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Services > Banking > Services > Offshore Reserve account > Terms and conditions
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Offshore Reserve account -
Main Terms and conditions
- The Offshore Reserve account ("the account") is available
to personal clients in Pounds sterling, United States dollars, South African Rand and Euro.
- The minimum deposit required to open an account is £3,000, US$5,000, ZAR 35,000 or Euro 5,000. Provided that the account balance
is maintained above the minimum balance requirement, then
interest is calculated at the appropriate Offshore Reserve
account rate. If the balance falls below the minimum balance
requirement, then the account ceases to accrue interest
until such time as the minimum balance requirement is restored.
- Interest is calculated on the daily cleared balance
of the account and credited half yearly, without deduction
of tax, on the last business days of February and August.
- 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 business
day of the next calendar month. The bank reserves the right
to change interest rates during any month should market
conditions warrant.
- A bank statement is issued half yearly after application
of interest.
- Two withdrawals are permitted in each half year (periods
ending last business days of February and August). Other
than any transfer charge, these will be free. All additional
withdrawals will be charged at a rate of £50, US$80 and
Euro 80, plus any transfer charge.
- Account holders are not permitted to overdraw.
- Applications are accepted subject to satisfactory completion
of the bank's standard account opening formalities.
- The bank reserves the right to refuse a deposit or decline
to open an account or to request an account holder to close
an account without giving a reason for any such decision.
- The bank reserves the right to vary, amend or add to
these Terms and conditions at any time, with material amendments
advised to account holders.
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