General Terms & Conditions
The following terms and conditions apply to all Capital One Savings accounts.
Additional terms and conditions apply to individual products and the additional terms and conditions for our Easy Access (Issue 5) Account can be found at the end of these General Terms and Conditions. Additional terms and conditions for our other products are set out in our other publications.
1. About Capital One/General
1.1 Capital One Bank (Europe) plc is registered in England and Wales (registered number 3879023). Its registered office is at 350 Euston Road, London NW1 3JJ.
1.2 These terms and conditions apply to all Capital One Savings accounts. Additional terms and conditions may apply to particular savings accounts and if those are inconsistent with these terms and conditions, the additional terms and conditions will prevail.
1.3 In these terms and conditions:
1.3.1 “we“, “us“, “our“, and “Capital One Savings“ mean Capital One Bank (Europe) plc;
1.3.2 “you“ and “your“ mean the individual who made the application for the Capital One Savings account or, if more than one individual has made an application, all of them. If you die, “you” and “your” means the trustee(s) of the deceased account holder’s estate (acting in that capacity only);
1.3.3 a "business day" means a day other than a Saturday, Sunday or bank holiday in England; and 1.3.4 “Capital One Group“ means Capital One Financial Corporation and its subsidiaries including Capital One Bank (Europe) plc.
2. Opening a Capital One Savings account
2.1 Capital One Savings accounts are available for the personal use of individuals who are UK residents only. You must be aged 18 or over. These terms and conditions do not cover savings accounts for businesses, clubs, charities, other organisations or trustees.
2.2 Joint applications can be made to open an account.
We will allow up to 4 joint account holders although the third and fourth account holders can only be added after an account has been opened.
2.3 Joint account holders are, together and individually, responsible for any money owed to us in connection with their joint account.
2.4 If an account is opened as (or later becomes) a joint account, instructions on the account (including instructions to make further deposits, make withdrawals or close the account) will be accepted from any individual account holder. Authorisation from all account holders is not necessary. If there is a dispute between account holders this should be communicated in writing to us and from the time we receive such notice, the authorisation of all account holders will be required on all future instructions.
This will continue until written confirmation is received from all account holders (or, where appropriate, their authorised representatives) that the dispute has been resolved.
2.5 We will accept written instructions signed by you or a person authorised by you (but not a copy or facsimile). Anyone authorised by you must only give instructions in writing and not by any other method. You also agree we may accept instructions given by you over the telephone, internet and in other ways we tell you about from time to time.
2.6 We will advise you in writing of the date your account ¬was opened.
3. Paying money into your account
3.1 You can make payments into your account by cheque, BACS/CHAPS, electronic funds transfer and Direct Debits from another account. You cannot make payments by cash, postal order or travellers cheque. All payments must be made in sterling. Cheques must be drawn on a UK bank or building society account and made payable to Capital One Savings followed by the first name and surname of the account holder. Please also state the name of the account holder and the Capital One Savings account number (if known) on the back of the cheque.
3.2 Any cheque received which is post dated will either be returned to you or held safely until a later date when the cheque can be legally entered into the cheque clearing process at our discretion.
3.3 Funds received by CHAPS electronic funds transfer are cleared on the day we receive them. Funds received by Direct Debit or BACS electronic funds transfer normally take 6 business days to clear, which includes the central clearing cycle of 3 business days. This means that cleared funds will not be available until the seventh business day after we receive a Direct Debit or BACS electronic funds transfer.
3.4 It normally takes up to 5 business days for personal cheques to be cleared through the banking system, which includes the central clearing cycle of up to 3 business days.
This means that cleared funds will not be available until the sixth business day after the day on which we receive your cheque (although you will start earning interest on your deposit earlier, provided your cheque clears).
3.5 When you first set up a Direct Debit to make payments to your account from another account in your name, it will normally take 8 business days after we receive your Direct Debit Mandate before we receive the funds, which means that cleared funds will not be available until the ninth business day after we receive your Direct Debit Mandate.
3.6 We reserve the right to set a maximum on the amount you may have on deposit with us.
4. Taking money out of your account
4.1 You can take money out of your account if you have sufficient cleared funds at the end of the business day before the withdrawal is to be made. The terms and conditions for your type of account set out the notice periods and withdrawal charges for withdrawals from your account.
4.2 Depending on the particular account, you can take money out of your account by asking us to:
4.2.1 Transfer your funds to another Capital One Savings account;
4.2.2 Send to you, at your home address (or in the case of a joint account, the address of the first named account holder), a cheque payable to you (or in the case of a joint account, to all the joint account holders);
4.2.3 Make a direct transfer to a UK account in your name (or that of any of the joint account holders) which you have previously nominated with another bank or building society; or
4.2.4 Make other direct transfers agreed with us.
4.3 If you have asked us to send a cheque and it does not arrive, you must tell us as soon as possible so that we may stop the cheque or take other appropriate steps. We reserve the right to pass on to you any costs we may incur in stopping such a cheque.
4.4 If you make a withdrawal by electronic funds transfer it will normally take 3 business days to arrive.
4.5 Instructions received from you to pay money from your account will not usually be cancelled after your original request. If we do agree, we reserve the right to pass on any costs associated with such a cancellation to you.
5. Interest rates and tax
5.1 Money in your account will earn interest at the rate or rates applicable to your account as set out at the date of your account application in our product literature (and/or our website), or as we tell you.
5.2 Except for fixed rate accounts, the interest rates that apply to your account may change from time to time. When we change the interest rates, we will tell you within 30 days by post, telephone, facsimile or e-mail.
5.3 Interest will be calculated on the amount in your account at the end of each day at a rate equivalent to the published rate. If you ask, we will give you a full explanation of how we calculate interest on your account.
5.4 You can choose for interest to be paid annually or monthly. Annual interest will be paid on each anniversary (if that is not a business day, on the next business day) of the date on which your initial deposit was made and monthly interest will be paid on the date of your initial deposit each month (and if that is not a business day, on the next business day).
5.5 You may choose to have interest payments on your account:
5.5.1 Added to your account;
5.5.2 Transferred to another Capital One Savings account; or
5.5.3 Transferred to a previously nominated UK account in your name (or that of any of the joint account holders) with another bank or building society.
5.6 Money paid into your account by cheque will start earning interest on the second business day after the day on which we receive the cheque. If the cheque doesn’t clear, we will adjust your account accordingly. In the case of money received by Direct Debit or a BACS/CHAPS electronic funds transfer the money will start earning interest from the business day on which we receive the funds.
5.7 Money withdrawn from your account will earn interest up to (but not including) the day of withdrawal.
5.8 If you register with us as a non-taxpayer, we will pay interest on your account gross. Otherwise, interest will be paid net of income tax at the relevant rate.
6. Security
6.1 When you open your account, you will be asked to provide (or we may issue to you) certain security details. These may be used to prove your identity when you contact us. You must keep these security details secret. Such security details include any user identity, memorable data and password(s) issued by us or chosen by you relating to your account.
6.2 You must telephone us as soon as possible if:
6.2.1 You think that someone else knows your security details;
6.2.2 You have forgotten your security details; or
6.2.3 You think that someone else (other than a joint account holder or authorised person) is trying to use your account.
6.3 Once you have told us that someone else knows your security details, we will take immediate steps to prevent these being used to access your account. Until you tell us of any breach in security, you will be responsible for any instruction given to us using your security details, even if it was not given by you. We will not be liable to you for having acted on such instructions.
6.4 Normally we will pay back into your account the amount of any payments we have made from the date you have informed us of any security problems. However, if we can show that you have acted fraudulently or have been grossly negligent or have not kept your security details secret you will be responsible for all payments we make and all losses on your account.
7. Communication and statements
7.1 You may contact us and we may contact you by post, telephone, facsimile and the internet using the latest personal contact details you have given us, or we have given you. You cannot assume we have received a written communication, internet communication or facsimile unless we acknowledge receipt.
7.2 We will tell you if any of our contact details change. We also need you to tell us in writing by post if your name, address, telephone, e-mail or any other details change. You can do this by writing to us or (except in the case of a name change or move abroad), phoning us. We may in our discretion ask for further proof from you before changing your account details. If you do not keep your details up to date, we may charge you any expenses we incur in tracing you.
7.3 To help you compare interest rates on our savings accounts more easily we will send you a summary of our savings accounts at least once a year.
7.4 All letters, statements and other materials that relate to your account will be posted, faxed or e-mailed to you (or the first named account holder where your account is a joint account). All joint account holders will be bound by their contents.
7.5 We may record telephone calls you make to us so that we have a record of your instructions. We may also listen to calls to help us improve the quality of our service and for training purposes.
7.6 You will receive a regular statement on your account.
The conditions for your type of account will tell you how often you will get a statement. We will tell you if we change this.
8. Closing an account
8.1 Please refer to the conditions for your type of account for details on closing your account.
8.2 Upon notification of the death of an account holder, all funds in the account and any interest earned will be made available for immediate return to the estate or beneficiary of the deceased or to the remaining joint account holder(s) where the account is a joint account. Upon your death, to deal with your account with anyone other than a remaining joint account holder, we require sight of:
8.2.1 The original or a court sealed copy of the relevant Grant of Probate or Grant of Letters of Administration if at the time of your death your accounts with us have an aggregate balance of £5,000 or more. In these circumstances we will also deal with the trustee(s) identified in the Grant of Probate or Grant of Letters of Administration; or
8.2.2 The original death certificate (or a copy certified by a solicitor) if at the time of your death your accounts with us have an aggregate balance of less than £5,000. In these circumstances we will also deal with the person we receive the death certificate from.
8.3 In the event of your death, no notice periods will be required to be served before funds will be returned and no interest charge will be made for the early return of such funds.
8.4 We reserve the right to close your account if you do not:
8.4.1 Fund it with any applicable minimum initial investment within 30 days of the date we receive your account application; and
8.4.2 Maintain any applicable minimum balance on your account.
8.5 If there are exceptional circumstances (e.g. you have provided false information or the account has been used illegally), we can close your account immediately.
9. Use and disclosure of personal information
9.1 We will treat all your personal information as private (even when you are no longer a customer). We will not disclose your name or address or anything about your accounts, other than:
9.1.1 Where we are required to do so by law;
9.1.2 Where there is a duty to the public to disclose;
9.1.3 Where our interests require us to do so; or
9.1.4 Where disclosure is at your request and we have received your written consent.
9.2 You agree that we may use information we hold about you and disclose it to other members of the Capital One Group for credit assessment purposes and for the purpose of administering and servicing your accounts and to enable us to carry out statistical analysis. We may share information with:
9.2.1 Credit reference agencies;
9.2.2 Our insurers, contractors and persons acting as our agents who have agreed to keep your personal information strictly confidential; and/or
9.2.3 Any company or other organisation which provides benefits or services to you under arrangement with us (to the extent that they need your personal information to provide those benefits and services to you).
9.3 You agree that we may also use and analyse information we hold about you (and may share it with other members of the Capital One Group):
9.3.1 to enable us (or them) to form a view of you as an individual and your preferences; and/or
9.3.2 to help us design, select and offer goods/services offered by us and to enable us to send to you by post, marketing materials about goods and services offered by us, members of the Capital One Group and other organisations which may be of interest to you.
9.4 You also agree that we and other members of the Capital One Group may contact you as part of administering your accounts and for the purposes of direct marketing using any telephone (including automatic calling system), fax number, e-mail or other contact details you give us or that we or other members of the Capital One Group have from time to time.
9.5 We may also sell or otherwise provide your contact details as part of a marketing list to other organizations (including other members of the Capital One Group) to enable them to send you marketing materials or otherwise contact you about goods and services which we believe may be of interest to you.
9.6 If you do not want us or any other organizations (including other members of the Capital One Group) to send you marketing materials or to contact you by post, telephone, facsimile or e-mail for the purpose of direct marketing, you may contact us at any time.
10. If there is a problem
10.1 You should contact us as soon as possible if you think there has been an unauthorised transaction or any error on your account or if you have any questions or complaints about our service. We will give you details about our complaints procedure on request.
10.2 Capital One Savings is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. In respect of deposits with a UK office, payments under the Scheme are limited to 100% of the first £35,000 of a depositor’s total deposits with the bank resulting in a maximum payment of £35,000. Most depositors, including individuals and small firms are covered. The Scheme covers deposits made with the offices of the bank within the European Economic Area and deposits denominated in all currencies are treated alike. Further details of the Scheme are available on request.
11. Unclaimed balances
11.1 If you cannot be traced after reasonable effort and enquiry and for a period of 10 years you have made no payment to or withdrawal from your account and the amount in that account is less than £100, we may decide to close that account and not return the money to you at that time. If, however, you contact us at a later date we will either repay the money in the closed account to you, with interest at a rate which we reasonably consider to be appropriate, or open a new account for you and credit it with that amount.
12. Changes to the terms and conditions
12.1 We can change the terms and conditions of our agreement with you for any of the following reasons:
12.1.1 To make the terms and conditions fairer to you or more easily understandable, or to correct a mistake;
12.1.2 To reflect a change in market conditions or banking practice or in the law or any applicable code of practice (or the way in which they are applied);
12.1.3 To reflect a change in technology or the products, services or facilities that we provide or the overall cost of providing our services to our customers;
12.1.4 To ensure the good management or competitiveness of our business; or
12.1.5 For any other valid reason.
12.2 We will tell you personally by post, telephone, facsimile, e-mail or otherwise, of any changes or additions to the terms and conditions applicable to your account. Except for interest rate changes, if the change to the terms and conditions is to your disadvantage, we will tell you about it at least 30 days before we make the change and at any time up to 60 days from the date of the notice you may, without notice, close your account without having to pay any extra charges or interest for doing this. We may make any other change immediately and tell you about it within 30 days.
12.3 If we have made a major change or a lot of minor changes in any one year we will give or send you a copy of the new terms and conditions or a summary of the changes.
12.4 We reserve the right to make charges for providing additional statements, information and services you request over and above those we have agreed to provide in these terms and conditions. We will provide you with details of the charges on request.
13. Exceptional circumstances and liability
13.1 To help us maintain prudent liquidity levels and to operate our business lawfully, we may, in exceptional circumstances, limit or even suspend withdrawals (including interest payments) from accounts for a period of up to 60 days even where we have already accepted your instructions to make a withdrawal from your account. We will try to give you advance notice if this happens, but we may not be able to do so. If you want to take money out of or close your account when it is suspended we will act on your instructions at the end of the suspension period. Money in your account will continue to earn interest during this period.
13.2 If we carry out your instructions late or incorrectly, or if we do not carry them out at all, we will be liable for the lower of any resulting loss, injury or damage up to the amount of such loss, injury or damage and the amount of any interest you did not receive or had to pay as a result of our failure, delay or error.
13.3 While we will always try to ensure a high level of service, we will not be liable to you if exceptional circumstances cause us to limit or suspend withdrawals or if we are unable to act on your instructions or provide services due to computer systems or network failures, industrial action or any events outside our reasonable control.
14. Set-off
14.1 We may use any credit balances in any currency on any account you have with us, to reduce or repay any overdrawn balances or other amounts you owe us, either in your own name or jointly with anyone else and if we do this we will tell you as soon as possible.
14.2 You may not set-off any balances on any savings account against amounts you owe us, either in your name or jointly with anyone else, under another agreement.
15. General
15.1 We reserve the right to decline an application to open an account and/or to accept deposits.
15.2 The terms and conditions are personal to you and you cannot transfer any or all of your rights or obligations.
15.3 These terms and conditions are governed by English law. This contract is in English and we undertake to communicate to you in English throughout the duration of the contract.
Additional Terms & Conditions for the Easy Access (Issue 5) Account
The following terms and conditions apply to the Easy Access (Issue 5) Account only and are part of the conditions that apply to your account. You should read them with the General Terms and Conditions for Capital One Savings accounts. For the purposes of the following terms and conditions the phrase “our website” means www.capitalonesavings.co.uk or such other website(s) we may from time to time advise you relating to the relevant account.
3. Paying money into your account
3.6 A maximum £1million can be invested.
3.7 The minimum initial investment is £500.
4. Taking money out of your account
4.6 You do not need to give any advance notice before making a withdrawal, and there is no charge for making a withdrawal (unless by CHAPS or international telegraphic funds transfer). When we receive your withdrawal instruction we will normally act on it by the end of the following business day.
5. Interest Rates and Tax
5.9 A bonus (if applicable) will be added to your standard rate of interest for a period of twelve months from the date of opening your account. This bonus will be at the bonus rate applicable to your account as set out at the date of your account application in our product literature and/or our website. After twelve months you will receive the standard rate of interest.
5.10 If your account balance falls below £500 you will receive an interest rate of 0.5% p.a. while your balance is below the minimum.
6. Security
6.5 You should be especially vigilant when managing your account online. In particular, you should not access your account from a public computer or in a place where other people can view your account or security details.
6.6 You are responsible for ensuring that you log off our website properly each time you leave your browser unattended. If you do not log off properly or you leave your browser unattended you are responsible for any instruction in relation to your account which arises as a consequence (including, in particular, instructions sent by someone other than you during this period).
7. Communications and Statements
7.6 As a minimum you will receive a statement for your account every 12 months. If you choose to receive your interest on a monthly basis, you will receive an additional 6 monthly statement.
7.7 Your account is intended to be managed via our website. If you have any difficulties using our website or it is unavailable you can contact us by telephone.
7.8 You should not send us emails or instant messages about your account other than where these can be sent directly from our website after you have logged in using your security details. You agree and understand that we may (but we are not obliged to) use the contact details you provide us to communicate with you via electronic communications rather than by post. You understand that notices we give you via electronic means will form valid notice in writing (unless relevant laws or regulatory guidance prevent this).
7.9 Maintenance, security, system capability, conduct of upgrade work or other issues may mean that from time to time you are unable to access your account online or that we may be unwilling or unable to offer certain account management functions over the internet. Where this is the case, we may insist that you manage your account or give particular instructions over the telephone or by post. 7.10 If the inability to access your account online or our inability to offer certain account management functions over the internet is caused by circumstances outside our reasonable control, we will not be liable to you for losses you suffer as a result.
7.11 You are responsible for all third party fees, costs and charges you incur in accessing our website and managing your account online.
7.12 Your information technology equipment may need to meet certain technical specifications for you to be able to access your account online or use our website. These specifications may change from time to time and we have no responsibility or liability for such changes resulting in you being unable to access your account online or use our website.
7.13 Your use of our website for the purposes of account management will be subject to your acceptance of and compliance with any of our terms of use and privacy statement (or similar) from time to time published on our website.
7.14 We are not responsible for errors you make when giving instructions in relation to your account via our website. If you make an error we will act on the instruction you actually give us and not your intended instruction.
8. Closing your account
8.1 If you are not happy about your choice of savings account you may close your account within 14 days of opening it and we will give back all your money with interest. We will not apply any additional charge for closing your account during this period. You can close your account by asking us to do so. We will close your account as soon as possible after we receive your instructions, subject to clearance of your funds.
8.5 Once you have made the minimum initial investment, we will not close your account except in exceptional circumstances without giving you at least 30 days’ notice in writing.
8.6 If you close your account, you will not be able to access your account details via our website afterwards. You are therefore responsible for printing any account details you wish to retain after your account has been closed.
Account charges
The following charges relate to certain services that may be carried out on your account at your request. They may change from time to time and we will tell you when this happens.
Please call if you would like us to explain any of these charges.
CHAPS fee (telegraphic transfer of money) – UK only £25
Breakdown of account statements £20
Account records £10
Duplicate Section 352 Certificate £10
Duplicate statements £10
® A registered mark of Capital One. Capital One Bank (Europe) plc: Registered Office, 350 Euston Road, London NW1 3JJ. Registered in England and Wales. Company Number 3879023. VAT Registration Number 690686101. Authorised and regulated by the Financial Services Authority - FSA register number 204440.
13999/EasyAccess05TC/0608