General Terms & Conditions
Terms & Conditions for Capital One® Savings Accounts
General Terms & Conditions
The following terms and conditions apply to all Capital One Savings accounts.
Additional terms and conditions apply to individual products and are set out in 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“, “the Bank” 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” mean 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;
1.3.4 “Capital One Group“ means Capital One Financial Corporation and its subsidiaries including Capital One Bank (Europe) plc.
1.3.5 “Minimum operating balance” means the balance that you need to maintain on your account to receive your Standard rate of interest.
1.3.6 “Standard rate of interest” means the interest rate that applies to your account when your account is above the minimum operating balance. For accounts where an interest bonus is applicable, it means your interest rate excluding any applicable interest bonus. For interest-tiered accounts, it means the specified interest rate that applies to the specified balance on your account.
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.
2.2 You must be aged 18 or over.
2.3 These terms and conditions do not cover savings accounts for businesses, clubs, charities, other organisations or trustees.
2.4 Joint applications can be made to open an account.
2.4.1 We will allow up to 4 joint account holders, although the 3rd and 4th account holders can only be added after an account has been opened.
2.4.2 Joint account holders are, together and individually, responsible for any money owed to us in connection with their joint account.
2.4.3 If an account is opened as (or later becomes) a joint account, instructions on the account will be accepted from any individual account holder. Authorisation from all account holders is not necessary.
2.4.4 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 authorized representatives) that the dispute has been resolved.
2.1 Capital One Savings accounts are available for the personal use of individuals who are UK residents only.
2.2 You must be aged 18 or over.
2.3 These terms and conditions do not cover savings accounts for businesses, clubs, charities, other organizations or trustees.
2.4 Joint applications can be made to open an account.
2.4.1 We will allow up to 4 joint account holders, although the 3rd and 4th account holders can only be added after an account has been opened.
2.4.2 Joint account holders are, together and individually, responsible for any money owed to us in connection with their joint account.
2.4.3 If an account is opened as (or later becomes) a joint account, instructions on the account will be accepted from any individual account holder. Authorisation from all account holders is not necessary.
2.4.4 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 authorized representatives) that the dispute has been resolved.
2.5 Instructions to open an account can be provided by you or a person authorised by you to act on your behalf. In order to accept instructions from a person authorised by you, we must see valid evidence of their authority, such as a power of attorney. Unless specified otherwise by the additional terms and conditions, we will accept instructions to open an account over the telephone, internet, by mail 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.
2.7 You can link your Capital One Savings account to one other UK bank account in your name. This will be called your Nominated Bank Account. You can transfer money out of your Capital One Savings account into your Nominated Bank Account. If you set up a Direct Debit with us, you can also instruct us to transfer money into your Capital One Savings account from your Nominated Bank Account.
3. Paying money into your account
3.1 You can make payments into your account in the following ways:
– Instruct us to transfer funds from another Capital One Savings account in your name;
– Send us a cheque, made payable to Capital One Savings, followed by your name and surname (e.g. Capital One Savings - John Smith). Please also state the Capital One Savings account number (if known) on the back of the cheque;
– Instruct us to make an electronic funds transfer from your Nominated Bank Account by Direct Debit:
– Arrange with your bank to transfer money into your Capita One Savings account by BACS or CHAPS or Faster Payments Service.
3.2 You cannot make payments by cash, postal order or travellers cheque.
3.3 All payments must be made in sterling.
3.4 Cheques must be drawn on a UK bank or building society account.
3.4.1 Any cheque received which is post dated will, at our discretion, either be returned to you or held safely until a later date when the cheque can be legally entered into the cheque clearing process.
3.5 We will clear, for withdrawal, funds that are transferred by your bank to your Capital One Savings account by BACS, CHAPS and Faster Payment Service on the day we receive the funds, if received by 12 noon. Funds received after 12 noon will clear at the start of the following business day.
3.6 We will clear, for withdrawal, funds that are transferred by us to your Capital One Savings account by Direct Debit on the sixth business day after the day on which we receive the funds. Our clearing period includes the central clearing cycle of 3 business days.
3.7 We will clear, for withdrawal, personal cheques paid into your Capital One Savings account on the sixth business day after the day on which we receive your cheque. Our clearing period includes the central clearing cycle of 6 business days.
3.8 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.
3.9 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 Additional Terms and Conditions for your 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 in your name.
4.2.2 Send to you, at your home address, a cheque payable to you (in the case of a joint account, we will make the cheque payable to all the joint account holders and send it to the home address of the first named account holder).
4.2.3 Make an electronic transfer to your Nominated Bank Account.
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 BACS withdrawal instruction will be executed by the end of the business day after the day on which we receive your instruction. CHAPS withdrawals will be executed on the business day on which we receive your instruction if received before 12 noon, otherwise they will be executed on the following business day.
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 to cancel, we reserve the right to pass on any costs associated with such a cancellation to you.
4.6 Electronic transfers by BACS normally take 3 business days to reach the destination bank account. We do not charge a fee for BACS transfers. Electronic transfers by CHAPS normally reach the destination bank account on the same business day as they are executed. We charge a fee for CHAPS transfers.
5. Interest rates and tax
5.1 Money in your account will earn the standard rate of interest applicable to your account as set out at the date of your account application in our product literature and our website, or as we tell you.
5.2 Except for fixed rate accounts, the standard rate of interest that applies to your account may change from time to time. When we change the standard rate of interest on your account, we will either tell you within 30 days of the change (by post, telephone, facsimile or e-mail) or put notices in newspapers within three working days of the change. We will also update the information on our phone helpline and our website within three working days of the change. You can find out what the standard rate of interest for your account is by telephoning us or by visiting our website on www.capitalonesavings.co.uk.
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.
5.4 If you ask, we will give you a full explanation of how we calculate interest on your account.
5.5 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. 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).
5.6 You may choose to have interest payments on your account:
5.6.1 Added to your account;
5.6.2 Transferred to another Capital One Savings account; or
5.6.3 Transferred to a UK bank account in your name (or that of any of the joint account holders).
5.7 Money paid into your account by cheque will start earning interest on the second business day after the day on which we receive your cheque. If the cheque doesn’t clear, we will adjust your account accordingly.
5.8 Money received by Direct Debit, BACS, CHAPS or Faster Payment Service will start earning interest from the business day on which we receive the funds.
5.9 Money withdrawn from your account will earn interest up to (but not including) the day of withdrawal.
5.10 If you tell us that you are a non-taxpayer, we will pay interest on your account gross, which means that we will not deduct income tax from your interest. If you do not tell us that you are a non-taxpayer, we will deduct income tax at the basic rate that applies under tax laws at the time, and pay your interest net of income tax. For joint accounts with more than two account holders, we will always deduct income tax at the basic rate that applies under tax laws at the time. In this case, if you are a non tax payer, you can claim the tax back from the HMRC after the end of each tax year.
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, 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 We may contact you by post, telephone, facsimile, e-mail and the internet using the latest personal contact details you have given us. You may contact us by post, telephone, facsimile, e-mail and the internet using the latest contact details 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. You must tell us if your name, address, telephone number, e-mail or any other contact details change. If your name changes or if you move abroad, you must tell us in writing by post. We may, at 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 You will receive a regular statement on your account. The Additional Terms and Conditions for your account will tell you how often you will get a statement. We will tell you if we change this.
7.6 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.
8. Closing an account
8.1 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:
8.1.1 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
8.1.2 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.
8.2 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.
8.3 We reserve the right to close your account after giving you 30 days’ notice in writing:
8.3.1 If you do not fund it with any applicable minimum initial investment within 30 days of the date we receive your account application;
8.3.2 If you do not maintain any applicable minimum operating balance on your account; or
8.3.3 For any other valid reason we will inform you of.
8.4 If there are exceptional circumstances, we can close your account immediately. Exceptional circumstances include:
8.4.1 If you have provided false information or if your account has been used fraudulently or illegally;
8.4.2 If a bankruptcy petition is issued against you;
8.4.3 Threatening or abusive behaviour towards staff.
9. Use and disclosure of personal information
9.1 We will treat all of 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 disclosure is at your request and we have received your written consent;
9.1.4 In the situations described in 9.2 to 9.5.
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 and 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.
9.7 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.
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 is a member of the Financial Services Compensation Scheme (FSCS) established under the Financial Services and Markets Act 2000. Most depositors, including individuals and small firms are covered. The Scheme covers deposits made within the offices of the Bank within the European Economic Area. FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA). Full details of the Scheme are available from the Financial Services Compensation Scheme, 7th Floor, Lloyds Chambers, Portsoken Street, London E1 8BN, or their website at www.fscs.org.uk.
11. Unclaimed balances
11.1 If you cannot be traced after reasonable effort and enquiry and for a period of 15 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 the same rate as your previous live account, 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 and changes that we have to make due to legal or regulatory requirements, we will tell you at least 30 days before we make a change to the terms and conditions that is to your disadvantage. At any time up to 60 days from the date we have told you about such a change 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 to the terms and conditions 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.
13. Exceptional circumstances and liability
13.1 Unless sections 13.2 or 13.3 apply, 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.
13.2 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.
13.3 We may suspend transactions on your account if we reasonably suspect unlawful, criminal or fraudulent activity on the account. We will not be liable to you if we delay or refuse to carry out a transaction for this reason.
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 Online accounts
Section 15 applies only if your account can be managed via our website. If your account can be managed via our website, it will be stated in the Additional Terms and Conditions for your account.
15.1 We expect you to take precautions when using online banking, for example:
– Keep your personal computer secure. Use up-to-date anti-virus and spyware software and a personal firewall.
– Keep your passwords secret.
– Treat e-mails you receive from senders claiming to be Capital One with caution and be wary of e-mails or calls asking you for any personal security details.
– Always access the Capital One internet banking site by typing our address into your web browser. Never go to an internet banking site from a link in an e-mail and then enter personal details. We (or the police) will never contact you to ask you for your password information.
15.2 You should not access your account from a public computer or in a place where other people can view your account or security details.
15.3 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.)
15.4 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).
15.5 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.
15.6 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.
15.7 You are responsible for all third party fees, costs and charges you incur in accessing our website and managing your account online.
15.8 Your information technology equipment may need to meet certain technical specifications for you to be able to access your account online or use our webiste. 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.
15.9 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.
15.10 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.
15.11 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.
16. General
16.1 We reserve the right to decline an application to open an account and/or to accept deposits.
16.2 The terms and conditions are personal to you and you cannot transfer any or all of your rights or obligations.
16.3 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.
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 (within the UK only) - £25
Breakdown of account statements - £20
Duplicate statements £25 Account records - £10
Duplicate Section 975 Certificate of Income Tax - £10
Account records - £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.
Additional Terms & Conditions for the Fixed Rate Bond Savings Account
3. Paying money into your account
3.10 A maximum of £1 million can be invested.
3.11 The minimum initial investment is £1,000.
3.13 After the initial investment, no further deposits will be permitted during the term of the bond.
4. Taking money out of your account
4.8 Up to 3 withdrawals are allowed per calendar year, but each withdrawal will be subject to an interest deduction. These interest deductions are stated in 5.15.
4.9 Upon maturity we will write to you at least one month before the fixed term of your account expires, outlining the options available to you on maturity of the account. These will include options to have funds repaid to you by cheque, transferred to a nominated account in your name with another bank, or have funds transferred or reinvested in one or more other Capital One Savings accounts in your name. You should inform us of your preference before the end of the fixed term. If we have not received your instructions before the maturity date then we will automatically move your funds into another Capital One Savings account in your name on the maturity date. We will advise you in advance of the type of account we intend to move your funds into.
5. Interest rates and tax
5.14 If you make a withdrawal which takes your balance below £500, you will receive no interest and we may choose to close your account. All withdrawals will be subject to an interest deduction as stated in 5.15.
5.15 If you make withdrawals from your account before it matures we will deduct interest for the periods shown below, calculated on your full account balance immediately prior to withdrawal.
Bond Term / Interest Deduction:
- 1 year / 60 days
- 2 years / 90 days
- 3 years / 120 days
- 4 years / 150 days
- 5 years / 180 days
If you are a tax payer, we will take account of any such deductions before calculation of net interest earned on your account. We reserve the right to make these deductions from your initial investment if you have not earned sufficient interest to cover the deduction amount.
7. Communication and statements
7.7 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.
7.8 Your account can be managed over the phone or by post.
8. Closing an account
8.5 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 ignore any notice period and 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.
® 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.