Deposit Accounts

Terms and Conditions

Sapphire Account application form (pdf)
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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 Instant Access and Deposit Account holders. Such conditions relate specifically to the opening of your Account(s), the different rates of interest, when it is credited and the rules for withdrawals and closure of your Account(s). 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 Instant Access and Deposit Account(s). 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

2.1 To open an Instant Access and / or a Notice Deposit Account ("an Account") you must comply with our account opening procedures. Please contact the number below for an application form.
2.2 To open a one or three month Notice Deposit Account you must select a deposit which is subject to either one month or three months' notice in your application. The rates applicable for each of the Instant Access Account and the one and three month Deposit Accounts at the time of your application (gross and net) are published on our website and may vary from time to time.
2.3 We may decline an application for an Account without stating a reason.
2.4 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.
3.3 We do not accept or issue post-dated cheques. Any post-dated cheques will be returned to you unprocessed. 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.

4. Withdrawals out of your Account
4.1 You may make withdrawals at any time without notice from your Instant Access Account.
4.2 For withdrawals from Notice Deposit Accounts you must give us one month's notice for a one month Notice Deposit Account and three months' notice for a three month Notice Deposit Account. 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 an amount from your one month or three month Deposit Account before the expiry of the respective notice periods, then your Account will be subject to a charge of one or three months' gross interest on the amount withdrawn depending on the period you selected for your Deposit Account. Any such charge will be debited from your Account on the date of the withdrawal.
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 Instant Access or your one or three month Deposit Account as selected by you will be calculated on a daily basis and will be paid for value every six months on 30th June and 31st December of each year.
5.2 We will provide you with details of 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 subject to the giving of the required notice.
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 issued automatically after the end of the tax year but duplicate tax certificates will be provided only on request and subject to our charges.

6. Statements
6.1 For Instant Access Accounts a statement will be issued to you every three months or upon application of interest if there has been no movement on the account, and for Deposit Accounts, every six months. 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 closing balance of your respective 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 period of the statement.
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). You can contact us by telephone on: 01296 436 661.

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