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Mini Current AccountKey Facts DocumentEffective from 3 July 2015
These Specific Terms and Conditions apply in addition to our General Terms and Conditions.This account may be withdrawn from sale at any time without notice.
1. EligibilityTo have this account you must be aged 11 to 18 and live in the UK. You can only have one 1I2I3 Mini, either the 1I2I3 Mini Account (in Trust)or the 1I2I3 Mini Current Account, but not one of each. If an application is made for someone that already has a 1I2I3 Mini account, wewon’t open the account and we’ll tell the person making the application that a Mini account is already open.
If you’d like to apply for an account in our 1I2I3 Student or Graduate range you’ll need to transfer this account or close it.
This account can’t be opened or operated by someone else (in Trust). If you’re transferring into this account from a 1I2I3 Mini Account(in Trust), the trustee must agree to be removed.
2. Joint accountYou can’t hold this account with anyone else.
3. Monthly account feeYou don’t need to pay to have the account.
4. Monthly funding requirementsYou don’t need to pay a set amount each month into this account.
Call in to any Santander branch
Call us on 0800 9 123 123
santander.co.uk
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5. Interest rates
BalanceInterest Rate
(How much we’ll pay you for having money in your account)
From £100 1.00% AER/gross (variable) on your entire balanceonce your balance is £100
From £200 2.00% AER/1.98% gross (variable) on your entirebalance once your balance is £200
£300 to £2,000 3.00% AER/2.96% gross (variable) on your entire balance once yourbalance is £300 or over (up to a maximum of £2,000)
You must have at least £100 in your account to receive interest. You’ll earn interest on the first £2,000 of your entire balance. If you havemore than £2,000 in the account, this money won’t earn interest.
We calculate the interest you’ve earned on your balance every day and pay it monthly on the same date. This date will be the date you openor transfer your account.
For example: if you have £3,000 in your account you’ll receive 3.00% AER/2.96% gross (variable) interest on the first £2,000 in your accountfor as long as it stays in there, and we’ll pay this interest into your account each month.
The account will receive interest after income tax has been taken off unless you are resident in the UK, you are not required to pay tax andthe account has been registered to receive interest gross (this is the term for interest paid with no income tax taken off).
The tax treatment and rate of interest payable depends on your individual circumstances and may be subject to change in the future.
If there’s anything about interest or tax that you’re not sure of then please talk to a member of staff who’ll be happy to help you.
6. OverdraftsOur overdraft services aren’t available on this account. This means that your balance can’t go below zero. Please make sure there’s alwaysenough money in the account to cover any payments.
7. 1I2I3 WorldWhen you open a 1I2I3 Mini Current Account you become part of 1I2I3 World, giving you access to a range of 1I2I3 Offers. When applyingfor future products, if you are accepted and there is an associated 1I2I3 Offer you will automatically qualify. This means, any joint applicantsor trustees (who may open an account on your behalf) may be made aware that you hold a 1I2I3 product.
8. Account closureYou have the right to cancel the account within 14 days once we tell you the account has been opened. This is known as the ‘cooling-offperiod’. After that, you can close the account at any time, either by going into a branch or by telephone. You or we may close your accountat any time by giving the other notice without giving any reason. If we decide to do this we’ll give you at least two months’ notice (30 daysin the case of Non-Payment Accounts). We may also close or suspend your current account if it has been inactive for some time. If there arefunds in the account we may transfer these to another account you hold with us or send them to you at the last address we hold for you.
If you are in significant breach of these Conditions or Specific Conditions, (or if you have failed to remedy a breach where we have askedyou to do so) we may close your account on giving immediate notice or less notice than that specified in this Condition.
9. Account options when you become 19 years of ageIf you don’t apply to transfer to a different Santander current account before your 19th birthday, you’ll no longer be eligible for a 1I2I3 MiniCurrent Account within the 3 months following your birthday:
■ Your account will automatically transfer to an adult current account and the General Terms & Conditions for Current Accounts andSavings Accounts will continue to apply.
■ Any Specific Conditions relevant to your new account (including any fees and charges) will apply and the 1I2I3 Mini Key Facts Documentwill no longer be applicable.
We’ll give you at least 60 days’ notice before we make this change.
10. Changes to Specific ConditionsWe‘ll let you know of any changes to the Specific Conditions by giving you personal notice.
11. DeclarationBy signing the Agreement for this account you confirm that:
■ You’ve been given the documentation detailing the key features of the account and you’d like to proceed with your application.
■ All the Terms and Conditions have been made available and you agree to them.
If you don’t understand any of the product details or terms for your account then please talk to us before you apply.
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Other important information about your account
1. Making payments in and out of your account
Cards
A Visa debit card will be sent to you (subject to status), unless you tell us you want a cash card.
The table below shows where you can use your card.
Your card Shops Internet Cash machine Abroad
Visa debit card Cash card – –
You can only use your cash card abroad to make withdrawals via cash machines.
You’ll receive more information with your card and PIN when they arrive.
Debit cardIf you attempt to buy things with a Visa debit card when there isn’t enough money available in your account, we may cancel the Visa debitcard. We may then choose to issue a cash card instead which can only be used in cash machines.
Paying money in and outYou can pay in cash or cheques at Santander cash machines in the UK, Santander branches and at a Post Office® branch. If you pay in acheque at a Post Office branch, we will normally receive it two days later. You can receive regular payments into your account, such as yourallowance, pocket money or wages. You can make payments from your account using Faster Payments, Direct Debits and standing orders. Youcan also pay bills, set up recurring transactions (some companies use your card number to take the same payment every month from youraccount, this is often called a recurring transaction, or a continuous payment authority).
For more information on any of these, including details on when payments into your account clear (clear means that the money is availableand ready for you to take out) you can look in your General Terms & Conditions for Current Accounts and Savings Accounts, or ask anymember of staff for help.
2. Keeping track of your accounts
Monthly statements
Your statement will show you everything that has happened on your account during a month. We recommend that you check your statementcarefully and let us know as soon as possible if there are any mistakes or any payments you did not give permission to make.
Going paperless
If you don’t want paper statements, you can choose to receive them as an e-Document instead (this means you can view them online if youhave registered for Online Banking). Turn off Paper Statements by logging on to Online Banking, calling us on the number below or going intoa branch.
Access your account via Online, Mobile, Telephone Banking and at a Post Office branch■ To register for Online Banking visit santander.co.uk/register, ask in branch or call us on the number below
■ To use Mobile Banking you have to have logged into Online Banking at least once. For more information visitsantander.co.uk/mobilebanking
■ If you want to speak to us, call us on 0800 9 123 123. If you’re in a different country, call 00 44 1908 237 963. If you have difficultieswith your hearing or speech, and if you have a textphone, please use the Text Relay service by calling us on 18001 0800 9 123 123.
■ You can also complete balance enquiries, cheque deposits, cash deposits and cash withdrawals via any Post Office branch (subjectto availability). For more information about these services, visit santander.co.uk
If you withdraw cash at a Post Office branch, you will need a cash or debit card and your PIN. Opening hours, services and transaction limitsmay vary.
Account Alerts
You can set up different types of free email and text alerts to stay up to date with what is happening in your accounts. For more informationvisit santander.co.uk/alerts
Managing your money
If you’d like more information about managing your money please speak to your parent or guardian. You can also speak to us in a branchor give us a call, and you can find moreinformation online in the help and support area of our website. http://www.santanderconsumer.co.uk/our-customers/managing-my-account/
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AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year. The gross rate is the interest rate we pay before income tax istaken off. The net rate is the interest rate we pay after deduction of income tax at the rate specified by law (currently 20%) Rates may change and we pay interest each month.
Santander UK plc. Registered Office: 2 Triton Square, Regent’s Place, London, NW1 3AN, United Kingdom. Registered Number 2294747. Registered in England and Wales. www.santander.co.uk. Telephone0800 389 7000. Calls may be recorded or monitored. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our FinancialServices Register number is 106054. Santander UK plc is also licensed by the Financial Supervision Commission of the Isle of Man for its branch in the Isle of Man. Deposits held with the Isle of Man branch arecovered by the Isle of Man Depositors’ Compensation Scheme as set out in the Isle of Man Depositors’ Compensation Scheme Regulations 2010. In the Isle of Man, Santander UK plc’s principal place of businessis at 19/21 Prospect Hill, Douglas, Isle of Man, IM1 1ET. Santander and the flame logo are registered trademarks.BA
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Glossary
Current account
Also known as a bank account, this is an account with a bank that allows you to pay in and take out your money.
Cash card
You can use a cash card to withdraw money from cash machines and check your balance.
Visa debit card
In addition to the facilities of a cash card, you can also pay for items in shops, over the phone and online.
Interest rate
The rate we pay on the balance in your account to help your money grow.
Gross – The interest rate we pay before income tax is taken off.
Net – The interest rate we pay after deduction of income tax at the rate specified by law (currently 20%).
Overdraft
An overdraft is a helpful way to borrow money from us for a short period of time, up to the limit we’ve agreed for you. Not all accounts offerthe overdraft service. There are no overdraft facilities on the 1I2I3 Mini Accounts.
Trustee
A trustee is an individual who manages and invests money for the benefit of another. The trustee must make all trust-related decisions withthe beneficiary’s interests in mind.
Online Banking
This is the name of the service that allows you to do your banking over the internet.
Statement
This is a record of how much money has been paid in and out of your account. You will be issued with one every month.
Faster Payments
This is a way to transfer money from one account to another, either now or in the future. The money is usually transfered in a few hours, andis a free and secure service.
Santander is able to provide literature in alternative formats. The formats available are: large print, Braille and audio CD. If youwould like to register to receive correspondence in an alternative format please visit santander.co.uk/alternativeformats formore information, ask us in branch or give us a call.
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INFORMATION SHEET
Basic information about the protection of your eligible deposits
Eligible deposits in Santander UK plc are protected by: the Financial Services Compensation Scheme (‘FSCS’)1
Limit of protection: £85,000 per depositor per bank2
The following trading names are part of your bank:
cahoot and Santander Corporate and Commercial Bank
If you have more eligible deposits at the same bank: All your eligible deposits at the same bank are ‘aggregated’and the total is subject to the limit of £85,000.2
If you have a joint account with other person(s): The limit of £85,000 applies to each depositor separately.3
Reimbursement period in case of bank failure: 20 working days4
Currency of reimbursement: Pound sterling (GBP, £)
To contact Santander UK plc for enquiries relating toyour account:
To contact the FSCS for further information on compensation:
For all Santander accounts except Business Banking0800 389 7000
For Business Banking accounts: 0800 068 7010
Financial Services Compensation Scheme10th Floor, Beaufort House,15 St Botolph Street, London EC3A 7QU
Tel: 0800 678 1100 or 020 7741 4100
Email: [email protected]
More information: http://www.fscs.org.uk
Additional information1 Scheme responsible for the protection of youreligible deposit
Your eligible deposit is covered by a statutory Deposit GuaranteeScheme. If insolvency of your bank, building society or credit unionshould occur, your eligible deposits would be repaid up to £85,000 bythe Deposit Guarantee Scheme.
2 General limit of protection
If a covered deposit is unavailable because a bank, building societyor credit union is unable to meet its financial obligations, depositorsare repaid by a Deposit Guarantee Scheme. This repayment coversat maximum £85,000 per bank, building society or credit union. Thismeans that all eligible deposits at the same bank, building society orcredit union are added up in order to determine the coverage level.If, for instance a depositor holds a savings account with £80,000 anda current account with £20,000, he or she will only be repaid £85,000.
This method will also be applied if a bank, building society or creditunion operates under different trading names. Santander UK plc alsotrades under cahoot and Santander Corporate and Commercial Bank.This means that all eligible deposits with one or more of these tradingnames are in total covered up to £85,000.
In some cases eligible deposits which are categorised as ‘temporaryhigh balances’ are protected above £85,000 for six months after theamount has been credited or from the moment when such eligibledeposits become legally transferable. These are eligible depositsconnected with certain events including:
(a) certain transactions relating to the depositor’s current orprospective only or main residence or dwelling;
(b) a death, or the depositor’s marriage or civil partnership, divorce,retirement, dismissal, redundancy or invalidity;
(c) the payment to the depositor of insurance benefits orcompensation for criminal injuries or wrongful conviction.
More information can be obtained under http://www.fscs.org.uk
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3 Limit of protection for joint accounts
In case of joint accounts, the limit of £85,000 applies to each depositor.
However, eligible deposits in an account to which two or morepersons are entitled as members of a business partnership,association or grouping of a similar nature, without legal personality,are aggregated and treated as if made by a single depositor for thepurpose of calculating the limit of £85,000.
4 Reimbursement
The responsible Deposit Guarantee Scheme is the Financial ServicesCompensation Scheme, 10th Floor Beaufort House, 15 St BotolphStreet, London, EC3A 7QU, Tel: 0800 678 1100 or 020 7741 4100,Email: [email protected]. It will repay your eligible deposits (up to£85,000) within 20 working days until 31 December 2018; within 15working days from 1 January 2019 until 31 December 2020; within 10working days from 1 January 2021 to 31 December 2023; and within7 working days from 1 January 2024 onwards, save where specificexceptions apply.
Where the FSCS cannot make the repayable amount availablewithin 7 working days, it will, from 1 June 2016 until 31 December2023, ensure that you have access to an appropriate amount of yourcovered deposits to cover the cost of living (in the case of a depositorwhich is an individual) or to cover necessary business expenses(in the case of a depositor which is not an individual or a largecompany) within 5 working days of a request. Again, there are specificexceptions to this obligation.
In the case of a depositor which is a large company, where the FSCScannot make the repayable amount available within 7 working days,it will, from 3 July 2015 until 1 December 2016, ensure that you haveaccess to your covered deposits within fifteen working days of arequest containing sufficient information to enable it to make apayment, save where specific exceptions apply.
If you have not been repaid within these deadlines, you shouldcontact the Deposit Guarantee Scheme since the time to claimreimbursement may be barred after a certain time limit. Furtherinformation can be obtained under http://www.fscs.org.uk.
Other important informationIn general, all retail depositors and businesses are covered by DepositGuarantee Schemes. Exceptions for certain deposits are stated onthe website of the responsible Deposit Guarantee Scheme. Yourbank, building society or credit union will also inform you of anyexclusions from protection which may apply. If deposits are eligible,the bank, building society or credit union shall also confirm this onthe statement of account.
EXCLUSIONS LISTA deposit is excluded from protection if:
(1) The holder and any beneficial owner of the deposit havenever been identified in accordance with money launderingrequirements. For further information, contact your bank, buildingsociety or credit union.
(2)The deposit arises out of transactions in connection with whichthere has been a criminal conviction for money laundering.
(3) It is a deposit made by a depositor which is one of the following:
■ credit institution
■ financial institution
■ investment firm
■ insurance undertaking
■ reinsurance undertaking
■ collective investment undertaking
■ pension or retirement fund1
■ public authority, other than a small local authority.
The following are deposits, categories of deposits or otherinstruments which will no longer be protected from 3 July 2015:
■ deposits of a credit union to which the credit union itselfis entitled
■ deposits which can only be proven by a financial instrument2
unless it is a savings product which is evidenced by a certificateof deposit made out to a named person and which exists in aMember State on 2 July 2014
■ deposits of a collective investment scheme which qualifies as asmall company3
■ deposits of an overseas financial services institution whichqualifies as a small company4
■ deposits of certain regulated firms (investment firms, insuranceundertakings and reinsurance undertakings) which qualify as asmall business or a small company5 - refer to the FSCS for furtherinformation on this category
1 Deposits by personal pension schemes, stakeholder pensionschemes and occupational pension schemes of micro, small andmedium sized enterprises are not excluded.
2 Listed in Section C of Annex 1 of Directive 2014/65/EU
3 Under the Companies Act 1985 or Companies Act 2006
4 See footnote 3
5 See footnote 3
For further information about exclusions, refer to the FSCSwebsite at www.FSCS.org.uk
Santander UK plc. Registered Office: 2 Triton Square, Regent’s Place, London, NW1 3AN, United Kingdom. Registered Number 2294747. Registered in England and Wales. www.santander.co.uk. Telephone0800 389 7000. Calls may be recorded or monitored. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our FinancialServices Register number is 106054. Santander UK plc is also licensed by the Financial Supervision Commission of the Isle of Man for its branch in the Isle of Man. Deposits held with the Isle of Man branch arecovered by the Isle of Man Depositors’ Compensation Scheme as set out in the Isle of Man Depositors’ Compensation Scheme Regulations 2010. In the Isle of Man, Santander UK plc’s principal place of businessis at 19/21 Prospect Hill, Douglas, Isle of Man, IM1 1ET. Santander and the flame logo are registered trademarksBA
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