first direct Money Market Account Terms and Conditions

first direct Money Market Account Terms and Conditions

first direct Money Market Account Terms and Conditions These Money Market Terms and Conditions (the Money Market Terms ) are Additional Conditions to the first direct Terms and Conditions (the first direct Terms ) and apply to our Money Market Accounts. Your agreement for your Money Market Account with us consists of the first direct Terms, these Money Market Terms and any other Additional Conditions that apply to our Money Market Accounts (together the Terms ). Other Additional Conditions that apply to your Money Market Accounts include the terms specific to your Money Market Account set out in the acknowledgement we send to you when you open your account. If these Money Market Terms conflict with the first direct Terms, these Money Market Terms will apply. We have the right to decline to accept your application to open a Money Market Account with us or to renew a deposit in a Money Market Account. The definitions in the first direct Terms apply to these Money Market Terms. In addition, in these Money Market Terms: Money Market Account means a Fixed Deposit, Notice Deposit or Call Deposit; Fixed Deposit means an account into which a deposit is made for a fixed term; Notice Deposit means an account from which you can withdraw deposits by giving us notice. The amount of notice you have to give will depend on the type of account you have and will be set out in the acknowledgement sent to you when you open your account; and Call Deposit means an account where you have instant access to your deposit. The following terms and conditions apply to all Money Market Accounts 1 Eligibility 1.1 General 1.1.1 You can only have a Money Market Account with us if you also have a 1st Account with us. You must keep open a 1st Account with us for the duration of your Money Market Account. 1.1.2 You must be aged 18 or above to have a Money Market Account. 1.2 Nominated Accounts 1.2.1 You must nominate another account with us that will be linked to your Money Market Account for capital withdrawals and deposits (this can be your 1st Account or it can be another account with us) (the Nominated Capital Account ). You can change the Nominated Capital Account at any time during the term of your Money Market Account but you must maintain a Nominated Capital Account for the duration of your Money Market Account. 1.2.2 You must nominate an account with us into which we will pay interest earned on your Money Market Account (the Nominated Interest Account ). This may be your Nominated Capital Account or it may be another unrelated account, or, for Call Deposits and Notice Deposits it may be the account on which the interest was earned. You must maintain a Nominated Interest Account for the duration of your Money Market Account 1.2.3 The Nominated Capital Account and Nominated Interest Account must be in the same name(s) as your Money Market Account. You may only hold a joint Money Market Account if both your Nominated Capital Account and Nominated Interest Account are also held jointly with the same person(s). 1.3 Minimum Balance 1.3.1 For Call Deposits and Notice Deposits, you must maintain a minimum balance of 50,000. 1.3.2 For Fixed Deposits with a fixed term that is between seven days and five years, you must maintain a minimum balance of 50,000, unless the term of the deposit is fixed at six months, one year, two years or three years, in which case you must maintain a minimum balance of 2,000. 1.3.3 For Fixed Deposits with a fixed term that is less than seven days, you must maintain a minimum balance of 250,000.

2 Types of payments you can make 2.1 You can only make a withdrawal from your Money Market Account by making an internal transfer from your Money Market Account into your Nominated Capital Account. 2.2 You can only make deposits into your Money Market Account by internal transfer from your Nominated Capital Account. 2.3 We will only accept cleared funds (this is money that is available on your Nominated Capital Account) as a deposit. 3 Giving us instructions 3.1 You may only give us instructions in respect of your account by post or by Telephone Banking. Please see the first direct Terms for the terms that apply to giving us instructions in these ways. 3.2 If you have a Notice Deposit and you give instructions to make a withdrawal by post, the notice period will start from when we receive your instructions. 3.3 We can act on instructions from you or on your behalf (or from any of you for joint Money Market Accounts) immediately after we receive them. 4 Tax on interest 4.1 We will pay interest gross on deposits of 50,000 or more, which are fixed for less than five years. You will be responsible for paying any tax that is due to HM Revenue and Customs. 4.2 We will pay you interest after the deduction of the basic rate of tax on all other deposits. If you are a higher rate tax payer, you may have to pay additional tax on your interest through your tax return. However, you will receive interest gross if you are eligible and provide us with an HM Revenue & Customs form R85 or first direct (substitute) form R85 (if all persons for whose benefit the deposit is held are not ordinarily resident in the UK, interest will be paid gross provided they are eligible and a first direct (substitute) form R105 is completed, signed and returned to us). 5 Repayment of deposits We will repay your deposit to the Nominated Capital Account. We will only repay joint deposits to a bank account held with us in different names if all of you give us your permission in writing. If we become aware of any dispute between joint account holders, we will always repay the deposit to the account we took it from, unless we receive instructions in writing from all joint account holders telling us otherwise. 6 Changing the Terms 6.1 If you have a Fixed Deposit, we will not change your interest rate during the term of your account (please see clause 13 of these Money Market Terms for more details about interest on Fixed Deposits). Please see clause 8.1 for details of the interest rate that applies to Call Deposits and Notice Deposits. 6.2 We may change the Money Market Terms by giving you at least two months advance personal notice. When we tell you about a change personally, we may do this by post, e-mail, secure e-message, a message on your statement, or in any other way that will be sent to you individually. We recommend that you print or save copies of electronic notifications for your records. 6.3 We may make a change to the Money Market Terms for all or any of the reasons set out in clause 30 of section 1 of the first direct Terms. 6.4 For Call Deposits and Notice Deposits, we may also make a change to the Money Market Terms in accordance with clause 31 of section 1 of the first direct Terms.

6.5 When we give you advance notice of a change we intend to make to the Money Market Terms, before the change takes effect, you may end the framework contract that applies to your account (section 1 of the first direct Terms). There will be no charge for this. If you do not tell us that you want to end the framework contract and we do not hear from you as described in clause 6.6 of these Money Market Terms before the date each change is to take effect, then you will be deemed to have accepted the change and it will take effect automatically. 6.6 If you do not accept a change made to the Money Market Terms in accordance with this clause 6, then you must tell us before the change takes effect and we will treat this as notice from you to end the framework contract. There will be no charge for this. 6.7 Please see clauses 12.2 and 15.8 of these Money Market Terms for details of what will happen if you end your framework contract. 7 General 7.1 If you (or any of you for a joint deposit) owe money on any other account you hold with HSBC Bank plc (including first direct), for example on a current or loan account, at the time when repayment is due or when you want to make a withdrawal from your Money Market Account, we may use the money in your Money Market Account and any interest that is payable in respect of your Money Market Account to reduce or repay the money you owe HSBC Bank plc (including first direct). We may also use that money if you (or any of you for a joint deposit) have a contingent liability to HSBC Bank plc (including first direct) (a liability that you may have in the future), for example, if you have guaranteed someone else s debt. We will not take this action if we are aware that you made the deposit in a different role, for example, as a trustee for someone else. 7.2 Neither you, nor any of you (in the case of a joint deposit), can transfer or assign a deposit. 7.3 The Unclaimed Asset Scheme (please see clause 35 of the first direct Terms) does not apply to Money Market Accounts. 7.4 The Terms are in English, which is the language we will use in our communications with you. The Terms are governed by the laws of England and Wales as are our dealings with you. You and we submit to the non-exclusive jurisdiction of the courts of England and Wales. The following clauses 8 to 12 apply only to Notice Deposits and Call Deposits. 8 Interest 8.1 Our interest rates for Call Deposits and Notice Deposits are variable interest rates which can change from day to day (e.g. to reflect movements in the money markets). You can find out the current interest rate by telephoning us on 03 456 100 100. 8.2 We work out the interest each day on the cleared (available) balance. 8.3 When you open your Notice Deposit or Call Deposit, you will specify whether it is a standard deposit or monthly interest deposit. For standard deposits, we work out the interest up to the end of each June and December and then add this interest to your Nominated Interest Account on 1 July and 1 January each year and when we repay the deposit to you. For monthly interest deposits, we work out interest up to the day before the monthly anniversary of you making your deposit and add this interest to your Nominated Interest Account on the monthly anniversary and when we repay the deposit to you.

9. Deposits and withdrawals 9.1 There are no limits on the amount of any deposits or withdrawals you can make into or from your Notice Deposit or Call Deposit. 9.2 For Notice Deposits, you cannot give us notice that you want to withdraw all or part of your deposit for the first seven days from the date you make the deposit. After the expiry of the first seven days, you can give us notice that you want to withdraw all or part of your deposit at any time. 9.3 For Call Deposits you can withdraw all or part of your deposit at any time, without giving notice. 9.4 If you withdraw all or part of your Notice Deposit without giving any or sufficient notice, we will charge you a fee of 60. We may only change this fee for new Notice Deposits. Notice Deposits that are open when the change to the fee is made (existing Notice Deposits) will not be affected. 10 Statements 10.1 We will send you paper statements bi-annually, unless you ask us to send you statements more frequently than this. We will not charge for additional statements. 10.2 If you have a joint account and all joint account holders live at the same address, we will send one statement to all account holders at that address. If joint account holders live at different addresses, if you ask us to we will send a statement to each address at which an account holder lives. 11 Cancelling your Notice Deposit or Call Deposit If you tell us within 14 days from the date you receive the Terms by post that you are not happy about your choice, we will help you to switch accounts or we will repay your deposit with interest at the rates that apply to your deposit. Any notice periods and other charges will not apply. You can tell us you want to close your account by writing to us at first direct, 40 Wakefield Road, Leeds LS98 1FD or calling us on 03 456 100 100. If you have a joint Notice Deposit or a joint Call Deposit, all of you must tell us that you want to close the joint account. 12 Closing your Notice Deposit or Call Deposit 12.1 You can close your Notice Deposit or Call Deposit at any time by telling us in writing or via Telephone Banking. If you have a Notice Deposit, to close your account you must give the same amount of notice as required for any withdrawals. If you have a joint Notice Deposit or a joint Call Deposit, any of you may request closure of that joint account, unless we are aware of a dispute between you. 12.2 Section 1 of the first direct Terms is a framework contract that applies to Notice Deposits and Call Deposits. You can end the framework contract in accordance with clause 32 of the first direct Terms, clauses 6.5 and 6.6 of the Money Market Terms, or otherwise at any time by writing to us or via Telephone Banking in accordance with clause 33 of the first direct Terms. If you end the framework contract: 12.2.1 if you have a Call Deposit, we will automatically repay your deposit in full when the framework contract is ended; and 12.2.2 if you have a Notice Deposit, your notice to end the framework contract will also be notice from you to us to repay your deposit in full. We will repay your deposit in full after the expiry of the normal notice period that applies to your Notice Deposit. After your framework contract has ended you will not be able to make any withdrawals from, or deposits into, your Notice Deposit. Until we repay your deposit in accordance with this clause 12.2.2 the following clauses will continue to apply (as applicable to your Notice Deposit), except where they apply to making withdrawals and deposits: clauses 1, 3 to 8, 10 and 12.4 of these Money Market Terms; and clauses 4, 7, 9, 22, 25, 26, 27, 29 to 32, 33.5, 33.6 and 34 to 45 of the first direct Terms.

12.3 If we wish to close your Notice Deposit or Call Deposit we will give you at least two months notice in writing. 12.4 Your Notice Deposit or Call Deposit will also be closed if we end your framework contract that applies to the account in accordance with clauses 33.5 and 33.6 of section 1 of the first direct Terms. 12.5 When your Notice Deposit or Call Deposit is closed or we otherwise repay your deposit, unless otherwise agreed, we will repay the deposit to you in accordance with clause 5 of these Money Market Terms. 12.6 If you die, we will repay your deposit to your personal representative(s) (or if you have a joint Notice Deposit or a joint Call Deposit, to any surviving account holders or to the personal representative(s) of the last surviving account holder): 12.6.1 for Notice Deposits, at the end of the notice period, which will start when your personal representative (or representatives) give us notice in the usual way; and 12.6.2 for Call Deposits, when your personal representative (or representatives) asks us to do so. The following clauses 13 to 16 apply to Fixed Deposits only. 13 Interest 13.1 The interest rate that applies to your Fixed Deposit will be set out in the acknowledgement we sent to you when you opened your account. The interest rate you receive is fixed for the term of your Fixed Deposit. 13.2 If your Fixed Deposit is renewed when it matures in accordance with clause 16 of these Money Market Terms, we will send you an acknowledgement setting out the interest rate that will apply to your renewed Fixed Deposit. 13.3 We work out the interest each day on the cleared (available) balance. 13.4 If the Fixed Deposit is for six months or more, you can ask us to pay interest each month. We will add the monthly interest to the Nominated Interest Account on the same day of the month that you made the deposit, and when we repay your deposit. 13.5 If the Fixed Deposit is for 12 months or less and you have not asked us to pay interest each month in accordance with clause 13.4, we will add interest into your Nominated Interest Account when we repay your deposit. 13.6 If the Fixed Deposit is for more than 12 months and you have not asked us to pay interest each month in accordance with clause 13.4, we will add interest into your Nominated Interest Account on each anniversary of the deposit, and when we repay your deposit. 14 Statements 14.1 We will send you a statement for each Fixed Deposit at least once a year. 14.2 If you have a joint account and all joint account holders live at the same address, we will send one statement to all account holders at that address. If joint account holders live at different addresses, if you ask us to we will send a statement to each address at which an account holder lives.

15 Deposits and withdrawals 15.1 You should not make Fixed Deposits if you need some or all of your money before the end of the fixed term. 15.2 There is no cancellation period for Fixed Deposits. 15.3 You may not make additional deposits into your Fixed Deposit. 15.4 If your Fixed Deposit is for 50,000 or more, you may not withdraw it before the end of the term of your Fixed Deposit. 15.5 If your Fixed Deposit is for less than 50,000, you may not withdraw part of your deposit during the term of your Fixed Deposit but you (or any of you for joint Fixed Deposits) may withdraw your deposit in full before the end of the term. If you do withdraw your deposit in full before the end of the term, we will charge you a fee of: 15.5.1 100 for Fixed Deposits entered into on or after 18 June 2005; or 15.5.2 60 for Fixed Deposits entered into before 18 June 2005. 15.6 We can only change the fee described in clause 15.5 for new Fixed Deposits, including Fixed Deposits that mature and are renewed after the change to the fee is made - see clause 16 for further details on maturity of Fixed Deposits. Fixed Deposits that are open when the change to the fee is made (existing Fixed Deposits) will not be affected. 15.7 Section 1 of the first direct Terms is a framework contract that applies to your Fixed Deposit. You can end the framework contract at any time in accordance with clause 32 of the first direct Terms, clauses 6.5 and 6.6 of the Money Market Terms, or otherwise at any time by writing to us or via Telephone Banking in accordance with clause 33 of the first direct Terms. 15.8 If you end the framework contract that applies to your Fixed Deposit we will repay your deposit at the end of the fixed term that applies to your Fixed Deposit, and the following clauses will continue to apply (as applicable to your Fixed Deposit) until your deposit is repaid: clauses 1, 3 to 7 and 13 to 15 of these Money Market Terms; and clauses 4, 7, 9, 22, 25, 26, 27, 29 to 32, 33.5, 33.6 and 34 to 45 of the first direct Terms. 15.9 We can end the framework contract that applies to your Fixed Deposit in accordance with clauses 33.5 and 33.6 of section 1 of the first direct Terms. If we do, we will repay your deposit immediately. 15.10 If you die, we will repay your deposit to your personal representative (or representatives) at the end of the fixed period. If your Fixed Deposit was made in joint names, we will repay your deposit to any surviving account holders or to the personal representative (or representatives) of the last surviving account holder. 16 Maturity 16.1 Before the expiry of the fixed term that applies to your Fixed Deposit (we describe this as when your Fixed Deposit matures), we need to know what you want to do when it does mature. You (or any of you for a joint Fixed Deposit) can instruct us to: 16.1.1 repay the deposit into your Nominated Capital Account and pay all interest into the Nominated Interest Account; 16.1.2 pay the deposit into a new Fixed Deposit, the new terms of which we agree with you; or 16.1.3 renew your Fixed Deposit for the same term that applies to your Fixed Deposit at the interest rate that applies when your Fixed Deposit matures. We can set up an automatic renewal so that, until you tell us otherwise, we will automatically renew your Fixed Deposit for the same term at the interest rate that applies each time your Fixed Deposit matures. If your Fixed Deposit is renewed, we will send you an acknowledgement confirming the terms (including the interest rate) that apply to your new Fixed Deposit.

16.2 You can give us your instructions when you open the Fixed Deposit, or at any time before the Fixed Deposit matures. 16.3 If you have a Fixed Deposit for a term of four months or more, we will write to you shortly before your Fixed Deposit matures reminding that it is about to mature and requesting instructions from you about what to do when it does mature. 16.4 If you have not given us any instructions when your Fixed Deposit matures: 16.4.1 if you have an overnight deposit (a Fixed Deposit that is fixed for one night), we will repay your deposit into your Nominated Capital Account and we will repay any interest you have earned on your deposit into your Nominated Interest Account; and 16.4.2 if you have any other Fixed Deposit, we will renew your deposit for the same term at the interest rate that applies when it matures, until you tell us otherwise. Text-phone 03 456 100 147 or if calling from abroad +44 113 234 5678 (Text Relay +44 151 494 1260). Because we want to make sure we re doing a good job calls may be monitored and/or recorded, we hope you don t mind. HSBC Bank plc 2015. All Rights Reserved. CK-MMT&Cs 01/15 v2