Changes to current accounts from 31 October 2018

31.07.18 Category:News
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In order to comply with law and regulation, further detail on your personal current account will be introduced to make things clearer. This detail will not impact the services or fees and charges on your personal current account, but will make it easier for you to compare common charges and fees across our personal current account range and those offered by other providers.

We will make things clearer by introducing a set of Standardised Terms for some of the most common services that may incur a fee. We will update our Terms and Conditions, website and other communications to reflect these standardised terms. A new Glossary will be introduced to help explain these terms, which will be available on our website. You’ll see the same terms used across all banks from 31 October 2018.

To help you compare certain fees and charges for a specific account, we’ll be introducing a Fee Information Document for each of our personal current accounts, including accounts that are no longer available to open. This will show the fees and charges that are linked to the most common services, making it easier for you to choose the right account for you.

In 2019 we’ll also be introducing a Statement of Fees. We’ll provide it annually so that you can see any fees and charges that you’ve incurred on your account, as well as any interest earned over the last 12 months. The Statement of Fees will replace the Annual Summary of Fees we currently send you.

Please note that none of the changes detailed above will result in any change to the fees or charges on your account, or the way that you manage it.

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  • Current Accounts

    Cater Allen current accounts offer full banking facilities and a Visa Debit Card.

    Accounts are also available to be held in Euro and US Dollar with instant transfers between these and Sterling accounts, with no currency conversion fee.

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    Each client can view all of their accounts via a single log-in within Internet Banking, making it simple to see how longer term savings or instant access money can be most wisely deposited.

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  • Term Deposit

    Our sterling Term Deposit Accounts for personal customers are designed to provide personal clients with a fixed interest rate on funds of £50,000 or over that can be deposited for an agreed term of between 3 months and 36 months with an interest rate which is fixed on the day of deposit.

    Please note that no withdrawals/closures are permitted during the fixed term. However, should there be extenuating circumstances, early withdrawal/closure will be considered, at the complete discretion of Cater Allen Limited. In these instances your account will only be credited with the capital. In the event of the death of the holder of the account, the capital will be repaid with interest earned to date.

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