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Egg Two Year Fixed Bond 1 Special Conditions
The Egg Two Year Fixed Bond 1 is subject to the terms and conditions set out in the Egg Customer Relationship Agreement and the following Special Conditions.
1 In these Special Conditions 'Bond' means the Egg Two Year Fixed Bond 1.
'Bond Term' means the period from the Opening Date to the Maturity Date.
'Opening Date' means the date the Bond is opened.
'Maturity Date' means the second anniversary of the Opening Date.
'Egg Savings Account' means the Egg Internet, Investor, Standard or Cash Card Savings Account.
2 The Bond is only available to applications and cleared funds received on or before 29 October 2009 from applicants with an Egg Savings Account (Egg Cash ISA account customers are excluded unless they also have an Egg Savings Account). Only funds that are cleared on or before 29 October 2009, subject to a minimum of £1,000, can be deposited in the Bond. Bonds will be opened from 10 September 2009.
3 The Bond is subject to availability and may be withdrawn at any time prior to 29 October 2009. We reserve the right to refuse any application to deposit in the Bond.
4 The Bond is for a term of two years. The interest rate of 4.00% gross pa/AER is fixed throughout the Bond Term and is guaranteed provided no withdrawals are made during the Bond Term.
5 It is a condition of any deposit in the Bond that all sums deposited are first paid into your Egg Savings Account (excluding Egg Cash ISA accounts). Subject to us having accepted your application, we will then transfer the amount you wish to deposit in the Bond from your Egg Savings Account between 10 September 2009 and 30 October 2009. Any amount that is not cleared on or before 29 October 2009 cannot be transferred. If your application for a Bond is unsuccessful, we will tell you and any intended deposit for the Bond will remain in your Egg Savings Account, unless you choose to withdraw it in the normal way. If the amount which you ask us to deposit in the Bond is greater than the cleared balance available on your Egg Savings Account on or before 29 October 2009 we may, subject to condition 6, transfer the cleared funds on your Egg Savings Account up to an amount which leaves only a £1 balance.
6 You must deposit a minimum amount of £1,000 in a Bond. The maximum amount that you may open a Bond with is £2,000,000. You may not deposit additional amounts into a Bond once the Bond is opened.
7 You must be at least 18 years of age to participate in the Bond. You may deposit in one Bond in your sole name or jointly with one other person. If you are saving jointly, the funds deposited in the Bond must come from an Egg Savings Account held in the same joint names as the Bond. The Bond will be opened in the same name or names associated with the Egg Savings Account you use to fund the Bond.
8 Any joint application with the exception of online applications for participating in the Bond must be signed by both applicants. For any joint application for participating in the Bond that is made online we will act upon the instructions of either joint applicant provided that the Bond is held in the same joint names as the Egg Savings Account.
9 If after opening the Bond you are not happy with it, you may cancel the Bond provided you tell us within 14 days of the Opening Date. The amount deposited in the Bond would then be returned to the Egg Savings Account from which you made the initial deposit.
10 We will pay interest on the money in your Bond on the first anniversary of the Opening Date and on the Maturity Date. The interest will be paid into the Egg Savings Account from which you made the initial Bond deposit. When the Bond ends, we will transfer the money in the Bond into the Egg Savings Account from which you made the initial Bond deposit. These funds will be cleared on the Maturity Date and no interest will accrue on the Bond from the Maturity Date.
11 You must keep the Egg Savings Account from which you made the initial Bond deposit open with a minimum balance of at least £1 until after the Maturity Date to enable us to make the payments described in Condition 10. If the Egg Savings Account from which you made the initial Bond deposit is closed for any reason, we will transfer any funds due on maturity to another Egg Savings Account held by you. If we discover after the first anniversary of the Opening Date, or after the Maturity Date, that you do not have an open Egg Savings Account, we will contact you and request you to either open an Egg Savings Account so that the Bond proceeds can be paid into that account, or ask you to give us your bank details so that we can pay the Bond proceeds into a current account in your name (or joint names for a Bond held by joint holders). Once we have your current account details the transfer of funds will be completed within three to five working days. From the Maturity Date, Egg will not pay any more interest on the Bond proceeds until the Bond proceeds are paid into an Egg Savings Account.
12 We will send you a statement by post after the Bond is opened showing the amount invested in the Bond and the Opening Date. We will also send you a statement by post after the first anniversary of the Opening Date and after the Maturity Date and each statement will show the amount in the Bond and details of any interest paid into your Egg Savings Account. We will not send you a separate advice of interest paid.
13 In the event of death of a single Bond holder, the Bond may be closed without penalty by the personal representatives of the Bond holder (after providing evidence of their authority) and any accrued interest due to the date of closure will be paid. If a joint account Bond holder dies, the Bond will be transferred into the name(s) of the surviving Bond holder(s). Until documentary evidence of death is supplied the transfer cannot be completed.
14 In the event of a Bond holder ceasing to be permanently resident in the United Kingdom the Bond will be closed and the amount initially deposited plus any interest made up to the point the Bond holder ceases to be a UK resident will be paid to the Bond holder.
15 If you close the Bond before the Maturity Date and withdraw the whole balance including any accrued interest Egg will charge you a fee to reflect any loss and cost we have incurred as a result of your early termination. This amount will mainly be determined by the prevailing interest rate at the market and will be deducted first from any accrued interest, but where there is insufficient accrued interest to meet the charge in full, any additional sum will be deducted from the capital in your Bond. The remaining amount of your Bond will be returned to your Egg Savings Account within five days of receiving your instruction to cancel the Bond. Once the withdrawal has been made, the Bond will be closed.
16 Egg Banking plc is registered in England and Wales. Registered number: 2999842. Registered office: Citigroup Centre, Canada Square, London E14 5LB. Egg Banking plc is authorised and regulated by the Financial Services Authority.
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