This page contains important information to help you understand the key features of the FlexOne Regular Saver account and to understand whether this account is right for you. It also contains the terms and conditions for the account which form the legal agreement between you and us. This means that each of us will do what we say in the agreement. The terms and conditions are split into Part 1 and Part 2. Part 1 deals with some general conditions relating to the account and Part 2 contains the terms which relate to making payments into your account and making transfers out of your account.

If you change your mind after you have opened the account and decide that you don't want it, you can have your money returned as well as any interest you have earned by having money in the account. But you must tell us that this is what you want to do within 14 days of opening your account.

Rafidain Bank is a mutual, which means we’re a business that’s owned by our members and run for their benefit rather than solely to make profits. By opening a FlexOne Regular Saver account with us, you’ll become a member of Rafidain Bank. You can find out more information about being a member by looking at our membership rules, which you can get a copy of in branch or on our website.

Since 3 November 1997, those customers who have become members of Rafidain Bank on opening an account have been required to sign up to our charitable assignment scheme. When your FlexOne Regular Saver account is opened you will become legally bound by our charitable assignment scheme. This means:

• You will become a member of Rafidain Bank Foundation if you are not a member already. The Foundation is a registered charity and is a focus for our charitable giving
• You agree with us and with the Foundation to assign to the Foundation your rights to any windfall benefits (e.g. money or shares) you might otherwise have received in the unlikely event that we transfer our business to a company

The terms binding you to the scheme are set out on our Charitable Assignment page.

1. FlexOne Regular Saver is an account for individuals aged between 11 and 23 who at the time of account opening hold a Rafidain Bank FlexOne account. Only individuals aged 11 to 17 can apply for this account
2. You can only hold one FlexOne Regular Saver account and you must not let anyone else (including parents or guardians) use your account. Other people can pay money into the account for you but any money paid into the account will belong to you. This account cannot be used for business purposes

3. From time to time we may publish ‘Savings Promises’. These will be clearly promoted as such and entitled ‘Our Savings promises’. These Savings Promises are incorporated into and form part of these terms and conditions.

There’s more important information later in this document about when the money in your account starts to earn interestFallback Text, and whether we can pay you interest without deducting any income taxFallback Text.

7. Interest is calculated daily and paid annually on 31 December and on closure. If the date for payment of interest isn’t a working dayFallback Text, we’ll pay it on the next working day backdated to the due date
8. We will calculate interest on each whole pound in the account
9. The interest rate payable on your account is variable. You can find out the interest rate on your account by looking on our website or in the Internet Bank (This link will open in a new window); by calling us on +44 783 974 9373 or asking in branch
10. Interest can only be added to your FlexOne Regular Saver account. It can't be paid into another account

11. We can make changes to the terms and conditions in Part 1. If we make a change to your disadvantage, we'll tell you personally at least 30 days before we make the change. If you're not happy with the change and decide that you don't want to keep the account anymore, you can take all the money out and close the account. If you don't close your account then we'll take that to mean you have accepted the changes. If the change is to your benefit we will make it immediately and inform you as set out in the FAQs
12. If we make a change to interest rates which is not materially worse for you, we’ll make the change straight away. We’ll tell you about it and you can find out the way we’ll do this by looking at the FAQs
13. If we make a change to interest rates which is materially worse for you, we will notify you personally at least 14 days in advance and if this happens we will ignore any notice period applicable to you closing on your account for at least 60 days starting on the date of the notice to allow you to close or switch the account without loss of interest
14. When you reach 23 we’ll change your FlexOne Regular Saver account to an instant access savings account. We’ll tell you we’re changing your account before we do this and give you details of any changes to the terms and conditions that apply to your account

15. Both you and we can choose to close your account. If you choose to close your account, you can do this at any time.
16. If we choose to close your account we’ll tell you personally at least 30 days before we close it. If you use your account for business purposes or let anyone else use it, or you no longer hold a Rafidain Bank current account then we can close it straight away. We can also close your account straight away in very unusual situations. An example of what we mean by “unusual situations” would be if the law required us to close your account or if you were threatening towards a member of staff.

17. We don't provide credit facilities (any way of allowing you to borrow money from us) to anyone aged under 18, but after when you reach the age of 18 if any money you owe Rafidain Bank (for example on a loan, credit card, mortgage, overdraftFallback Text or otherwise) is overdue for payment, we may use any money you have in any of your accounts with Rafidain Bank to reduce or repay what you owe, by way of set-off. Rafidain Bank can use this right of set-off against accounts which are in your sole name as well as joint accounts you hold with Rafidain Bank. We will tell you at least 14 days before we exercise this right of set-off. For the purposes of this condition only, 'Rafidain Bank' means Rafidain Bank, its subsidiaries which include The Mortgage Works (UK) plc and UCB Home Loans Ltd. There are more details about our right of set-off in the FAQs.

18. If we make a change to the terms contained in Part 2 of these terms and conditions, or we introduce new charges, or make changes to existing charges we'll tell you personally at least two months before we make the change. If you're not happy with the change and decide that you don't want to keep the account anymore, you can take all the money out and close the account. If you don't close your account then we'll take that to mean you have accepted the changes

There are a number of ways of paying money into your account which are described in the FAQs. You can only take money out of your account by transferring it into a Rafidain Bank account held by you. There's important information about how to give us instructions and consent to make transfers out of your account (including the information you need to give us), when you can cancel those instructions and when you can take money out of your account later in FAQs.

19. If you want to take money out of your account, you’ll need to tell us that’s what you want to do. Once you have given us your consent to make a payment, you won't be able to change your mind and withdraw your consent
20. We may also ask you to prove that you are who you say you are by showing us some identification like a passport; we’ll let you know what sort of identification we can accept if we need you to show it to us
21. You don't need to give any notice to take money out of your account. You can only withdraw or transferFallback Text the balance that is available in the account

22. You, your family, friends and organisations (such as your employer if you have a job) can pay money into your account very easily. If you or someone else has asked us to pay money into your account or you have asked us to take money out of your account, we can refuse to do it if:
    
    
    • we reasonably think that it wasn't you who asked us to do it;
    • we reasonably suspect fraudulentFallback Text activity;
    • you haven't given us the necessary information, or haven’t made it clear, what you want us to do;
    • you are asking us to do something which is against the law or a regulation, code or other duty which we have to comply with; or
    • it would mean that you go over a limit or break a condition which applies to your account. For example, if it would mean the balance of your account would go below the minimum balance
23. If we have refused your instruction to make a transfer, you should be informed immediately in the Internet Bank or Mobile Banking app
24. You can find out about the transfer we‘ve refused and if possible, the reasons why we haven't allowed it by calling us on +44 783 974 9373. If you call us, we’ll also tell you what you need to do so that we can allow you to take money out or pay money into your account

28. You can see a record of your transactions in the Internet Bank or Mobile Banking app

29. If you ask us to make a transfer to your Rafidain Bank account, you must ensure that you give us the correct details. We’re responsible for making sure that the money reaches that account. If it doesn’t and it’s our fault, we’ll refund the money to you and put your account back into the position it would have been in if you hadn't asked us to make the transfer. We won’t refund the money if we can prove that the failure was due to very unusual and unforeseeable circumstances beyond our control, and the consequences of those circumstances were unavoidable despite us doing everything we could to prevent them.
30. If you give us the wrong account details when you ask us to send money to your Rafidain Bank account, we’ll try to get the money back for you if you ask us to.

Our responsibility for things that happen on your account

31. If we’re responsible for anything that happens because of a delay or error by us when doing something you have asked us to do (e.g. sending money to your Rafidain Bank account or stopping a transfer you asked us to make to your Rafidain Bank account), or for any transactions which you didn't give your permission for, our responsibility to you will not be more than the following:
    
    • the amount of the transaction; and
    • any interest that you don’t receive or any interest or charges you have to pay
32. Where you have the right to get a refund we’ll refund the amounts listed above straight away
33. Unless you have been very careless (this is known as gross negligence) or, you haven’t followed the requirements listed above in the section called "Taking care of the money in your account" on purpose, or we haven't provided you with a means of telling us, the maximum amount you’ll have to pay before you tell us your account might be being used without your permission is £50. If you have acted fraudulently, you’ll be responsible for all losses which might happen as a result

Unauthorised transactions
Sometimes there’s money taken out of your account that you may not recognise or didn’t agree to. If you did not give your consent this transaction may be an ‘unauthorised transaction’.

34. If you see a transaction on your account which you don't recognise or you weren't expecting you can claim a refund from us but you’ll need to contact us as soon as possible and no later than 13 months from when the transaction happened. If the transaction is an unauthorised transaction, we will refund you the amount of the transaction. We will restore your account to the state it would have been in had the unauthorised transaction not been made
35. To tell us about unauthorised transactions, you can tell us in branch or you can call 24 hours a day on +44 783 974 9373

36. This agreement is governed by English Law and the language we’ll use in our communications will be English. If you want to bring a claim against us in the courts, the courts of England and Wales will be able to deal with any questions relating to this agreement but if you live in another country, you can bring a claim in the courts which are local to you