Terms and Conditions

Sapphire Account

Introduction:
These “Additional Terms and Conditions” are in addition to the general terms and conditions set out in Our Relationship between you and Raphaels Bank, and are specific to Sapphire Account holders. Such conditions relate specifically to the opening of your Account, the different rates of interest, when it is credited and the rules for withdrawals and closure of your Account. If there is considered to be any conflict between these Additional Terms and Conditions and those set out in Our Relationship, then these Additional Terms and Conditions shall be deemed to apply.  Our Relationship and these Additional Terms and Conditions make up the entire agreement between you and Raphaels Bank with respect to your Sapphire Account. You should keep a copy of these Additional Terms and Conditions for future reference.

1. Definitions
The terms used in this agreement are the same as those used in Our Relationship, in addition to any additional definitions used in this agreement.

2. Opening Your Account (and Minimum and Maximum Amounts)
2.1 A Sapphire Account can be opened for the personal use of any UK resident over 18 years of age. Our account opening procedures must be complied with before your Account can be opened (“your Account”).
2.2 You must select a deposit which is subject to a 6 month or 12 month notice period in your application.  The rate of interest for 6 months notice will be slightly less than for 12 months notice.  The rates applicable at the time of your application (gross and net) are published on our website and may vary from time to time.
2.3 The minimum initial deposit that you can place in your Account is £5,000.  You may add additional amounts to your Account at any time up to a maximum aggregate balance of £250,000 plus all interest that has accrued. When the maximum balance is reached no further deposits will be accepted. If the balance on your Account falls below the minimum amount of £5,000, our instant savings rate (published on our website from time to time) will apply.
2.4 We may decline an application for an Account without stating a reason.
2.5 If you are not happy with your choice of your Account within 14 days of opening it, we will help you switch accounts or we will return your deposit with interest to such account that you direct in writing.  In such event we will do so without any charges and will not require you to give any notice.

3. Paying a Deposit into Your Account
3.1 The initial deposit will normally only be accepted by us in the form of either a cheque drawn on any UK bank or by way of a written instruction from another Raphaels Bank account.  If you wish to pay a deposit to us in any other way, you must contact us for our agreement before making such a transfer.
3.2 You can make additional deposits into your Account as detailed above or via CHAPS or BACS direct to your Account.  You may not make deposits using these payment systems for the initial deposit.
3.3 We do not accept or issue post-dated cheques. Any post-dated cheques will be returned to you. If, however, you do send us a post-dated cheque and it is inadvertently processed by us, we will not be liable to you for any costs incurred in its collection.
3.4 If a cheque you have deposited is returned unpaid, the amount of the cheque will be debited from your Account. Interest will be adjusted from the date the cheque was deposited.
3.5 We reserve the right to refuse to accept any deposit for any reason.

4. Withdrawals out of your Account
4.1 You may makeone withdrawal, in any 12 month period, of up to 10% of the Account balance (as at the date of your request to make a withdrawal) free of penalty and without providing us with any notice.
4.2 If you wish to give notice to withdraw any sum in excess of the amount permitted in Clause 4.1 above, you must give us not less than 6 months’ notice for a 6 months’ deposit, and 12 months’ notice for a 12 month deposit.  You must also specify the exact amount you wish to withdraw and the date on which you wish to make your withdrawal.  If you wish to withdraw the amount of the deposit specified in your notice of withdrawal before the expiry of the respective notice periods then your Account will be subject to a charge of 6 or 12 months' gross interest on the amount withdrawn depending on the period you selected for the deposit on your Account.  Any such charge will be debited from your Account on the date of the withdraw
4.3 You must give any notice to us for a withdrawal in writing, signed in accordance with your mandate, and sent to us at our address specified under Clause 8 below.  For the sake of clarification, you may NOT make withdrawals from your Account by giving us instructions by email, or facsimile communication, or by giving us standing order or direct debit instructions. At the time of your request you must advise us if you would like us to send payment to you by CHAPS, BACS or by cheque. If you do not make such a request we will send it to you by cheque.

5. Earning Interest on Your Account
5.1 Interest on the cleared funds in your Account will be calculated on a daily basis and will only be paid annually on deposits subject to both 6 month and 12 month notice periods. We will calculate your interest up to 30 November in each calendar year and credit interest to your Account on the following working day.
5.2 We will provide you with details of any annual interest paid in statements sent to you. We will not send you a separate advice of any interest paid.
  5.3 We will pay you interest up to the date of any withdrawal or the closure of your Account. 
5.4 Interest on your Account will be paid net of income tax at the prescribed rate unless you have completed and returned the appropriate HM Revenue & Customs documentation to us in which case your Account will be credited with gross interest.
5.5 An additional income tax liability may arise for individuals who pay income tax at higher rates.
5.6 If we pay gross interest to you, but it later becomes apparent that the interest should have been paid to you subject to the deduction of income tax, we will be entitled to recover any overpayment.
5.7 Tax certificates are not issued automatically but will be provided on request subject to our charges.

6. Statements
6.1 An annual statement will be issued to you showing the amount in your Account shortly after the annual interest payment date. You may request an interim statement at any time but we reserve the right to make a reasonable charge for such service. Your statement will show the balance of your Account at the date of the statement, together with details of all debit and credit transactions, and any interest added to your Account over the previous 12 months.
6.2 You must check your statement carefully. If you think there is any error, you must let us know immediately so that we can correct any mistakes.

7. Closing Your Account
7.1 We may close your Account pursuant to any relevant terms and conditions set out in Our Relationship.
7.2 In addition we may close your Account if (a) the balance does not exceed £100 and you have made no deposit or withdrawal or other transaction for 3 years; or (b) the balance exceeds £100 and you have made no deposit or withdrawal or other transaction for 5 years.
7 .3 If you, or anyone claiming on your behalf or through your estate, subsequently request it and we consider it reasonable, we will reinstate your Account with the closing balance and the interest that would have been due up to the date of reinstatement.

8. Notices
All  notices or other communications to us required relating to your Account must  be given to us in writing at Raphaels Bank, Walton Lodge, Walton Street, Aylesbury, Buckinghamshire HP21 7QY (unless otherwise agreed).