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12 month term deposit

 

  • Market beating 1.5% AER
  • One-off deposit amount
  • Minimum deposit £1,000
  • Deposit up to £15,000 across your
    retailCURe accounts
  • Financial Services Compensation Scheme coverage

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  • An interest bearing account
  • Fair rates
  • Available to view online service
  • Single lump sum deposits accepted
  • Max £15,000 accepted over accounts
  • FSCS protection

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. Eligibility

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. Maturity

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. Interest

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 membersupport@retailcure.org.uk 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:

  • To undertake statistical analysis, financial risk assessment, money laundering checks (which may include telephoning you), compliance and regulatory reporting, fraud prevention and recovering debt
  • To help us identify products and services which may be of interest to you (unless you have asked us not to)

6.3 We will disclose information outside retailCURe only:

  • Where you have provided your agreement for retailCURe to share your contact details with retailTRUST
  • To any persons, including, but not limited to, insurers and/or employers who provide a service or benefit to you or for us in connection with your account(s)
  • To licensed credit reference agencies as set out below
  • To fraud prevention and other agencies to help prevent crime or where we suspect fraud
  • If compelled to do so by law
  • For the purpose of compliance and regulatory reporting and to confirm your identity for money laundering purposes, which may include checking the electoral register
  • To any person we will or intend to transfer our rights or obligations

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. Changes

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:

  • To make these conditions easier to understand or fairer to you
  • To correct mistakes, ambiguities, inaccuracies or omissions where it is reasonable to do so or as a result of customer feedback
  • To make improvements to the services we provide which are of benefit to you
  • To reflect changes in security design or technology at no increased cost to you
  • To respond to changes in the law, codes of practice, industry-wide fraud prevention practices, court or ombudsman decisions or new regulatory requirements or practice
  • To respond to changes in the general retail practices of banks and other organisations offering similar services including the terms on which they offer similar products
  • If we reasonably believe the change is necessary in the interests of our business as a whole, for example to protect our financial strength
  • Where the change is more favourable to you we will tell you of any change at the earliest opportunity after the change has been made in statement messages or statement inserts, or by writing to you (email/post). The change will apply to your account automatically from the date of the change
  • Where the change we make is not favourable to you we will tell you of any change by personal notice at least 30 days before we make the change. We will inform you via statement messages or statement inserts, or by writing to you (email/post).The new service or conditions will apply to your account automatically. However, if you do not agree to such a change you can, at any time up to 30 days from the date we tell you of the change switch your account or close it without paying any extra charges or interest. If you do not switch or close your account you will be deemed to have accepted the change.