This section sets out the individual account Terms & Conditions.
You must also read the General Investment Conditions, as
these apply to your account.
If there is a conflict between the General Conditions and the Product Conditions then the Product Conditions will take precedence.
Although this is an online document, and therefore you can easily return to this page for future reference, you mer.may wish to print this section of this page, along with the relevant terms and conditions section and product page.
Mercantile Access Bond
Individual Account Terms & Conditions |
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The Society's General Investment Conditions
will apply unless (and to the extent) they are inconsistent
with these Terms and Conditions. |
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| 1. |
The Mercantile Access Bond is a fixed rate, fixed term account. |
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| 2. |
The Mercantile Access Bond is not available to minors, nominees, corporate bodies, trustees, executors or non-UK residents. |
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| 3. |
The Mercantile Access Bond is limited to one account per customer. |
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| 4. |
The minimum investment and operating balance is £10,000. The maximum investment and operating balance is £250,000 (£500,000 for joint accounts). |
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| 5. |
Additional funds up to the maximum investment and operating balance of £250,000 (£500,000 for joint accounts) may be invested, whilst the issue remains open for further investment. |
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| 6. |
The Mercantile Access Bond will mature at close of business on 1 October 2008. On maturity, the Society will transfer your investment (including interest) to the Tracker Gold account. Full details including terms and conditions are detailed below.. |
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| 7. |
Interest is calculated daily and paid either on 1 April 2008 and maturity (1 October 2008), or monthly on the last working day of each month. |
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| 8. |
Annual interest can be credited to the account or transferred either to another building society/bank account or to another account held with the Society. Monthly interest must be transferred either to another building society/bank account or to another account held with the Society. |
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| 9. |
Unlimited withdrawals can be made without notice or loss of interest. However, the minimum investment and operating balance of £10,000 must be maintained at all times or the account must be closed. |
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| 10. |
The Mercantile Access Bond is a limited issue and may be withdrawn without notice. |
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| Tracker Gold account - effective from date of maturity of Mercantile Access Bond |
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| The Society's General Investment Conditions
will apply unless (and to the extent) they are inconsistent
with these Terms and Conditions. |
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|
| 1. |
Tracker Gold is a variable rate account. The rate of interest is variable and will be the equivalent of the Bank of England Base Rate less
a variable percentage. The Society may vary this percentage and will give advance notice of any change. |
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| 2. |
Tracker Gold is not available to non-UK residents or corporate bodies. |
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| 3. |
The minimum investment and operating balance is £100. The maximum investment and operating balance is £1,000,000 (£2,000,000
for joint accounts). |
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| 4. |
Additional sums may only be invested whilst the account remains open for additional investments. |
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| 5. |
If the account balance falls below £100 at any time, the account may be closed. |
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| 6. |
Interest is paid annually on 1 December. |
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| 7. |
Interest can either be credited to the account or transferred either to another building society/bank account or to another account
held with the Society. |
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| 8. |
Changes to the Bank of England Base Rate will be passed on from the first working day of the following month. |
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| 9. |
Withdrawals can be made at any time without notice or loss of interest. |
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| 10. |
Tracker Gold is a maturity account only and is not available to new customers. |
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| 11. |
Investments in the Tracker Gold account represent shares in the Society and are subject to the Rules of the Society. |
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Mercantile Monthly Saver
Individual Account Terms & Conditions |
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The Society's General Investment Conditions
will apply unless (and to the extent) they are inconsistent
with these Terms and Conditions. |
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| 1. |
The Mercantile Monthly Saver is a fixed rate, fixed term account, which matures 12 months after opening. |
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| 2. |
The Mercantile Monthly Saver is not available to corporate bodies and non-UK residents. |
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| 3. |
The Mercantile Monthly Saver is limited to one account per customer. |
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| 4. |
The minimum monthly investment is £10. The maximum monthly investment is £250 (£500 for joint accounts). |
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| 5. |
One additional lump sum investment of your Mercantile bonus check is permitted during the term of the account. |
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| 6. |
One minimum monthly investment must be made each month for 12 consecutive months during the term of the account.
The maximum monthly investment must not be exceeded. If during the term of the account the maximum monthly investment is
exceeded or the minimum monthly investment is not made, the account may be closed. |
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| 7. |
There is no restriction on the number of payments which can be made into the account as long as the maximum monthly investment
is not exceeded. |
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| 8. |
All monthly payments must be made by either standing order, cheque, cash or transfer from another Society account. |
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| 9. |
The Mercantile Monthly Saver will mature 12 months from account opening. On maturity, the Society will transfer your investment
(including interest) to our Tracker Gold Account, details of which are provided below. |
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| 10. |
Interest is paid on maturity (12 months from account opening). |
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| 11. |
Interest must be credited to the account on maturity. |
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| 12. |
No withdrawals can be made during the term of the account. Access is on closure of the account only. |
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| 13. |
Investments in this account represent shares in the Society and are subject to the rules of the Society. |
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| 14. |
The Mercantile Monthly Saver may be withdrawn without notice. |
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| Tracker Gold account - effective from date of maturity of Mercantile Monthly Saver |
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| The Society's General Investment Conditions
will apply unless (and to the extent) they are inconsistent
with these Terms and Conditions. |
| |
|
| 1. |
Tracker Gold is a variable rate account. The rate of interest is variable and will be the equivalent of the Bank of England Base Rate less
a variable percentage. The Society may vary this percentage and will give advance notice of any change. |
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| 2. |
Tracker Gold is not available to non-UK residents or corporate bodies. |
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| 3. |
The minimum investment and operating balance is £100. The maximum investment and operating balance is £1,000,000 (£2,000,000
for joint accounts). |
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| 4. |
Additional sums may only be invested whilst the account remains open for additional investments. |
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| 5. |
If the account balance falls below £100 at any time, the account may be closed. |
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| 6. |
Interest is paid annually on 1 December. |
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| 7. |
Interest can either be credited to the account or transferred either to another building society/bank account or to another account
held with the Society. |
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| 8. |
Changes to the Bank of England Base Rate will be passed on from the first working day of the following month. |
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| 9. |
Withdrawals can be made at any time without notice or loss of interest. |
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| 10. |
Tracker Gold is a maturity account only and is not available to new customers. |
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| 11. |
Investments in the Tracker Gold account represent shares in the Society and are subject to the Rules of the Society. |
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