Champion Saver interest rates and account information

* Interest is paid annually on 31 December.

In addition to the general conditions, the following conditions apply to Champion Saver. If there is a conflict between the general conditions and these Champion Saver conditions, the Champion Saver conditions will take priority.

1. In these conditions the following words and expressions have the following meanings:
   "AER" means the Annual Equivalent Rate and is a notional rate that illustrates the contractual rate, as if paid and compounded on an annual basis.
   "Competitor rate" means the AER (including any bonus offered) applicable to a balance of £10,000 of any included account.
   "Excluded account" means any of the following classes of account:
   1. accounts that cannot be opened and/or operated through a branch
   2. ISAs
   3. fixed rate savings
   4. fixed term savings
   5. regular savings
   6. accounts that stipulate new funds only
   7. accounts no longer available for sale
   8. accounts with a maximum balance of £10,000 or less
   9. accounts specifying particular age restrictions
   10. accounts linked to investment products.
   11. accounts that have qualifying conditions in order to open e.g. current account linked accounts or the requirement to be a shareholder

   "Included Account" means any of the following classes of account offered by any of the Providers which is not an Excluded Account:

   12. instant access accounts that can be opened and/or operated through a branch
   13. limited access accounts that can be opened and/or operated through a branch
   14. notice accounts that can be opened and/or operated through a branch

"Defaqto" means Defaqto Group Limited, Financial Research Centre, Unit 12, Haddenham Business Park, Haddenham, Thame, HP17 8LJ or any alternative agency that we may designate. "Providers" means Santander, Royal Bank of Scotland, Lloyds, The Co-operative Bank, Natwest, Halifax, HSBC and Barclays.

2. You must be aged 18 or over to open the account
3. The account can have a maximum of four joint account holders
4. The minimum deposit to open the account is £1
5. The minimum balance on the account is £1
6. The maximum balance on the account is £5 million
7. Rafidain Bank reserves the right to limit the number of Champion Saver accounts you can have

8. Interest is calculated daily and paid annually on 31 December and on closure
9. Interest can be paid either into the account, a Rafidain Bank current or savings account (excluding Regular Savings or Flexclusive Regular Saver), or a current account with another bank or building society
10. We will calculate interest on each whole pound in the account
11. The interest rate payable on the account is variable
12. The interest rate is calculated by taking the average of the five highest Competitor Rates from the Providers and Included Accounts, as taken from the Defaqto website at 0900 hours on the second Monday of each month (or, if that day is a bank or public holiday, the next working day) and we will pay at least this rate each month. This interest rate will be effective from the first day of the month following its calculation
13. If a Provider has more than one Included Account in the five highest Competitor Rates, only the top paying Included Account from that Provider will be used and the next highest placed Competitor Rate will be used to complete the five Included Accounts from which the interest rate will be calculated
14. If a Provider’s Included Account offers both monthly and annual interest options, the annual option will be used for the Competitor Rate
15. To ensure that the Included Accounts are a true representation of the best branch- based accounts:
    1. we may remove or substitute Providers if any of the Providers ceases to exist or merges its brand with that of another Provider or with Rafidain Bank. If we do this we will notify you by putting notices in our branches and on our website; or
    2. we may remove or substitute a Provider for any other reason and if we do this, we will tell you about it personally at least 30 days before we make the change
16. We may, at any time remove the interest rate payable on this account and apply another variable interest rate by giving you no less than 30 days' notice

17. You can withdraw any available funds in the account without notice or loss of interest