18 Month Flexible Bond Issue 19
18 Month Flexible Bond Issue 19
- Make 3 withdrawals, each one up to 10% of the initial deposit 7
- Interest can be paid monthly or at the end of the term
- Earn 1.75% AER /gross pa 5 (balances £1 to £49,999)
- Earn 1.90% AER /gross pa 5 (balances £50,000 to £1 million)
- Open from £1 to £1 million, but no additonal deposits are allowed
Our Flexible Bonds are strictly limited offers and may be withdrawn at any time. To apply you must be 18 or over and a UK resident.
The product is available via branch, telephone and online. Please note that withdrawals may take the balance into the lower interest tier and they cannot be made online.
Key product information for our savings accounts - Flexible Bond
|Account name||18 Month Flexible Bond Issue 19|
|Interest rates (AERs)||Flexible Savings Bonds|
|Tax status||Interest will be paid net of basic rate income tax. UK resident non-taxpayers can register with us to receive gross interest.
Please note, tax liability on interest applies in the tax year it is paid, which may be different than the tax year(s) in which interest has accrued.
|Additional deposits||Not permitted during the term of the bond although customers can open additional bonds depending on availability at the time.|
|Withdrawal arrangements||The maximum number of withdrawals allowed during the term of the bond is 3. The maximum value per withdrawal on this bond is 10% of your initial deposit. Maximum access is 30% of your initial deposit.|
|Availability||Limited issue. Available to UK residents aged 18 years or over.|
These additional terms and conditions relate to the Flexible Bond and supplement and amend the general conditions of your Customer Agreement with us (Barclays Bank PLC). In the event of any inconsistency between these additional conditions and the general conditions of the Customer Agreement, these terms will apply in relation to any Flexible Bonds you open with us.
1. Eligible investors and non-transferability
1.1 The Flexible Bond is available for a fixed term to personal investors aged 18 years or over (in sole or joint names), who are UK residents and to trustees of personal funds.
1.2 Each Flexible Bond issue will be limited and is therefore subject to availability.
1.3 Some Flexible Bond issues may only be available to selected investors or there may be other restrictions (for example on the source of the funds which may be deposited). Any restrictions of this nature will be set out in our marketing material or otherwise communicated to you.
1.4 We reserve the right to decline to open a Flexible Bond.
1.5 You may not transfer the ownership of your Flexible Bond to anyone else and neither may you use your Flexible Bond as security for any borrowing.
1.6 If you apply by post, we will not be responsible if your application is lost or delayed in the post and will not accept proof of posting as proof of delivery.
2. Additional Deposits
Additional deposits are not allowed at any time during the term of the Flexible Bond although you may acquire additional Flexible Bonds, subject to availability.
Withdrawals may be permitted on certain Flexible Bond issues. Details of any withdrawals permitted will be detailed in the specific Flexible Bond information provided
at the time of opening, which will also set out details of any charges payable if you make a withdrawal and how withdrawals will affect the interest payable on the Flexible Bond.
4.1 The rate of interest on our Flexible Bonds (or rates of interest if more than one rate applies) is fixed for the duration of the Flexible Bond. If withdrawals are permitted on your Flexible Bond, a withdrawal may mean that the remaining deposit attracts a lower rate of interest (if different rates of interest are payable depending on the amount of the deposit in your Flexible Bond) or interest may be reduced or not payable. The rate or rates of interest and how permitted withdrawals will affect the interest payable will be detailed in the specific Flexible Bond information provided at the time of opening.
4.2 Interest is calculated on the daily statement balance of the Flexible Bond until and including the specified maturity date. No interest is payable in respect of periods after the specified maturity date. Interest will be paid into the account (or a cheque issued for the amount of interest) on the Working Day after the day on which interest becomes payable. Where interest is paid by cheque, cheques will usually be sent by second class mail (or similar).
4.3 You may select the frequency of your interest payments from the available interest payment options at the time of opening. Once the Flexible Bond has been opened the interest payment option cannot be varied. Depending on which option you choose, interest will be payable as follows:
- Monthly interest: one month after the date the Flexible Bond is opened and then monthly;
- Annual interest: one year after the date the Flexible Bond is opened and then annually; and
- End of Term interest: on the specified maturity date.
Monthly and annual interest will be paid into your nominated Barclays account (this must be in the name of one or more Flexible Bond holders) or will be paid to you by cheque. End of term interest is compounded annually and paid or re-invested on maturity in accordance with Condition 5. In all cases, if the date on which interest becomes payable is not a Working Day interest will be payable on the next Working Day.
4.4 Any tax liability will apply in the tax year(s) in which the interest is paid irrespective of the period over which the interest accrues.
4.5 Where a withdrawal is made on a non-Working Day it will be considered to have been made on the next Working Day for the purposes of determination of the rate of interest.
4.6 A bonus rate of interest may be payable subject to certain conditions being met. Details of any conditional bonus will be detailed in the specific Flexible Bond issue information provided at the time of opening.
5. Maturity and repayment
5.1 Flexible Bonds will mature on the specified maturity date or the next Working Day if the specified maturity date is not a Working Day.
5.2 We will contact you at least three weeks before this date to set out the options for the proceeds of your maturing Flexible Bond. We will offer you a new Flexible Bond from our Maturity Bond range or an instant access savings account. If we offer you a new Flexible Bond we will follow these rules:
- The information we send you in advance will include details of the term, interest rate, interest payment frequency, access rights, and other terms and conditions of the new Flexible Bond.
- The term of the new Flexible Bond we will offer you will be the same as or shorter than your existing Bond, and the access rights will be exactly the same or better.
- The interest payment frequency of the new Flexible Bond will be the same as that applicable to your existing Bond.
5.3 If we offer you an instant access savings account, the information will provide full details of the account including the interest rate(s), features and terms and conditions.
5.4 You do not have to accept the new Flexible Bond or the instant access savings account we offer you. If you do not want to accept the new bond or account offered in your maturity letter, you should tell us before your existing Bond’s specified maturity date. You can do this by signing and returning the instruction form we will send you with your maturity letter, or in person at a branch or by telephone banking. Unless you tell us otherwise, we will open the new bond or account, and transfer your existing Flexible Bond proceeds (excluding interest unless your existing Bond pays interest at the end of the term) into it on the first Working Day after the Flexible Bond matures. We will confirm the details of the new bond or account shortly after the account has been opened.
5.5 If two or more of you hold the Flexible Bond in joint names as trustees, we will require instructions from all trustees or from your successors, in which case further
documentation may be required.
5.6 Funds payable on maturity will be paid into your nominated Barclays account (this must be in the name of one or more Flexible Bond holders) or will be paid to you by
cheque. They will be paid into the account on the Working Day after the Flexible Bond matures. Where interest is paid by cheque, cheques will usually be issued on the same day as interest is paid to a Barclays account and sent via second class mail (or similar).
6. What happens if you die or become bankrupt
6.1 If you die and hold the Flexible Bond in your sole name then, unless you are a trustee, we will repay the amount of the Flexible Bond deposit and any interest that has accrued, without notice or loss of interest. We will do this when we receive the necessary legal documents to confirm the death and to confirm the authority of your representatives. Alternatively, your representatives can ask us to retain the Flexible Bond until maturity. If more than one of you hold the Flexible Bond in joint names, and one of you dies, the other(s) may choose to transfer the Flexible Bond to their sole name(s) for the remaining term or they may ask us to repay the Flexible Bond deposit and accrued interest without notice or loss of interest.
6.2 If you become bankrupt then, unless you are a trustee, we will repay the amount of the Flexible Bond deposit and any interest that has accrued, without notice or loss of interest. We will do this when we receive the necessary legal documents to confirm the bankruptcy and to confirm the authority of the person administering your estate. Alternatively, that person can ask us to retain the Flexible Bond until maturity. If you hold the Flexible Bond jointly with others, we will require their instructions as well as the instructions of the person administering your estate.
7. Account closure
7.1 With the exception of Conditions 6.1 and 6.2, you may not close the Flexible Bond before the maturity date, unless stated in the specific Flexible Bond issue information provided at the time of opening. In the event of early closure being permitted, a fee may be payable which will be detailed in the specific Flexible Bond issue information.
7.2 We may close the Flexible Bond before the maturity date for the reasons set out in the general conditions of the Customer Agreement. If we do, we will return to you the Flexible Bond capital value together with accrued interest to the date of closure.
8.1 This account cannot form part of any Openplan arrangement.
If you are not happy with your choice of Bond, you have a 14 day period in which to contact us to cancel your Bond. This period begins on the date your Bond is opened or the date you receive your terms and conditions and other information about your Bond, whichever is the later. If you contact us within this period to cancel your Bond, we will return to you the Bond capital value together with accrued interest to the date of closure. If you wish to cancel your Bond, you should tell us by writing to Barclays Bank PLC, Leicester Servicing Centre, Leicester LE87 2BB. If you choose not to cancel your Bond your funds will remain invested for the whole term of the Bond.
We want to hear from you if you feel unhappy with the service you have received from us. Letting us know your concerns gives us the opportunity to put matters right for you and improve our service to all our customers.
You can complain in person at your branch, in writing, by email or by telephone. A leaflet detailing how we deal with complaints is available on request in any of our branches, from the Barclays Information Line on 0800 400 100 2 or at www.barclays.co.uk Alternatively you can write to Barclays, Leicester LE87 2BB.
If we do not resolve your complaint internally to your satisfaction, you may be able to refer it to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR (Tel: 0845 080 1800). The Financial Ombudsman Service is an organisation set up by law to give consumers a free and independent service for resolving disputes with financial firms. Details of those who are eligible complainants can be obtained from the Financial Ombudsman Service.
Important information about the Financial Services Compensation Scheme
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts, each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the bank, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim), please ask at your local branch, contact us on 0845 7 555 555 or refer to the FSCS website www.fscs.org.uk.
Barclays Bank PLC may also accept deposits under the following trading names: Barclays, Barclays Bank, Barclaycard, Barclays Business, Barclays Capital, Barclays Corporate, Barclays UK & Ireland Private Bank, Barclays International Private Banking, Barclays Premier, Barclays Private Bank, Barclays Wealth and Woolwich Mortgages. Deposits accepted from an eligible depositor under these trading names are combined for the purposes of deposit compensation from the FSCS. The FSCS is not applicable to deposits held at branches in the Channel Islands or the Isle of Man.
This could suit you if:
- You want a fixed rate on your savings
- You want the flexibility of having access to some of your savings if needed
- Still not sure this bond is right for you?
Compare bond types
Fixed rate bond Flexible bond Your profile:
You want to save for the long term and are happy to lock your money away.
You want to save for the long term, but you want the peace of mind that you can access some of your money if you need to.
- A guaranteed interest rate, which can be paid monthly or end of term
- No access to your money during the term
- The reassurance that your money is safely out of reach and working harder for you
- A fixed interest rate with a choice of interest payment options depending on term
- Access up to 20% of your money during the life of the bond
- Up to 3 withdrawals of up to 10% each time, with no charge, by calling us or popping into a local branch
- The flexibility to save and manage your money, whatever comes your way
See our alternative accounts if:
- You want to save regularly
- You need more regular access to your savings
Monthly Savings – Save £20 to £250 by standing order over a 12-month term
– Offers instant access and no restrictions on withdrawals