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Egg 2 Year Fixed Bond 2 Special Conditions
These Special Conditions apply to the Egg 2 Year Fixed Bond 2. They are additional to and should be read together with the Egg Customer Relationship Agreement. If there is any inconsistency between them these Special Conditions override the Egg Customer Relationship Agreement to the extent of the inconsistency.
1 In these Special Conditions 'Bond' means the Egg 2 Year Fixed Bond 2.
'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.
'Eligible Savings Account' means the Egg Savings Account (internet, investor or Standard Savings Account).
2 The Bond is only available to applications and cleared funds received on or before 30 December 2009 from applicants with an Eligible Savings Account. Bonds will be opened from 9 November 2009.
3 The Bond is subject to availability and may be withdrawn at any time prior to 30 December 2009.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 3.00% gross pa/AER is fixed throughout the Bond Term and is guaranteed provided no withdrawals are made during the Bond Term.
5 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. Deposits may only be made in sterling and by transfer from an Eligible Savings Account.
6 Bonds may be opened between 9 November 2009 and 30 December 2009. Any amount that is not available as cleared funds in your Eligible Savings Account on the date of Bond opening cannot be transferred. If we accept your application, we will then transfer the amount you wish to deposit in the Bond from your Eligible Savings Account on the following business day. If your application for a Bond is unsuccessful, we will tell you and any intended deposit for the Bond will remain in your Eligible 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 Eligible Savings Account we may, subject to condition 5, transfer the cleared funds on your Eligible Savings Account up to an amount which leaves only a £1 balance on that account.
7 You must be at least 18 years of age to participate in the Bond. You may deposit in one Bond only, either 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 Eligible 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 Eligible 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 Eligible Savings Account.
9 If after opening the Bond you are not happy with it, you may cancel the Bond provided you tell us (in accordance with condition 11.4 of the Egg Customer Relationship Agreement) within 15 days of the Opening Date. The amount deposited in the Bond would then be returned to the Eligible Savings Account from which you made the initial deposit. We do not pay interest on cancelled Bonds.
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 Eligible Savings Account from which you made the initial Bond deposit. On the Maturity Date, we will transfer the money in the Bond into the Eligible Savings Account from which you made the initial Bond deposit, as cleared funds.
11 You must keep the Eligible 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 Eligible 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 Eligible Savings Account held by you. If we discover after the first anniversary of the Opening Date, or after the Maturity Date, that you no longer have an Eligible Savings Account, we will contact you and request you to either open an Eligible 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 in no more than three business days. From the Maturity Date, Egg will not pay any more interest on the Bond.
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 Eligible Savings Account. We will not send you a separate advice of interest paid (although it will also show as a payment into your Eligible Savings Account on statements for that account).
13 In the event of the 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 (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 reasonably reflect any loss and cost we have incurred as a result of your early termination. This amount will mainly be determined by the initial deposit, the number of days remaining in your Bond Term and the cost to us of replacing these funds at market rates, but will not exceed £500. This fee 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. We will notify you of the amount of the fee before we close the Bond. The remaining amount of your Bond will be returned to your Eligible Savings Account within five business days of receiving your instruction to cancel the Bond. Once the withdrawal has been made, the Bond will be closed. Partial withdrawals are not permitted.
16 We will not change any of these terms except for a reason listed in condition 13.8 of the Egg Customer Relationship Agreement. Any changes will be notified in accordance with the Egg Customer Relationship Agreement.
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