C&g - co-op

http://www.lloydstsb.com/savings/online-step-bond.asp

Lloyds Banking Group are now offering the same Three Year Stepped rate bond which mirrors the same bond previously offered by C&G........

The interest rates do not quite match though, a bit of a bummer for maturing bonds....:o

Terms and Conditions..

We’ve already publicised the move of part of Lloyds Banking Group to TSB later this year. As a result of TSB becoming a separate bank, there will be some changes to your terms and Conditions. These changes will take effect after 14 August. We will be Publishing the effective date 7 days in advance. We are giving all our Customers details of the changes. If you have not already received these details, you will receive them in the post shortly. You will also be able to download the notice of these changes at lloydstsb.com, or ask in branch




Online Step Bond account terms and conditions

Our agreement with you is made up of general conditions (contained in the Personal Banking terms and conditions leaflet) and additional conditions. These include the conditions below and the Banking Charges guide. If there is any overlap or conflict between the additional conditions and the Personal Banking terms and conditions, the additional conditions apply.

The Online Step Bond (the Account) account conditions apply from the opening of your Account until the end of the three year fixed term.

The Account has a fixed interest rate, depending on the balance in the account and the length of time you have held the Account. It is a restricted savings account because there is a limited period after account opening when you can make payments into the Account and withdrawals are not allowed until the end of the term. It is provided by Lloyds TSB Bank plc or Lloyds TSB Scotland plc, depending on which bank your current account is with. If you only hold a savings account with us the Account will be provided by the bank your savings account is with.

1. Eligibility
   1.1 You must open the Account with a deposit of at least £2,000. You can only open it through Internet Banking.
   1.2 We must receive your opening deposit within 10 days of you opening the Account. During this time you can pay money into the Account through Internet Banking. From then on you cannot add any more to it.
   1.3 The maximum deposit we can accept into an OnlineStep Bond is £1,000,000. In total the maximum you can hold in fixed term accounts with us at any one time (excluding interest) is £5,000,000.
   1.4 To have the Account you must be 16 or over, and a UK resident.
   1.5 Your Account can be held in your sole name or jointly with someone else.
2. Term
   The term of the Account is three years.
3. Interest
   3.1 We will pay you interest at fixed rates, depending on the balance in the Account and the length of time you have held the Account.
   3.2 The Account interest rate will increase automatically in fixed steps on the first and second anniversaries of the date you opened the Account (or the next working day if your anniversary date is not a working day).
   3.3 We will pay interest once a year on the anniversary of opening the Account, or you can ask us to pay you interest monthly. If you choose to have your interest monthly it may be at a slightly different rate. If the day we are due to pay you interest is not a working day we will calculate your interest and pay it into your Account on the next working day.
   3.4 You can ask us to pay your interest into a different account provided it accepts faster payments.
   3.5 Interest will be paid net of income tax (currently 20%) unless you register your account with us to receive gross interest, where eligible. A separate registration is required for each account you hold.
4. Operate your Account
   You will be able to view your account using Internet Banking. For any other administration you should contact our branches or use Telephone Banking.
5. Withdrawals and early closure
   Withdrawals or early closure of the Account are not permitted under any circumstances during the term, except in the event of the death of the customer (or one of them). In this circumstance the deposit and interest to the date of early closure will be repaid (using the interest rate applying at the date of closure).
6. Maturity
   We will write to you before the end of your term asking for instructions about what you would like us to do with the money in your Account. If you do not give us instructions before the end of the term (or we cannot reasonably comply with your instructions) on the last day of the term (or the next working day if this falls on a Saturday, Sunday or bank holiday), your Account will automatically transfer to a Matured Funds account, and we will pay you interest at our Matured Funds rate. Your account number and sort code will not change. Part withdrawals are not permitted from Matured Funds accounts, but you can close them at any time.
   
   When we write, we may also send you information about other accounts we think may be appropriate, for example if we are offering similar accounts at the time that you may want to reinvest in.
7. Cancellation periodIf you are not happy with your choice of account, you can cancel it within 14 days of opening. If you decide to cancel we will repay you any money you have paid in together with any interest due on it, or help you switch the balance to another account. To cancel this agreement call in to one of our branches or write to us at Lloyds TSB Bank plc, BX1 1LT. There are no charges for cancelling your Online Step Bond agreement within the 14 day cancellation period, and you do not have to give advance notice. If you miss the 14 day deadline you will not be able to close your account.

In a way the CO-OP deal falling over is a big plus, remaining with Lloyds seems a better option......For all fixed rate C&G accounts.....:cool: