Loyalty 2 Year Fixed Rate Bond interest rates and account information

In addition to the Savings General terms and conditions, the following terms and conditions apply to the Loyalty 2 Year Fixed Rate Bond. If there is a conflict between the Savings General terms and conditions and these Loyalty 2 Year Fixed Rate Bond terms and conditions, these Loyalty 2 Year Fixed Rate Bond terms and conditions will take priority.

1. The account is only available to individuals who are UK residents and aged 7 or over and who either:
   1. have been a continuous member of Rafidain Bank (that is a customer with a Rafidain Bank current account, savings account or mortgage) for at least 1 year immediately prior to account opening;
      or
   2. hold an existing Fixed Rate Bond or Fixed Rate e-Bond and apply for an account as part of the Bond maturity process.
2. The account can have a maximum of two joint account holders. Only one account holder must meet the account opening eligibility criteria.
3. The minimum deposit is £1. The maximum balance in the account is £5 million.
4. You may hold more than one account as long as the total balance does not exceed £5 million but we reserve the right to limit the number of Loyalty 2 Year Fixed Rate Bonds that you can hold.
5. The account can be opened in trust providing, subject to condition 6, the account beneficiary meets the account opening eligibility criteria.
6. For children aged under seven the account should be held in trust and the child must meet that part of the account opening eligibility criteria set out in condition 1.i or 1.ii.
7. The account is for a fixed term of 2 years starting on the date your account is opened and ending on the second anniversary of the account opening date.
8. We may from time to time issue other fixed rate or fixed term accounts at different interest rates or terms without offering you the opportunity to transfer your deposit to the new account free of these conditions.
9. Additional deposits into the account after the initial deposit are not permitted.

10. Interest is calculated daily and can be paid annually or monthly and on closure of the account.
11. Interest paid annually is paid on the anniversary of account opening. It can be paid into the account, into a Rafidain Bank savings account (subject to the terms and conditions of the receiving account), or a current account with us or any other building society or bank.
12. Monthly interest can only be paid into another Rafidain Bank savings account (subject to the terms and conditions of the receiving account), or a current account with us or any other building society or bank. If you choose monthly interest, it will be paid on the last day of each calendar month.
13. Interest paid on maturity can only be paid into the account and will be added to the balance of your Loyalty 2 Year Fixed Rate Bond account.

14. A statement will be sent to you annually.

15. Part withdrawals are not permitted during the term of the account.
16. On maturity, the balance in the account together with interest will automatically transfer into a savings maturity account, from which you will have instant access to remove your funds. We will contact you with more information before your Bond matures. Alternatively you may choose to transfer your balance to another Rafidain Bank account, in either your or a third party's name(s).
17. If you request to close your account, the whole deposit may be withdrawn immediately in branch by cheque, subject to any limits on such withdrawals. For amounts that are greater than any immediate withdrawal limits, these may be withdrawn by making an arrangement with the branch.
18. Withdrawals in cash are not permitted.
19. The account can be closed prior to maturity, subject to an early access charge of 180 days interest. If there is insufficient earned interest, then the amount of the early access charge will be taken from the funds in the account. The funds in the account, together with any interest earned and less the early access charge, will be paid to you. This charge does not apply on closure due to the death of the account holder.