Savings Accounts 3 Santander Savings Accounts User guide
Savings User guide Welcome to your Santander savings account Now that you have a Santander savings account or cash ISA we want to make it as easy as possible for you to get the best out of it. This guide explains the different ways you can use and operate your savings account. You will also find key information on how you can manage your specific savings account on the specific Key Product Information that you have received when you opened your account. Please keep this guide safe as it contains important information to help you to operate your savings account. Contents What happens next? 03 Cash card, passbook or certificate 03 Online and Mobile Banking 03 Telephone Banking 04 General information 05 How to operate your account 05 Cheque deposits 06 Your savings statements 06 Keeping your savings account safe 07 Joint accounts what you need to consider 09 What should I consider? 09 Savings accounts 09 Making changes 09 What if one of you dies? 10 For more information 10 Accounts held in Trust Important Information 10 Specific cash ISA transfer information 13 Specific Fixed Term Savings information 13 Savings account fees 14 Important terminology 15 Contacting us 16 Your savings account contacts Telephone Banking UK 0845 972 4724 Monday to Saturday 7am to 11pm and Sunday 9am to 10pm to speak to an adviser. There is also a 24-hour automated service. Online Banking Visit santander.co.uk 24 hours a day, seven days a week Mobile Banking Access your account anytime, anywhere with Mobile Banking. Lost and stolen cards UK 0845 934 4900 24-hour emergency lost card number 02
What happens next? Cash card, passbook or certificate Cash card Some of our accounts come with a separate cash card. Unless the account is held in trust, a card will be mailed to your address within 10 to 14 working days of account opening. You will also receive a PIN to enable you to use the card at a cash machine. (See pages 7 and 8). Some accounts have restricted access and don t come with Online Banking. Check your Key Product Information. Passbook If you have opened a passbook based account, the passbook will be issued to you in the branch of opening. Savings Certificate Some of our savings accounts come with a Savings Certificate. You will receive it in the post within 14 working days of account opening. Online and Mobile Banking If your savings account is eligible for Online Banking, you can order your Online Banking log-on details by phone on 0845 972 4724 or dropping into your local branch. We ll send you your Personal ID, Passcode and Registration number in two letters. You can change your log-on details the first time you use our Online Banking service at santander.co.uk Scan here for more information on our Online Banking service. Online Banking Guarantee Be assured that your money is safe when you bank online. Thanks to our Online Banking Guarantee, in the unlikely event that funds are taken from your account without permission, we will pay back any loss incurred from fraud up to the value of the amount fraudulently taken. All we ask is that you have not acted fraudulently yourself or without reasonable care to keep your security information safe e.g. Passcode and Registration number. For more information about online security please visit our security pages on santander.co.uk/securitycentre Use your usual Online Banking details to access Mobile Banking. Our Mobile app is available for iphone, ipad and Android TM Smartphones. Find out more at santander.co.uk/mobilebanking. 03
Savings User guide Telephone Banking Some of our accounts will allow you to manage your savings over the phone. Managing your money over the phone is simple. There are two ways you can do it. If you want to speak to a customer services adviser you can call us on 0845 609 0014 Monday to Saturday 7am to 11pm. If you want the ability to operate your account 24 hours a day, seven days a week you can use the automated telephone banking service. To do this you will need to enter the 16 digit number from your Santander card, or if your account doesn t have a card we can issue you with an eight digit customer identification number. If you don t have a card and didn t register for Telephone Banking when you opened your account, call us on 0845 609 0014 and we can sort this out for you. Once you have your customer identification number you can access Telephone Banking on 0845 972 4724. If you re dialling internationally, call 00 44 1908 237 963. If your hearing or your speech is impaired, and if you have a text phone, please use the Typetalk service by calling us on 18001 0845 972 4724. 04
General information How to operate your account The following table gives a high level summary of where you can operate your account. For specific details on how to operate your account, please refer to your specific Key Product Information provided when you open your account. Type of transaction Where you can do this transaction Branch Online Banking Mobile Banking Telephone Banking Post Santander Cash Machine Cash deposit (see note 1) Cash withdrawal (see note 2) Cheque deposit Cheque withdrawal (see note 3) Bankers draft deposit Bankers draft withdrawal Transfer between Santander accounts * Transfer between non-santander UK based accounts International transfer CHAPS *Between linked accounts only. To link your Santander account, you can call us on 0845 609 0014 or visit a local branch. For certain transactions, you might be required to present a form of Identification. Please ask a member of staff in branch for more details. Note 1: Cash paid in branch will be available for you to access immediately. When you make a deposit using a cash machine, it can take an extra two working days for the funds to become available in your account. Note 2: Over the counter cash withdrawals are allowed for amounts of 50 or more. For cash withdrawals of over 500 please contact your local branch 48 hours before you wish to withdraw the money so that we can ensure that we have the funds available for you. Note 3: Over the counter cheque withdrawals are allowed for amounts of 1,000 or more. 05
Savings User guide Cheque deposits When you want to deposit a cheque into your savings account, the date the funds will be available to you and when you will start to earn interest will vary according to the day you deposit the cheque. The following table details when the funds will be available to you, when you will start to earn interest and when you can be sure that the money is yours if you have paid cheques in over the counter. Day cheque paid in Day interest earned (see note 4) Day funds available (see note 5) Day you can be sure the money is yours Monday Wednesday Friday Following Wednesday Tuesday Thursday Monday Following Thursday Wednesday Friday Tuesday Following Friday Thursday Saturday Wednesday A week on Monday Friday Tuesday Thursday A week on Tuesday Saturday Wednesday Friday A week on Wednesday Sunday Wednesday Friday A week on Wednesday IMPORTANT Should a cheque be returned unpaid, up to and including the sixth working day after the day the cheque was paid in, Santander can take the funds back without your agreement even if you have drawn against those funds. After six days Santander can t take the money without your agreement, unless you were a knowing party to fraud. Your savings statements We will send you a statement once a year, unless the terms of your account state otherwise. The annual statement will include your account balance and details of any transactions that you have made or interest that has been credited to your account. It will also include your account name and the interest rates that apply to your account. The month you receive your statement will depend on the savings account you opened. (The following table confirms when we will send you a statement.) Note 4: When money is paid in to your account by cheque, whether over the counter or by using a cash machine, it will normally start to earn interest on the second working day after it is paid in (except Thursday when interest will be earned from Saturday. Saturday is not included in any other calculation). This applies to all savings accounts. Cheques deposited by using a cash machine may take up to two additional days before the money is available for withdrawal and for you to be certain that the money is yours. Note 5: Cheques may take up to six working days to clear, however, the Day funds available column in the above table shows how soon we are currently making money available for withdrawal. 06
Type/Account name Instant access savings esaver Everyday Saver Instant Saver Reward savings Branch Saver Santander Shareholder Reward Fixed term savings Fixed Term Bonds (including Tracker Bonds) Cash ISAs Cash ISAs (including Fixed Rate ISAs) Children s accounts Flexible Saver for Kids 1I2I3 Mini Account (in Trust) When you will receive your statement You can view your balance and transactions in Online Banking. Annually in April Annually in April Annually in April Annually in April You will receive details of your interest paid each year in April/May. Annually in March Annually in April Monthly Keeping your savings account safe If you find that your card has been lost or stolen or you think your card or your Personal Security Details may have been misused, or if you believe that your PIN, Personal Security Details or selected personal information has become known to another person, then you must notify us as soon as possible either at a branch or by telephoning: Santander Card Services (24 hour service) 0845 972 4724 or if you call from overseas +44 1908 237963 Or if you cannot get to a Santander branch and do not have access to the phone, you can write to: The Manager, Card Services 201 Grafton Gate East, Santander House Milton Keynes MK9 1AN We will take immediate steps to prevent them from being used to access your account. We will accept written notification of the loss or theft of your card from any recognised card registration bureau acting for you. Care of your cards, PINs, Personal Security Details and selected personal information To help prevent fraud and protect your account you must: n sign your card in permanent ink as soon as you receive it; n destroy the notification of your PIN and/ or Personal Security Details as soon as you receive them; 07
Savings User guide n always take reasonable steps to keep your cards safe and your PIN, Personal Security Details and selected personal information secret; n not keep your chequebooks and cards together; n never write down or record your PIN, Personal Security Details or personal information on your card (or anything kept with it) or on any documents relating to your account. If you do write down or record your PIN, Personal Security Details or personal information, you must disguise this information so that it cannot be understood by anyone else; n not allow anyone else to use your cards, PIN, Personal Security Details or selected personal information (not even someone with whom you share a joint account); and n never disclose your PIN or Personal Security Details to anyone else, not even a member of Santander staff. else (even a member of your family) knows your PIN. Please remember anyone in possession of your card who knows the PIN can gain access to your account and any linked account. n Only enter your Personal Security Details where you are requested to do so by an Online Banking or Mobile Banking screen. DO NOT SHARE OR SEND YOUR PERSONAL SECURITY DETAILS IN ANY OTHER WAY. n Change your Personal Security Details when you first log into Online Banking, and immediately, using Online Banking, if you believe that it has become known to another person. If you are unable to do this, you must notify us as soon as possible either at your local branch or by telephoning 0845 972 4724, and act on any further instructions we give you to ensure that your Online Banking is secure. Any instructions will reflect good security practice, taking account of developments in e-commerce. You may be asked to give some individual numbers or letters from your Personal Security Details when you speak to someone in person using our Telephone Banking service, or other remote access channel, but they will never ask you to give a whole number or code from your Personal Security Details. n You can change your PIN at any Santander cash machine to a PIN of your choice and you must do this if you think that anyone 08
Joint accounts What you need to consider Sharing your finances with another person can be a convenient and sensible approach to organising your money. You can join up with your partner, a relative, your flat/house mates, even your best friend. It s really up to you. This information is designed to help you decide if a joint account is right for you by explaining some of the situations you might find yourself in and the things you need to think about. What should I consider? Sharing means that everybody involved can use, and get information about the account. The number of people you can share an account with depends on the product. It s flexible enough for all of you to run things the way you want them. You can have your own account as well as a joint account. Many people have a joint savings account if they are saving for a planned future purchase together. A joint account means joint responsibility so each person can use the account without the other person knowing. Therefore, if other people cause a problem on the account, you re also responsible for it. Santander UK plc, along with other banks and building societies share information about you and how you use credit products such as current accounts, credit cards, loans and mortgages via credit reference agencies. If there are problems on a shared account, you can find out more information about sharing information with credit reference agencies by reading our Your application and credit scoring leaflet. Savings accounts Two or more people can share a Santander savings account (with the exception of ISAs). We ll let you know how many people can share the account when you open it. If your savings account has a cash card or you can use the phone or the internet to run the account, all account holders can take money out of the account without telling each other. With any other savings account, you can choose whether all account holders have to sign to take money out or whether just one signature is enough. If you wish to remove someone from the account, everyone must agree to this. Statements will be sent to the first named customer using the address recorded for that customer. Everyone can receive a statement at different addresses for any account. Just let us know that s what you want. Making changes If you decide to change the way you run your account, you should consider the following: n All account holders are responsible for any money owed on the account. n If one of you becomes bankrupt, we have to stop the account being used and the money may not be available for account holders to use. n Santander UK plc has the right to move money from Santander accounts in any account holders name to cover any money owed on a joint account. 09
Savings User guide n There are specific rules for our investment products and we always recommend seeing one of our advisers for help on this. If you decide that a joint account isn t working for you, please let us know and we ll help you find an alternative solution with us. What if one of you dies? If one of you dies, a joint current account and savings account will automatically be converted into the sole name of the surviving account holder. Therefore, it is advisable to only leave money in the account if you are comfortable about leaving it to the other account holder. For more information If you need any extra help or you want to talk through your options simply call into your local Santander branch. Alternatively, call us on 0845 765 4321, Monday to Saturday, 8am to 9pm. Accounts held in Trust important information Who is a trustee? A trustee is an individual who, either solely or with another trustee or trustees, manages and invests assets for the benefit of another (a beneficiary). The trustee is obliged to make all trust-related decisions with the beneficiary s interests in mind. A trustee may open an account in the name of a beneficiary to hold funds that are intended for future use such as education fees or the purchase of a house. The trustee is the legal owner of the funds held in the account and is therefore the person we deal with regarding all aspects of servicing the account. A trustee can open an account on behalf of a child as long as the trustee is aged 18 or over. Who is a Beneficiary? A beneficiary is an individual who the funds held in the account will eventually belong to. The beneficiary is the account owner and can also be referred to as the account holder. The beneficiary of an account in trust is often, but not always, a child. Although the beneficiary is the account owner, they are unable to access the funds unless the trustee(s) gives the funds to the beneficiary in any of the ways referred to in the paragraph below How can a trustee release funds to a beneficiary?. What is a Trust Account A trust account is the term used for any Santander UK savings or bank account account where a third party is registered as a trustee on the account. The account is opened in the name of the beneficiary of the funds but fully managed by the trustee(s) registered. The account holder does not have any access to funds held in a trust account where they are the beneficiary. What accounts can have a trustee registered? Most Santander UK savings accounts allow a trustee to be registered on the account. (See note 6) How can a trustee act on behalf of the Beneficiary? The trustee is responsible for the running of the account therefore can complete all transactions on the account. The trustee can service the account in all ways the product allows. (See note 6) 10 Note 6: This may vary by product. For specific details on your account, please refer to your specific Key Product Information provided when you open your account.
When should a trustee release funds to a beneficiary? There is no set time when the trustee must release funds to the beneficiary. The trustee can choose to hold the funds in trust indefinitely, irrespective of the age of the beneficiary. (See note 6) How can a trustee release funds to a beneficiary? An account held in trust cannot be accessed by the beneficiary therefore a trustee cannot give the beneficiary permission to access funds, whilst the account continues to have a registered trustee. In order to give the beneficiary access to the funds in the trust account either (i) the trustee must transfer the funds to an account held in the beneficiary s name or (ii) the trustee must request that the account be transferred into the sole name of the beneficiary by removing the trustee from the account or (iii) the trustee must close the account via the BAU account closure process. (see note 6) How can a beneficiary interact with a Trust account? The beneficiary is not permitted to access funds in the Trust account or to make withdrawals. The beneficiary, therefore cannot service, transact on or close the account. Gross Interest Registration Interest will be paid net on these accounts unless the account is registered to receive interest gross. For children under 16, the R85 registration must be completed with the child s details by a parent or guardian. Special rules apply if there is a care order in force, please ask for further details. An R85 registration cannot be made by foster carers or grandparents (unless they are the child s guardian). A child s account that has been registered for gross interest may have interest paid gross until the 5 April (end of the tax year) following the child s 16th birthday. On the 6th April after the child s 16th Birthday, the account is automatically de-registered for gross interest and all interest paid going forward is subject to income tax. In April following the end of the tax year in which the child turns 16, if the account is in trust, a letter will be sent to the trustee confirming that the account has been de-registered for gross interest. For the account to be re-registered for gross interest it must be transferred into the name of the child and the child can then register themselves for gross interest if they do not expect to be liable to pay income tax. If the trustee wishes for the account to remain in trust then the interest paid will be subject to tax. An R85 cannot be registered against these accounts. In April following the end of the tax year in which the child turns 16, if the account is not in trust, a letter will be sent to the child confirming that the account has been de-registered for gross interest and explaining that they can register themselves for gross interest if they do not expect to be liable to pay income tax. If the child is a tax payer, no further action is required as we will automatically ensure that income tax is deducted from interest payments. We are unable to provide tax advice therefore any additional questions should be referred to HM Revenue & Customs via their helpline number 0300 200 3300. 100 rule Interest on Savings given by a parent to a child that produces more than 100 gross interest per year is normally taxed as the parent s income. Any accounts that meet this rule will not be eligible to register for gross interest and the child cannot claim back tax on that income. 11
Savings User guide The 100 rule applies to each parent separately and it does not apply to gifts given by grandparents, other relatives or friends. This rule applies until the child becomes age 18 or married, whichever comes first. Death of a trustee Sole trustee The Customer Representative for a deceased trustee can appoint a new trustee or elect to release the funds in the account to the beneficiary (the account holder). (see note 6) Removal of a trustee Sole trustee The trustee can elect to be removed from the account at any time and release the funds to the beneficiary. Joint trustee A trustee can elect to be removed from the account at any time. If there is more than one trustee remaining on the account no further action is required. Joint trustee The deceased trustee should be removed from the account where the trust is in place. If there is more than one trustee remaining on the account no further action is required. Accounts with more than one trustee All trustees have equal access to the account as no one trustee has greater ownership over the account than another. An account with more than one trustee can be set up with the trustees choosing; 1. Either/Any, the account can then be operated by any of the registered trustees. 2. Combined access, means that all trustees must authorise a transaction or account action before it can be made. Depending on which access you choose this may affect the channels available to service your account. Please speak to us for more information. 12
Specific Cash ISA information If your account is one of Santander s cash ISAs, then this section provides some additional information to help operate your account. A reminder about government regulations A tax year runs from 6 April one year to 5 April the next year. ISA limits are reviewed annually and therefore are subject to change. Please ask a member of staff for the latest ISA limits. The annual ISA limit is for your total deposits into an ISA in the current tax year. For example, if you paid in the maximum ISA allowance and then withdrew 1,000 you wouldn t be allowed to put another 1,000 back in, as you will have already paid in the full ISA allowance for that tax year. n Interest earned by your cash ISA is currently tax free. However, the favourable tax treatment of ISAs may change in the future. n You can pay into one cash ISA each tax year. n Any money withdrawn from your ISA cannot be replaced without counting towards this tax year s ISA allowance. n You cannot subscribe more than the annual ISA allowance to a cash ISA and/or a Stocks and Shares ISA each tax year. If you have a Fixed Rate ISA: Transfers out are allowed at any time, but the full balance must be transferred out. An early closure charge may apply. With most of our cash ISAs, you can transfer in ISAs held elsewhere. This is very easy just one form to sign and we will do the rest. Call the ISA Customer Services Team on 0845 600 0181 or visit your local branch. Specific Fixed Term Savings information Fixed Term Savings, often referred to as bonds, work slightly differently to other savings accounts so we have included some more information to make sure you know everything you need to about your account. Deposits, withdrawals and closures Once you have opened your bond, no withdrawals, closure or additional deposits can be made to it during the fixed term. However, you can open a new bond if you decide you want to save more in the future. If you die before the end of the term, access will be granted without charge when your representatives contact us. Maturity The term of a bond is fixed. When the term ends (at maturity) the money will be transferred into an instant access account, unless before the end of the term you tell us otherwise. We will write to you to confirm product details and rates at least 14 days before your bond matures. Please note that at maturity if you wish to transfer funds to an external account (non Santander), this can only be done in branch or over the phone and not via the internet. Details of how to do this will be included in the maturity letter. 13
Savings User guide Savings account fees Items Charge Bankers draft 10 Replace lost passbook 10 Account transaction statement 5 per copy, 10 per account for multiple copies (free if it is only for the last 12 months) Detailed account interest calculations (see note 6) 10 (see note 7) All status enquiries and a banker reference 10 (see note 8) Copy of paid cheque 4 a cheque CHAPS and International Payments 25 Withdrawal handling charge for cash machines displaying the Cirrus logo (if not part of Santander or LINK cash machine networks). Transactions (cash withdrawals) in a currency other than sterling. Presentation of foreign exchange 1.5% of the value (minimum of 1.99) 2.75% of value 10 for each cheque (the paying bank may also charge you) Duplicate tax certificate Free (see note 9) The following limits apply for making withdrawals at branch counters and cash machines Minimum amount for cash withdrawals at branch counter More than 50 (see note 10) Minimum amount for cheque withdrawals at branch counter More than 1,000 (see note 10) Maximum daily limit for cash withdrawals at branch counter 500 Maximum daily limit for cash withdrawals from a cash machine 300 Note 6: These services are dealt with by Head Office rather than your local branch, so please allow ten working days from receipt of written request and payment. Note 7: A general worked example showing how savings account interest is calculated is free. Note 8: The account holder, a third party or another bank may request confirmation in writing on the status of your account (what account is held, when the account was opened, what the current balance is). Please note written consent is required by the account holder for this request to be processed. Note 9: Free for certificates issued for tax years 2005/6 onwards. A 5 fee will apply for any tax certificates issued for tax years 2004/5 and prior. Note 10: Subject to our exception policy which is available upon request. Please see your Specific Conditions for information on any other limits that may apply to your account. 14
Important terminolgy AER AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year. Annual interest Interest that is paid on a yearly basis. Bank of England base rate The interest rate published by the Bank of England. Bonus Either the opportunity to earn an additional rate of interest each year by meeting account conditions, or an introductory additional rate as a welcome to your savings accounts for a fixed period. Fixed rate This is a rate of interest that will not change during the term of the account. Trust Account A trust Account is the term used for any Santander UK savings or current account where a third party is registered as a trustee on the account. The account is opened in the name of a beneficiary of the funds but fully managed by the trustee(s) registered. The account holder does not have any access to funds held in a Trust account where they are the Beneficiary. Beneficiary A beneficiary is an individual for whom funds are held in a Trust account by a trustee. The beneficiary is the account owner and can also be referred to as the account holder. The beneficiary of an account in trust is often, but not always, a child. Although the beneficiary is the account owner, they are unable to access the funds unless permitted by the trustee(s). Trustee A trustee is an individual who manages and invests assets for the benefit of another. The trustee is obliged to make all trust-related decisions with the beneficiary s interests in mind. A trustee may open an account in the name of a beneficiary to hold funds that are intended for future use such as education fees or the purchase of a house. The trustee is the legal owner of the funds held in the account and is therefore the person we deal with regarding all aspects of servicing the account. A trustee can open an account on behalf of the child as long as the trustee is aged 18 or over. Fixed term The period of time that money is deposited this is agreed on opening the account and stays the same until maturity. Gross The gross rate is the interest rate we pay before income tax is taken off. Monthly interest Interest that is paid on a monthly basis. Net rate The net rate is the interest rate we pay after deduction of income tax at the rate specified by law (currently 20%). Variable rate This type of rate can go up or down in the future (for example in response to Bank of England base rate change). Tax free rate The tax free rate is the rate of interest payable where interest is exempt from income tax. 15
Contacting us General account enquiries Savings If you have any questions, or need to request a new PIN, please call us Monday to Saturday 8am to 9pm on 0845 609 0014. ISAs If you have any questions regarding your ISA please call us Monday to Friday 8am to 6pm and Saturday 8am to 4pm on 0845 600 0181. Hard of hearing customers A Typetalk service is also available if you have a hearing or speech difficulty. Please call us Monday to Saturday 7am to 11pm on 18001 0845 972 4724. Calls may be recorded. Please tell us your account number when you call so we can find your details quickly. We ll also ask you a couple of questions about you or your account for security. Online support If you need help accessing your account online please call us Monday to Saturday 7am to 11pm and Sunday 9am and 9pm on 0845 600 4388. Lost or stolen cards If you ve lost your account card or think it s been stolen please call us immediately on 0845 972 4724. Changing your details If you change your name or address, please call us on 0845 609 0014. We will send you a form to fill in and return, together with the relevant identification documents we detail on the form. We can then make sure your account is up to date. Closing an account If you wish to close your savings account please pop into your local branch where we may have some more ideas for your money. Alternatively you can write to: Santander Account Closures PO BOX 1109 Bradford BD1 5ZJ If you wish to close your cash ISA please call us on 0845 600 0181 Or alternatively, write to: Santander ISAs PO BOX 1112 Bradford BD1 9NR Customers with an ISA that can be managed in branch can also pop into your local branch to close your account. Contacting us by post Savings Santander Savings PO BOX 1109 Bradford BD1 5ZJ ISAs Santander cash ISAs PO BOX 1112 Bradford BD1 9NR Santander UK plc. Registered Office: 2 Triton Square, Regent s Place, London, NW1 3AN, United Kingdom. Registered Number 2294747. Registered in England. www.santander.co.uk. Telephone 0870 607 6000. Calls may be recorded or monitored. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 106054. Santander UK plc is also licensed by the Financial Supervision Commission of the Isle of Man for its branch in the Isle of Man. Deposits held with the Isle of Man branch are covered by the Isle of Man Depositors Compensation Scheme as set out in the Isle of Man Depositors Compensation Scheme Regulations 2010. In the Isle of Man, Santander UK plc s principal place of business is at 19/21 Prospect Hill, Douglas, Isle of Man, IM1 1ET. Santander and the flame logo are registered trademarks. SAVE 0463 AUG JUL 14 12 HT H This item can be recycled.