowed before the fixed maturity date.
5. Death of Bond Holder
If a sole Bond holder dies, the personal representatives may terminate the contract (upon presentation of such evidence of their authority as we may require) by withdrawing the balance of the account together with any interest accrued to date without penalty.
If a joint bond holder dies the contract may continue in the name of surviving bond holder. Alternatively, the survivor may elect to terminate the contract by requesting repayment of the bond together with any interest accrued to the date of termination without penalty.
6. Variation
Any variation to these terms and conditions will be notified to the bond holders in writing at least 30 days prior to making such change.
7. Other Features Of The Bond
We will send you an annual statement to keep track of your account.
You can hold more than one bond at any time.
A written confirmation of deposit will be sent to you within seven working days of opening your bond.
7. Cooling-Off
As this is a Fixed Term Deposit Contract, no cooling off period is applicable.
8. Deposit Protection Scheme
The Bank is a member of Financial Services Compensation Scheme (FSCS) established under the Financial Services and Markets Act 2000. The FSCS has the power to compensate customers in the event of the failure of any authorised firm. Payments under the Scheme are limited to 100% of the first £85.000 of a depositor?s total deposits. For joint accounts, each eligible customer is entitled to receive up to the maximum of £85,000 each, making a total of £170,000 for joint account customers.
Further details of the Scheme are available from the Financial Services Compensation Scheme www.fscs.org.uk
9. Complaints
Should you wish to make a complaint regarding this product, Turkish Bank (UK) Ltd has a complaints procedure in place. Details of this is available through our website, www.turkishbank.co.uk, in our branches or from our Call Centre on 0871 384 1017.
