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Services > Banking > Services > Expatriate Savings account > Terms and conditions
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Expatriate Savings account principal criteria
- The Expatriate Savings account ("the account") is available to
expatriate personal clients in Pounds sterling, United States dollars
and Euro.
- The minimum deposit required to open an account is £10,000,
$25,000 or €25,000. Provided the account balance is maintained
above £3,000, $5,000 or €5,000 then interest is calculated at the
appropriate Expatriate Savings account rate. If the balance falls
below these levels then the account ceases to accrue interest during
that period.
- Interest rates will be fixed on the first business day of each
calendar month. Under normal conditions these rates will be
maintained for the period to the first working day of the next month,
however, will vary according to the balance held in the account.
The bank reserves the right to change interest rates during the
month should market conditions warrant.
- Interest is calculated on the daily cleared balance of the account.
At the time of opening, clients may request that interest be credited
to the account only upon closure. Unless otherwise specified by the
client, interest will be credited to the account annually on the last
working day of June. Account holders are responsible for any tax
payable as a result of interest received or accrued and we
recommend that professional advice is taken, if required.
- A bank statement is issued annually as at the 30 June or first
working day thereafter.
- Deposits may be made at any time. One withdrawal of up to one
quarter of the account balance may be made without notice or
interest penalty within a calendar quarter. Calendar quarters begin
1 January, 1 April, 1 July and 1 October each year. Further
withdrawals may be made within a calendar quarter subject to giving
the Bank 90 days notice of withdrawal. Alternatively, further
withdrawals may be made on demand, subject to the loss of 90
days interest on the amount withdrawn.
- Account holders are not permitted to overdraw the account.
- The Bank reserves the right to determine exclusively whether an
applicant for an Expatriate Savings Account meets the eligibility criteria,
as well as the right to vary, amend or add to the foregoing principal
criteria, with material amendments advised to account holders.
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