If you lock your money away for one or two years you can enjoy market beating interest rates of 2% and 3% AER. The minimum deposit is £1,000. Members can save up to £15,000 across all of their retailCURe accounts. All deposits are protected under the Financial Services Compensation Scheme.
Interest Bearing Term Deposit Savings Account – Summary Sheet
Eligibility: To open an account you must be a UK resident aged 16 or over and qualify under the ‘common bond’ requirements; that is you must work in retail. This is defined as working for ‘a retailer, in retail manufacturing, retail wholesale distribution or in support services for retail’.
Duration: The account will run for the period selected on your application form and you cannot withdraw your money for the term of your account without losing all interest that would have otherwise been payable.
Deposits: We will only accept one deposit from you into each term deposit account and this must be made by electronic transfer. You may have multiple deposit accounts.
Maturity: We will contact you (in writing by email or post) up to 30 days before your account reaches the end of its term to tell you the date your account will mature. You will be able to access your total funds on the first business day following maturity.
Dividend: A Term Deposit account will accrue interest at the rate that was advertised when the account was opened. Any withdrawals outside of the selected term will forfeit any interest.
1.1 To open an account you must be a UK resident aged 16 or over and qualify under the ‘common bond’ requirements; that is you must work in retail. This is defined as working for ‘a retailer, in retail manufacturing, retail wholesale distribution or in support services for retail’.
1.2 You can only use your account as a personal account. You must not use it as a club, charity, sole trader, company, partnership or other kind of business account or for any business purposes.
1.3 We are obliged to confirm the true identity of all applicants and reserve the right to decline an application to open an account from you or any deposit.
1.4 The minimum deposit is £1,000 and the maximum aggregate total of deposits with retailCURe is £15,000 (across Easy Access and Term Deposit accounts, excluding interest paid).
1.5 You must take all reasonable security precautions to prevent misuse of your account and your customer security details (this can include account details, and other security details which can include security codes, passwords or secure personal information which allow you to access your account).
2. Duration (term) and cancellation
2.1 The account is for a fixed term (either 12 or 24 months) which will start on the day the account is funded (within maximum 30 days from opening of the account).
2.2 The account will run for the term selected by you on your application form and you cannot withdraw your money for the term of your account.
2.3 For 14 calendar days after the date we deem that you have received your welcome letter or the account is opened, whichever is the latter, you have a right to cancel and close your account without giving any reason. Your deposit will be returned to your nominated bank account. You will not be entitled to any interest accrued during this period.
2.4 We can end this agreement and close your account if you do not pay into the account the minimum deposit required under condition 1.4 within 30 days of the account being opened.
2.5 Should you wish to withdraw funds before the end of the term you will forfeit the right to any interest and your deposit will be returned to your nominated bank account. Authorisation of early withdrawal is at the discretion of the credit union.
3. Making a deposit
3.1 We will only accept one deposit from you into your account (although you are able to open/hold more than one Term Deposit account at a time). The aggregate funds you can deposit from external sources into retailCURe is £15,000 (Easy Access and Term Deposit accounts).
3.2 Deposits must be made by electronic transfer.
3.3 If a payment is fraudulently or mistakenly paid into your account, the amount of the payment will subsequently be removed from your account. If you have transferred all or part of the moneys, we will actively seek repayment from you.
4.1 Authorisation for withdrawal before maturity is at the discretion of the credit union. Any withdrawals outside of the agreed term period will not be subject to any interest.
4.2 We will write to you (email/post) up to 30 days before your account reaches the end of its term to advise you of the date your account will mature, what options are available to you and request your subsequent instructions.
4.3 Following maturity, should you wish to withdraw your funds including interest, your account details will remain the same and you will be able to access your new balance on the first business day following maturity.
4.4 In the absence of specific instruction to the contrary, at maturity, your account will automatically roll over into a new Term Deposit at the same fixed term and then current rate.
4.5 Following a roll over, should you wish to withdraw your invested funds (including interest) at any stage within the new term period you will forfeit the right to any interest from this term and your deposit will be returned to your nominated bank account along with any interest accrued from fully matured terms.
5.1 A Term Deposit account will accrue interest at the then current rate and will be specified in the Welcome Letter.
5.2 We will calculate interest on a daily basis on available money in your account. You will be able to view the accrued interest monthly.
5.3 We will pay interest to your account at maturity.
5.4 If this date falls on a day other than a business day it will be paid on the following business day.
5.5 Interest will be paid gross. It is your responsibility to report the income to H.M. Revenue & Customs.
5.6 If during the term of your account you leave the UK to reside in another EU member state, we will, in accordance with the provisions of the EU Savings Direct, inform H.M. Revenue & Customs of your name, address and interest credited to your account and in turn H.M. Revenue & Customs may pass this information to the tax authorities in the country in which you reside.
6. Personal Data
6.1 We may use the contact details you have provided, including address and telephone numbers, to contact you. You must phone us on 01614681888 email us via firstname.lastname@example.org or write to us at retailCURe, Unit 2 Slater House, Oakfield Road, Cheadle Royal Business Park, Cheadle, SK8 3GX at your earliest convenience regarding any change of name, address or other contact details.
6.2 We may use, analyse and access your information to maintain and develop our relationships with you. We and other organisations may also access and use this information to prevent fraud and money laundering, for example:
6.3 We will disclose information outside retailCURe only:
6.4 We may also disclose information to licensed credit reference agencies about how you conduct your account(s) and this information may be shared with other financial institutions to help make financial decisions about you and anyone with whom you are linked financially or other members of your household. Our enquiries or searches may be recorded – and credit reference agencies may supply us with financial information.
7.1 We may make changes to the services or conditions of this account and we may introduce new services or conditions. Changes may be to the services or these conditions for the following reasons: