Terms and Conditions for the 90 Day Notice Account
These terms and conditions (as may be amended from time to time) apply to the 90 Day Notice Account (‘the account’) which the account holder(s) (‘you’) holds with Turkish Bank UK Ltd. (‘the Bank’).
1. Deposit Amount
The initial deposit and ongoing balance must be at least £1,000. The maximum balance accepted is £250,000. This may be increased at our discretion.
2. Payment of Interest
Variable interest rates apply to the account. Rates may be varied for competitive or other reasons, for example as a result of regulatory changes or changed market conditions. The rate is guaranteed not to go below Base Rate. If the balance at any time falls below the minimum amount of ?1,000, the interest rate will be reduced to 0.1% p.a.
Interest is calculated on a daily basis from the day funds are cleared. This means that you will earn interest after the 2nd business day in respect of cheques received for credit of the account. Funds received by Electronic Funds Transfer (EFT) will earn interest from the date credited to your account.
Interest on the balance will be paid semi annually at the end of June and December or at account closure.
Interest Rate Changes
If we change the interest rate on your account we will tell you personally by letter within 30 days of the change.
The initial deposit may be made either from your Bank or Building Society account by EFT or by cheque, which is required to be drawn on the account holder’s’ existing personal account in the UK payable to the account holder.
For joint applicants your cheque should be drawn on a joint personal account in the exact names of the applicants. (If you do not have a joint account, we will require a personal cheque, drawn as above from each applicant). The same rule applies, as above, for EFT transfers.
Additional deposits must be for a minimum of £1,000. Cheques must be drawn on the account holder’s’ existing personal Bank or Building Society account. For your protection, personal cheques should be made payable to the account in the name of the applicant.
Withdrawals will be remitted direct to your nominated UK Bank or Building Society account, as advised by you on the account Application Form, or by bankers draft drawn in your name. No payments in favour of third parties or cash withdrawals will be permitted.
90 Day Notice Account withdrawals are subject to the 90-day period of notice.
Early withdrawals are not allowed.
Maximum Two interest withdrawals are allowed per annum without notice and charge.
Requests to amend account details should be made in writing and be signed by you in accordance with the prevailing instructions. Any notice of change of name must be accompanied by appropriate evidence. (e.g. marriage certificate)
Statements will be issued semi annually, provided there has been activity in the account during the period, otherwise annually. Interest payments do not constitute account activity.
Should additional statements be requested this will be regarded as an exceptional service and we reserve the right to apply a charge of £5.
There are no charges to withdraw funds with notice, and no withdrawals are permitted without notice.
8. Exceptional Service
Although currently there is no charge for the service, we may at our discretion charge for services we regard as non-standard. The scale of any future charge will be advised to you prior to any service being provided.
9. Death of Account Holder
If a sole account holder dies, the personal representatives may close the account (upon presentation of such evidence of their authority as we may require) by withdrawing the balance of the account together with any interest accrued without notice or penalty.
If a joint account holder dies the account may continue in the name of surviving account holder. Alternatively, the survivor may elect to close the account by withdrawing the balance of the account together with any interest accrued without notice or penalty.
Any variation to these terms and conditions will be notified to the account holders in writing at least 30 days prior to making such change.
11. Notice To Close The Account
The bank undertakes not to close your account without giving you 30 days notice unless there are exceptional circumstances such as fraud.
If you are not happy about your 90-Day Notice Account within 14 days of opening it, we will help you switch to another account or we will give all your money back with interest. We will ignore any notice period.
13. Deposit Protection Scheme
The Bank is a member of Financial Services Compensation Scheme (FSCS) established under the Financial Services and Markets Act 2000. The Scheme has the power to compensate customers in the event of the failure of any authorised firm.
Further details of the Scheme are available from the Financial Services Compensation Scheme www.fscs.org.uk.
14. Confirming Your Identity
UK anti money laundering regulations require that we have to ask you for proof of identity. We will not be able to open your account without the correct identification documents.
If you are already a customer of Turkish Bank UK Ltd., you do not have to provide further proof of identity or address.
If you are not a customer of Turkish Bank UK Ltd:
- If your application is in your name only: We will need to see one form of original address identification document from the list below.
- If your application is in joint names: We will need to see one form of original address identification document for each applicant from the list below. When the surname and address given are the same for all parties to the account, there is no need to provide address verification for more than one of the parties.
- Online applications: Applications made via the online application system may not require address verification documents if the applicants submit their UK passport numbers, provided that we can verify the identity electronically. We reserve the right to ask for further documentation if we are not fully satisfied with the information submitted.
Proof of Identity
We need to see ONE of the following five types of documentation for each applicant.
- An Original Bank Statement from the account where your initial deposit cheque has originated, dated within the last three months
- An Original Inland Revenue Notice of Tax Coding for the current tax year
- Original Utility Bill at your current address, dated within the last six months. Gas, electricity, water or land telephone (not mobile)
- An Original Council Tax bill at your current address for the current tax year
- Other Original Personal Financial Statements (credit card statement or another personal UK bank account) at your current address, dated within the last three months.
We will return these documents to you within five business days of receipt.
15. Product Availability
90 Day Notice Account is only available to investors aged 18 or over in a sole or joint basis. This account is only available to customers via online and postal application. The account must not be used for business purposes. All account holders must be UK resident(s).
16. The Banking Code
The Bank subscribes to The Banking Code. Account Holders requiring a copy of the Banking Code can obtain one from the Banking Code Standards Boards (www.bankingcode.org.uk) or from the Bank.
17. Contracts (Rights of Third Parties)
This contract is between the Account Holder(s) and Turkish Bank UK Ltd. The terms of the contracts Rights of Third Parties Act 1999 and any other legal third party rights are specifically excluded. This means that only the parties to the contract (or their legal successor(s), assignee(s) or other security holders) may have contractual rights.
- Turkish Bank UK Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority
- Turkish Bank UK Ltd. is committed to providing excellent customer service at all times. If there is concern that standards have not been met please bring this to our attention as soon as possible. A copy of the Bank’s’ Customer Complaint Procedure is available from the Bank’s’ Customer Services Department on request.
- Turkish Bank UK Ltd. is a member of the Financial Services Compensation Scheme.
- Turkish Bank UK Ltd. is incorporated in the United Kingdom and Registered Number is 2643004.
- Turkish Bank UK Ltd. is registered in England and Wales having its Registered Office at 84-86 Borough High Street, London SE1 1LN.