Guide to Savings or Investments Stroud & Swindon have a wide range of savings accounts that you are able to operate either via our branch and agency network, by telephone, post or through our Customer Service Centre.
This web page explains how our accounts operate and our general terms and conditions. Any questions, please contact us via our
Contact us page.
You can also download a copy of our
Guide to Savings. This file is supplied in PDF format and requires
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1. Introduction 1.1 These terms and conditions (referred to as the “Conditions”) apply to all savings accounts with the Society, except where they are inconsistent with special conditions for particular accounts (in which case, those special conditions will apply).
1.2 In the Conditions: “the Society”, “we”, “us” and “our” refer to Stroud & Swindon Building Society; and “you” and “your” refer to holders of savings accounts.
1.3 If you are a company, other form of corporation, partnership or unincorporated body (such as a club), please refer to Condition 23.
2. Membership 2.1 If these Conditions apply to your account you will (except where the account is a deposit account) be a member of the Society and therefore our Rules will apply. However these Conditions, or any relevant special conditions for a particular account, will override the Rules in case of any inconsistency. A copy of the Rules is available on request.
2.2 A few of our savings accounts are classified as deposit accounts. We will tell you when you open an account if you have a deposit account. Deposit accounts are included in the Financial Services Compensation Scheme.
2.3 New investing members from 21 April 1999 are subject to the Society’s Charitable Assignment Scheme, full details of which are set out in the relevant application form(s).
2.4 If, in exceptional circumstances, your account has a zero balance or becomes overdrawn then your membership with the Society in respect of this account will cease.
3. Opening an account 3.1 We will require evidence of identity and address before an account is opened. If we receive money without evidence of identity that is satisfactory to us, then the money will be returned.
3.2 Once you have opened an account, you have 14 days after the contract is entered into (or, if later, 14 days from the day you first receive, on paper or electronically, these terms and conditions and other information relating to the account) to notify us in writing at our Head Office that you want to change your mind. If you notify us within this time, we will help you switch to another of our accounts or, assuming we have received cleared funds, give you back your money together with any interest it has earned. We will ignore any notice period and any extra charges.
3.3 Please note that condition 3.2, and the option to change your mind, do not apply to fixed rate accounts.
4. Account details
4.1 The address that you provide in the application form for the account will be the registered address for you, and will remain the registered address for you until it is changed in our records.
4.2 It is your responsibility to notify us of any change of address. You should also notify us of any change of name, telephone number and e-mail address (if you have told us you want to be contacted in this way). All notifications must be in writing and bear your signature.
4.3 You agree to produce evidence of any new name or address, if we ask to see it. If your account has a passbook, you must send or produce it to us so that we can note the change of details.
4.4 You agree to provide us with specimen signatures, if we ask for them.
4.5 If you have more than one savings account with us, you must make sure that the registered address we have for you is the same in respect of each account.
4.6 If
- you lose your passbook; and
- at or about the same time you notify us of a change of address, then we will not issue any cheques from the account payable to anyone other than you for a period of 14 days from the date we receive the notification. This is to protect you against possible fraud.
5. Minimum and maximum account balances 5.1 The minimum and maximum amounts that can be held in any particular account are set out in the special conditions for that account. Further details are available in our range of Savings Made Simple booklets.
5.2 If the amount of money in the account falls below the minimum investment and/or balance set out in the special conditions for the account, we may:
- either pay interest on the money then invested in the account at the standard variable rate of interest which applies to the starting band of our Classic Gold Account; or
- we may close the account by sending a cheque to the registered address.
5.3 If we decide to close the account as a result of the amount of money in the account falling below the minimum investment and/or balance, we will pay interest up to and including the day before we close the account. We will give you at least 30 days’ notice before doing this. During this period, you can pay in more money to bring the balance up to the minimum.
5.4 The overall maximum holding by any one person in respect of all savings accounts with the Society is £1,000,000.
6. Paying money into your account Branch and agency accounts 6.1 Unless special conditions for a particular account specify otherwise, you can generally pay money into your account at any of our branches or agencies by cash, cheque, bank transfer or post. However, for security reasons we do not accept cash by post. Please see Condition 7.2 regarding when interest becomes payable.
6.2 If money is paid in by bank transfer or by BACS, it is your responsibility to make sure that all the account details are provided correctly.
6.3 For security reasons, we reserve the right to refuse to accept large sums of money in notes or coins. We are unable to accept coins totalling more than £25 in value. For amounts under £25, coins can be accepted if sorted or bagged. Please note we do not accept coins into our Branch Instant Account.
6.4 You can pay money into your account by standing order but you will need to set this up direct with your bank. We cannot accept payments into your account by direct debit. Postal or telephone based Direct accounts
6.5 Unless special conditions for a particular account specify otherwise, you can generally pay money into your account by bank transfer or cheque through the post. Please see Condition 7.2 regarding when interest becomes payable.
6.6 If money is paid in by bank transfer or by BACS, it is your responsibility to make sure that all the account details are provided correctly.
6.7 We are unable to accept coins or notes into our Direct accounts.
6.8 You can pay money into your account by standing order but you will need to set this up direct with your bank. We cannot accept payments into your account by direct debit.
7. Interest 7.1 We will tell you the interest rate that applies to your account (and when it is paid or credited) when you open it. This information is also available:
- in our interest rates leaflet;
- on our website;
- on our telephone helpline;
- by asking our staff at our offices and by looking at notices in our offices.
7.2 On our accounts we generally:
- calculate interest on a cash sum (including standing order and direct payments from bank) paid in from the day after the day we receive it, and on any amount withdrawn up to and including the day before the day you make the withdrawal. Interest on cheques paid in will begin to earn interest on the second working day following receipt. For example, if we receive your cheque on a Monday, your money begins earning interest on a Wednesday.
- Give you the choice of having the interest added to the account, paid into another account with us, or paid into your bank account.
However, this may vary depending on the type of account. You should check the special conditions for particular accounts. Further details of how and when interest is payable is contained in our Interest Rates leaflet and literature relating to particular accounts.
7.3 To help you compare interest rates on our different accounts, we will send you, at least once a year, a summary of these accounts (including accounts no longer available) and their current interest rates, unless your account has a balance of less than £100.
7.4 Subject to any special conditions that apply to particular accounts, we can change interest rates as set out in Conditions 7.5 to 7.7 below.
7.5 We may change interest rates at any time if we reasonably believe that the change is needed for any of the following reasons (which may relate to circumstances existing at the time or those that are expected to apply in the near future):
- to reflect market conditions (including interest rates payable by other institutions);
- so that we can compete more effectively with other financial institutions;
- to reflect changes in our costs;
- changes in the way we administer accounts;
- to maintain our financial strength for the benefit of all our customers;
- to take account of changes in law, decisions of a regulator or Ombudsman, or any code of practice with which we intend to comply.
7.6 Changes may include the introduction or alteration of “bands” under which:
- interest is not paid where the balance in the account is below a certain level; and/or
- different rates apply depending on the balance in the account.
7.7 When we make these changes:
- i) for branch based accounts we will tell you about them by placing notices in our branches and in two daily newspapers within three working days of the change. The current newspapers we use are The Guardian, The Independent, The Daily Mail and The Daily Telegraph.
- ii) for Direct and internet based accounts we will tell you about them within 30 days of the change by letter or e-mail if you have told us you want to be contacted in this way or other personal notice.
7.8 The information on our telephone helpline and our website will be updated within three working days of an interest rate change.
7.9 Where we introduce or alter the interest rate bandings on accounts under conditions 7.6, then condition 19 will apply instead of condition 7.7.
8. Account Charges 8.1 We do not at present make any charges relating to the day to day running of your account. However, from time to time services are provided to our customers which do incur a charge. Details of the savings services fees are contained in a separate leaflet. You can also find them on our website, or by telephoning our helpline or enquiring at our branches.
8.2 Where the charge does not relate to the day-to-day running of your account we will tell you before we provide the product or service (except for charges in respect of unpaid cheques), or at any other time you ask.
8.3 We can introduce or make changes to the charges we make at any time if we reasonably believe that the change is needed for any of the following reasons (which may relate to circumstances existing at the time or those that are expected to apply in the near future):
- to reflect changes in our costs;
- changes in the way we administer accounts;
- to reflect market conditions (including charges made by other institutions);
- so that we can compete more effectively with other institutions;
- to maintain our financial strength for the benefit of all our customers;
- to take account of changes in law, decisions of a regulator or Ombudsman, or any code of practice with which we intend to comply.
8.4 If we introduce or increase a charge relating to the day-to-day running of your account, we will give you at least 30 days’ notice by letter, e-mail or other personal notice, before the charge comes into effect.
9. Withdrawals from your branch or agency based accounts 9.1 Withdrawals of cleared funds are subject to the special conditions for particular accounts and to any branch or agency withdrawal limits that we reasonably impose. The current limits are set out in our savings guides.
9.2 No withdrawal will be allowed unless you produce the passbook at the time of withdrawal. A withdrawal which would cause the account to become overdrawn will not be allowed.
9.3 We may refuse to allow a withdrawal:
- if we are not satisfied that we have the proper written authority for the withdrawal, in accordance with the mandate you have given to us; or
- if we suspect fraud, or otherwise have reason to doubt the lawfulness of the transaction;
- or against uncleared funds (see Condition 11).
9.4 In exceptional circumstances, we may impose a limit on withdrawals if at any time we reasonably consider it necessary to protect the interests of our members.
9.5 If a withdrawal is made by a cheque in favour of someone other than you, we will not stop payment of the cheque unless we have clear evidence of fraud, or that the cheque has been lost, stolen or destroyed.
10. Withdrawals from your telephone/postal Direct account 10.1 Withdrawals of cleared funds will be by transfer direct to your bank or building society account by BACS (Bank Automated Clearing System) and are subject to the special conditions for particular accounts. The current limits are set out in our savings guides.
10.2 No withdrawal will be allowed if it would cause the account to be overdrawn.
10.3 We may refuse to allow a withdrawal:
- if we are not satisfied that we have the proper authority for the withdrawal, in accordance with the mandate you have given us; or
- if we suspect fraud, or otherwise have reason to doubt the lawfulness of the transaction; or
- against uncleared funds (see Condition 11).
10.4 In exceptional circumstances, we may impose a limit on withdrawals if at any time we reasonably consider it necessary to protect the interests of our members.
11. Uncleared funds
11.1 You will not normally be allowed to withdraw money against uncleared cheques. The normal central clearing cycle for banks is three working days for cheques and automated payments. However as the Society does not clear its own cheques, our normal practice is to allow withdrawals against a cheque six banking days after it has been paid in. Although we will allow you to withdraw against cheque deposits six banking days after deposit the cheque can still be returned unpaid. Certainty of fate (or fate as it is commonly known) is the time at which you can be certain that the funds cannot be reclaimed from your account without your consent unless this is due to fraudulent activity. Fate will occur at the end of the sixth banking day following receipt.
11.2 If a cheque that you have paid into your account is lost during the clearing process, then it will not be cleared and (provided we have not acted negligently) we will take the amount from your account accordingly. It will then be your responsibility to obtain a replacement for the lost cheque.
11.3 The Society’s own cheques are regarded as being “cleared” immediately. This means that when you pay one of our cheques into your savings account, you can withdraw funds at once.
12. Closing your account
12.1 You can close your account at any time, subject to any special conditions that apply to particular accounts and to normal administration requirements.
12.2 We can close your account at any time without giving any reason, but
- we will give you at least 30 days’ notice; and
- we will not use this right to repay a fixed term savings account before the end of the fixed term.
- In exceptional circumstances, such as suspected fraud, other criminal activity, or threatening or abusive behaviour we may close your account immediately.
12.3 If we close the account, we will pay interest at the agreed rate up to the day preceeding repayment. We may make repayment by sending you a cheque to the registered address on the account.
12.4 If we close the account in full and make repayment to you, in person or by post, then you will have no further right or interest and your membership of the Society will cease in respect of this account.
13. Statements We will send you a statement of account annually, unless the special conditions for a particular account specify otherwise. You should check all statements carefully. If there is an entry which seems to be wrong, you should tell us as soon as possible.
14. Taxes Where required by legislation, interest will be paid or credited after deduction of income tax at the appropriate rate. There may be other taxes or costs that are not paid through us or charged by us.
15. Joint accounts and trusts 15.1 If an account is held in more than one person’s name, then only the holder whose name appears first in our records will be entitled to membership rights (such as the right to receive notices of, and to attend and vote at, meetings). This is subject to any rights given to other holders by any Act of Parliament.
15.2 You can choose the order in which the names appear in our records. Any change in the order will happen when our records are actually changed.
15.3 We will treat joint account holders as being entitled to the money in the account in equal shares.
15.4 Where one account holder dies, we will, on receipt of satisfactory evidence of the death, treat the surviving holder(s) as being entitled to the account. We do not accept accounts on any other basis. The other terms of the account will remain unchanged.
15.5 Withdrawals and other transactions on a branch based joint account need the signatures of all account holders, unless all of them have authorised us to accept the signature of any one of them or (if there are more than two holders) any combination of them.
15.6 For joint accounts operated via our Direct distribution channel, both account holders must sign the declaration form but only one signature/authority is necessary for withdrawals and other transactions. If we have reason to think that there is a dispute between account holders we may (but will not be obliged to) require the signatures of all account holders.
15.7 Any authorisation given under Condition 15.5 can be stopped by any account holder.
15.8 If we have reason to think that there is a dispute between account holders we may (but will not be obliged to) require the signatures of all account holders, despite any authorisation that has been given to us previously under Condition 15.5.
15.9 If there is a relationship between the account holders which ceases, you will need to inform us if the account is to be closed or you want any name to be removed from the account. If you do not inform us then, even if we know about the relationship breakdown, we will continue to operate the account in accordance with the instructions that you have given us. This may mean that withdrawals and/or closure of the account will be permitted on one signature.
15.10 We may freeze the account if we have reason to think that there is a dispute in relation to the money in the account. However, we will not be obliged to do this, unless we are ordered to do so by a court.
15.11 Any correspondence relating to the account will be sent to the address of the first-named account holder, unless you instruct us otherwise.
15.12 The liability of joint account holders is joint and several. This means that each of you is separately responsible to us for the performance of all the obligations of the account holders, and not just a share of them.
15.13 Further details about the rights and responsibilities of joint account holders are contained in the leaflet “You and Your Joint Account”. A copy of this is available on request.
15.14 We do not recognise any trusts or other terms applicable to monies invested with us. We do not have to recognize the interest or claim of any person other than the account holder(s) in respect of any money held in the account (and we will not have any liability for failing to do so), except as may be required by law.
16. Transfers Unless the special conditions for a particular account say otherwise, you may ask us to transfer your savings account to another person. We do not have to agree to this and if we do agree, it may be subject to conditions and/or payment of a charge.
17. Unclaimed balances 17.1 If no payment into or withdrawal from your account is made:
- for a period of three years (where the amount in the account is less that £100); or
- for a period of five years (where the amount in the account is greater than £100)
and we cannot trace you (after having made reasonable efforts to do so), then we may close the account. However, any money in it will remain yours and if you contact us later (and provide any necessary evidence of identity) we will repay the money from the closed account to you, together with interest at a rate that we reasonably consider to be appropriate.
17.2 Condition 17.1 is subject to any rules that may be made under any legislation
18. Account documents 18.1 We may issue you with a passbook, certificate or other similar document relating to your account. If we do:
- the document will belong to us;
- you agree to return it to us for updating, or for any other purpose we reasonably require;
- you agree to keep it safe, and to tell us as soon as you discover it has been lost or stolen; and
- for branch or agency based accounts the document must be produced to us before any withdrawal from the account is made.
18.2 We may issue a replacement for lost or stolen documents but this may be subject to payment of a charge and/or other conditions. These conditions may include:
- providing us with reasonable evidence of the loss or theft;
- notifying, and co-operating with, the police;
- restricting withdrawals from the account for a certain period from the date you notify us of the loss or theft; and
- signing any form of indemnity that we may require.
18.3 If someone other than you produces your account document to us, pretends to be you or authorised by you, and is therefore able to withdraw money from the account, you will be liable for the amount of any withdrawals if you have acted fraudulently and you may be liable if you have acted without reasonable care.
18.4 You should check your passbook regularly. If there is an entry which seems to be wrong, you should tell us as soon as possible, so that we can resolve the matter.
19. Changing these Conditions 19.1 We can change these Conditions and/or terms on which your account is held if we reasonably believe that the change is needed for any of the following reasons (which may relate to circumstances existing at the time or those which are expected to apply in the near future):
- to respond to changes in the law or decisions of a court or ombudsman
- to meet regulatory requirements;
- to make the terms clearer or fairer
- to provide you with extra benefits or services;
- to respond to new (or changes to) statements of codes of practice or industry guidance designed to enhance consumer protection.
19.2 Any change we make under Condition 19.1 will be proportionate to the circumstances giving rise to the change.
19.3 A change which is not to your disadvantage may be made immediately and without prior notice. We will tell you about the change within 30 days.
19.4 A change which is to your disadvantage will be effective only after at least 30 days’ notice is given to you. At any time up to 60 days from the date of the notification you may switch your account or close it without having to give any period of notice or pay additional charges.
19.5 Notices under Condition 19.4 will be sent by individual letter or email. Notices under Condition 19.3 may be given in this way, or instead be given by general notice in our branches, principal office and website in conjunction with advertisements in two daily newspapers of our choice. The current newspapers we normally use are The Guardian, The Independent, The Daily Mail and The Daily Telegraph.
19.6 Except as stated in Condition 7.9 this Condition 19 does not apply to changes to interest rates or charges, which are dealt with in Conditions 7 and 8.
19.7 If we have made a major change or a lot of minor changes in any one year, we will give you a copy of the new terms and conditions or a summary of the changes.
20. Notices 20.1 You will be taken to have received any letter or e-mail or other personal notice 72 hours after we have sent it to you.
20.2 If we, accidentally, fail to:
- send to you a communication intended for our investors generally or a category of investors of which you are one; or
- display a notice at any of our offices
this will not make the notice invalid.
20.3 If an error is made in a notice, but this is corrected shortly afterwards by a subsequent notice, the notice period will run from the date of the original notice.
21. Matters beyond our control We will not be liable to you if we are unable to provide any service in connection with your account because of strikes, power failures or other causes beyond our reasonable control.
22. Other debts to us We may use the money in your account towards payment of any money that you owe us which is due for payment but has not been paid. We will notify you if we do this. No interest will be earned on money used in this way.
23. Companies, etc If you are a limited company or other type of corporation, you will need to authorise officers to operate the account. The application form has further details. We will also require evidence of identity and address for these persons.
24. General and Specific Conditions In addition to these Conditions, the special conditions of your account are set out in the relevant promotional material. You should retain the booklet for future reference. If any special condition is inconsistent with these Conditions, the special condition is to apply.
25. Law These Conditions are governed by the laws of England and Wales.
26. Language All communications between you and us will be in English unless we specifically agree otherwise.
Information Section
Opening a savings account To open an account with the Society, you will need to review our product literature and then speak to our staff if you have any queries. You would need to let us have:
- a completed application form;
- at least the minimum investment amount for the type of account;
- proof of your identity and your address; and
- HM Revenue and Customs form R85, if applicable (see below under “Tax”).
Please note that we can refuse to open an account without giving any reason.
Identification requirements We are required by law to check the identity and address details of all account holders. Please refer to our leaflet about
“Personal Identification” for further information
If you already have an account with the Society, and the details we have about you have not changed, then we may not need to check your name and/or address.
We reserve the right to carry out any further checks on your identity if we think we need to do so in order to comply with our legal obligations. You may need to let us have additional evidence if you change your address.
As part of these checks, we may make searches with credit reference agencies. These searches will not adversely affect your credit file.
These additional checks are in order for us to meet our obligations under the Money Laundering Regulations as well as providing you with the peace of mind that we are protecting customers against possible fraud or the misuse of the banking system.
Amendment to personal details Please keep us informed if any of your personal details change (such as your name, address, telephone number or e-mail address). We are required to advise you of various issues affecting your membership of the Society and we will do this by writing to the last address you have given us. We are entitled to assume that it has reached you within 72 hours of posting to that address.
Terms and conditions
The terms and conditions that apply to all our savings accounts are set out in the first section of this booklet. Special conditions may apply to particular types of account. You will find them in the booklets dealing with these accounts. Charitable assignment We require that, when you open an account, you agree to assign to the Charities Aid Foundation any windfall benefits to which you might become entitled on any conversion or takeover. Please see the relevant savings application form for further details.
This requirement does not apply to you if you have been a member of the Society continuously since 21 April 1999.
Changing your mind If you open a new account and then change your mind, then as long as you tell us by writing to us at our Head Office within 14 days after the contract is entered into (or, if later, 14 days from the day you first receive, on paper or electronically, the terms and conditions and other information relating to it) you can:
- have your money back;
- or switch to another available account.
In this case, you will not have to:
- give any period of notice;
- lose any interest on the account you are closing;
- or pay any other charges.
Cheque receipts must be cleared before the money can be refunded. This will take six bank working days.
This section does not apply to fixed rate accounts or to accounts where the price depends on rises and falls in the financial markets outside our control that may happen in the cancellation period.
Income Tax For basic rate taxpayers, we are required by HM Revenue and Customs regulations to deduct income tax at the appropriate rate from any interest paid and to account for this amount to the HM Revenue and Customs. If you pay income tax at a higher rate, you will have to pay additional tax on the interest - to cover the difference between the tax deducted by us and the higher rate due.
If you are a non-taxpayer, we can pay interest gross (i.e. without deduction of tax). All you need to do is complete and return an R85 registration form. Please ask us if you need one. Non-taxpayers who have already had income tax deducted in a previous tax year should complete form R40 (only available from the HM Revenue and Customs).
If you are under 16, the Form R85 (if appropriate) must be completed and signed by a parent or guardian. On reaching the age of 16, a new Form R85 (if appropriate) must be signed by you. If we do not receive this, interest will be paid net of tax.
More information is available in ”Bank and Building Society Interest” booklet (current reference -IR110), available from your local tax office.
On joint accounts where one saver is a non-taxpayer and the other pays tax, we can pay 50% of the interest gross.
If we have paid gross interest and we receive notification later that it should have been paid after deducting tax, we reserve the right to recover any overpayment. This right will not be used if we are responsible for the error.
Joint accounts Unless the special conditions for a particular account specify otherwise, accounts can be opened in the names of two or more people (up to a maximum of four). Although joint accounts can be convenient, it is very important that you understand the consequences of having an account in more than one name.
These are set out in condition 15 of the terms and conditions section of this booklet. A booklet “You and Your Joint Account” is available on request.
Cheque Clearing Our normal practice is to allow withdrawals against a cheque six bank working days after it has been paid in. Interest on a cheque paid in will be calculated two working days after we receive it. For more information, please see conditions 7.2 and 9 and 10 of the terms and conditions. Alternatively, ask for our leaflet on this subject.
Death If an account holder dies, please notify us as soon as possible. In the case of a single account holder, his or her personal representatives may close the account (after providing evidence of their authority to do so) by withdrawing all the money, together with any interest earned. If the account is held jointly, we will close it and automatically transfer the balance into the name of the surviving account holder(s). If the sum due to the estate is less than £10,000 we may pay the money to the person entitled without a formal grant of probate or letters of administration.
Data protection and confidentiality Under data protection laws you have the right to see the personal records we hold about you. You will have to pay a fee (currently £10) if you want to exercise this right. Please contact us at our Head Office for more details.
Data held by us about you will be kept while you are a customer and may be held for up to six years after your relationship with us as a customer has ceased. You can always let us know if information we hold about you has changed, so that we can make sure it is updated.
More details of the information we hold about you, and what we use it for, are contained in the application form.
We will treat all your personal information as private and confidential (even when you are no longer a customer). We will not give your details to anyone (even other companies in our group) unless:
- we have to give the information by law;
- there is a duty to the public to disclose it;
- you request us to disclose it, or we have your permission to do so; or
- our interests require us to give the information (for example, to prevent fraud). We will not use this as a reason for giving information for marketing purposes.
Please note that your telephone conversations with us may be recorded and monitored to ensure security for our customers and staff and to help maintain service quality.
Marketing of services To help you keep up to date with our products and services, we may tell you about these. We may also tell y