Important information. Changes to our Terms and Conditions

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1 Important information Changes to our Terms and Conditions

2 Important changes at a glance We are making changes to our Terms & Conditions. This leaflet gives you all the details; however we have highlighted three of the changes below: We are changing the name on the account to First Saver. We are amending the age range from 0-11 to 0-16 years old. These changes to our Terms and Conditions will take effect on 18 November We are amending the credit interest rates. These changes to our Terms and Conditions will take effect on 20 December Please take time to read through this leaflet and if you have any questions please contact us. Please read the information in this leaflet carefully and keep it for future reference. Section 1 of this leaflet summarises the main changes to our Terms and Conditions Section 2 of this leaflet provides full details of the changes to our Terms and Conditions If you have any questions, or need further information on how these changes affect you, please contact your local branch or normal contact point.

3 Section 1: Summary of main changes to our Terms and Conditions from 18 November 2013 Main conditions being changed in our Terms and conditions Summary of change We have changed the product name to First Saver Account. We have combined existing conditions 1.1 & 1.2 as 1.1 to provide clarity of the amended age range from 0-11 to 0-16 years old. We have inserted a new condition 1.2 to clarify when interest is paid. We have replaced existing condition 1.3 to provide clarity about withdrawals. We have added to the existing condition 1.3 now known as 1.4. We have inserted a new condition 1.5 to provide clarity on the actions required when an account holder reaches 16 years. We have inserted a new condition 1.6 to provide clarity as to how account holders will access their funds following the child s 18th birthday. We have inserted condition 1.7 previously numbered condition 1.4. We have replaced existing condition 1.8 with the previously numbered condition 1.5. We have inserted condition 1.9 previously numbered condition 1.6.

4 Section 2: Detailed changes to our Terms and Conditions These terms and conditions replace your existing terms and conditions in our Personal Banking Terms and Conditions. The remaining terms in our Personal Banking Terms and Conditions, in particular the General Conditions, still apply. Account Specific Condition 1.1 is being amended and will now read: First Saver Accounts are available only to children aged 0 to 16 years of age, and can be: (a) opened in the child s name if they are aged 7 to 16 years, with the consent of their parent or guardian; or (b) opened in the name of an adult aged 18 years or over (the adult trustee ) on behalf of the named child. The adult trustee shall hold the account as nominee and bare trustee for the named child and may hold the account in trust until the named child reaches age 18. Once the named child reaches 18, the trust shall terminate and the account will automatically be transferred into the name of the named child. Account Specific Condition 1.2 is being replaced and will now read: The interest rate payable on your account is tiered and is paid quarterly on the first business day in January, April, July and October. Account Specific Condition 1.3 is being replaced and will now read: Where the account is in the name of the child, withdrawals can only be made by the child in person at one of our branches until they reach age 11, when they may apply to be registered for our telephone and online banking services. Account Specific Condition 1.4 is being amended and will now read: For accounts held in trust for a named child: (a) we can only accept instructions from the adult trustee. We cannot accept instructions from the named child; (b) the account can be transferred into the child s name from age 7 at the request of the adult trustee; (c) if the account is transferred into the child s name, this will involve the adult trustee s name being removed from the account and the trust being terminated so that the account is in the child s name only. We can then only accept instructions from the child on the First Saver Account. The adult trustee who opened the First Saver Account will not be entitled to any information about the First Saver Account; (d) if the adult trustee dies or lacks mental capacity, then another person may (if the named child is aged 7 years or over) or shall (if the named child is aged under 7 years) be appointed by the guardian of the named child to act as adult trustee and to operate the account (the new adult trustee ) and: (i) The new adult trustee must be an adult aged 18 years or over and may be the named child s guardian. The new adult trustee may hold the account in trust until the named child reaches age 18. Once the named child reaches 18, the trust shall terminate and the account will automatically be transferred into the name of the named child; or (ii) if the named child is aged 7 years or over, there is no requirement to appoint a new adult trustee and the account can be transferred into the child s name with the consent of the named child s guardian. The trust will be terminated and the adult trustee s name will be removed from the account. In each case, we will provide the new adult trustee or named child with up to date copies of Personal Banking Terms and Conditions, Fees A guide to personal account fees. Account Specific Condition 1.5 is being inserted and will now read: For accounts in the child s name, when you reach age 16 we will change your First Saver Account to a First Reserve Account. We will notify you personally at least 60 days before we do this at which time we will provide you with up to date copies of Personal Banking Terms and Conditions, Fees A guide to personal account fees.

5 Account Specific Condition 1.6 is being inserted and will now read: For accounts held in trust for a named child, to allow the child to access their money, in the year following the child s 18th birthday, we will convert the First Saver Account to a First Reserve Account in the child s name. We will notify you (the adult trustee) personally at least 60 days before we do this at which time we will provide the named child with up to date copies of Personal Banking Terms and Conditions, Fees A guide to personal account fees. We can only accept instructions from the child on the new First Reserve Account. Account Specific Condition 1.7 is being inserted and will now read: Standing Order and Direct Debit payments are not permitted on your account. Account Specific Condition 1.8 is being replaced and will now read: Arranged overdrafts are not available on your account. Account Specific Condition 1.9 is being inserted and will read: Cheque books are not available on your account.

6 The Royal Bank of Scotland International Limited trading as NatWest (NatWest). Registered Office: P.O. Box 64, Royal Bank House, 71 Bath Street, St. Helier, Jersey JE4 8PJ. Regulated by the Jersey Financial Services Commission. Guernsey business address: PO Box 62, Royal Bank Place, 1 Glategny Esplanade, St. Peter Port, Guernsey, GY1 4BQ. Regulated by the Guernsey Financial Services Commission and licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, as amended, the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. Isle of Man business address: 2 Victoria Street, Douglas, Isle of Man, IM99 1AQ. Licensed by the Financial Supervision Commission of the Isle of Man and registered with the Insurance and Pensions Authority in respect of general business. NatWest is the registered business name of The Royal Bank of Scotland International Limited under the Business Names Registration Act. Gibraltar business address: National Westminster House, PO Box 707, 57 Line Wall Road, Gibraltar. Regulated and authorised by the Financial Services Commission, Gibraltar to undertake Banking and Investment Business from 57 and 55 Line Wall Road and 1 Corral Road, Gibraltar. NatWest is a participant in the Jersey Banking Depositor Compensation Scheme. The Scheme offers protection for eligible deposits of up to 50,000. The maximum total amount of compensation is capped at 100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website or on request. NatWest is a participant in the Guernsey Banking Deposit Compensation Scheme. The scheme offers protection for qualifying deposits up to 50,000, subject to certain limitations. The maximum total amount of compensation is capped at 100,000,000 in any 5 year period. Details are available from: Website: Telephone: +44 (0) Post: P.O. Box 380, St Peter Port, GY1 3FY. Deposits made in a Guernsey Branch will not be covered by any equivalent scheme in any jurisdiction outside of the Bailiwick of Guernsey. NatWest is a member of the Isle of Man Depositors Compensation Scheme (DCS) as set out in the Depositors Compensation Scheme Regulations Further details of the scheme are available on request. NatWest is a member of the Gibraltar Deposit Guarantee Scheme as set out in the Deposit Guarantee Scheme Act 1997 and Deposit Guarantee Scheme (Amendment) Act Under the scheme (s) customers are entitled to make only one claim per licensed entity regardless of the number of brands or trading names contained within that licensed entity and customers are entitled to make one claim only per licensed entity in the jurisdiction where the deposits are held. Therefore as NatWest brand is operated by RBS International it is not licensed in its own right. A person with a deposit in NatWest and a deposit in RBS International would thus only be entitled to make one claim. Further details of these schemes are available on request. NatWest is a member of The Royal Bank of Scotland Group. The Royal Bank of Scotland plc - Registered in Scotland No Registered office: 36 St Andrew Square, Edinburgh EH2 2YB. The Royal Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The latest report and accounts are available at NatWest places funds with other parts of its Group and thus its financial standing is linked to the Group. Depositors may wish to form their own view on the financial standing of NatWest and the Group based on publicly available information. The latest report and accounts are available at