1.1 Milestone Savings is a trading name of Gatehouse Bank plc, a Shariah-compliant UK bank authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, with registered address at 14 Grosvenor Street, London, W1K 4PS. Our details are publicly available on the Register of the Financial Conduct Authority under reference number 475346.
1.2 Milestone Savings contact details:
Telephone Number: +44 (0)345 600 3350
Address: Milestone Savings, PO Box 861, Wallsend, NE28 5BP
2.1 These terms and conditions apply to your Milestone Savings account once your account is opened. Please keep a copy of these terms and conditions secure. You can download and print another copy from our website or request a copy from us. Should you require a large print or braille version, please contact us and we will send you a copy.
2.2 Words in bold in these terms and conditions are explained in the glossary (section 27).
3.1 The Milestone Savings account is an internet-based account which must be applied for online via our website. The account is opened when we have received all details requested during the application process, completed all necessary checks and verification and received your deposit amount in cleared funds within the period specified in clauses 3.4 and 3.5 and in accordance with these terms and conditions. Once opened, the account can be operated online with support from our Customer Service Centre via telephone, by email or by post. Our contact information is set out in section 1.2. If you are opening an account with a power of attorney, please see section 8.
3.2 During the application process, you will be asked to specify a nominated account. This must be a UK personal bank account or building society account held in your name and it is the account that you must use to make the deposit payment into your account. You are permitted to have one nominated account for all accounts held with us. If you also hold a joint account with us, the same nominated account will also be linked to this account. If instructed as part of your maturity option, the nominated account will also be the account to which we will send your deposit when your deposit matures at the end of the fixed term. Please ensure that your nominated account is able to receive electronic payments such as Faster Payments, CHAPS and BACS, as all transfers to nominated accounts are sent electronically.
3.3 Your profit must be paid to:
• your nominated account; or
• subject to availability, a separate profit account.
During the application process, you must specify, into which account you would like profit paid.
Please note that for some of our accounts the ability to pay profit into a nominated account or separate profit account is not available. If so, all profit will be paid only into your Milestone Savings account. Our website explains the product features relevant to your account.
3.4 We will apply the profit rate that was shown on our website when you applied for your account (or a higher rate if we have increased it), provided that you send us your deposit amount by bank transfer or by cheque within 14 days of making your application.
3.5 If we have not received your deposit amount in cleared funds within forty-five (45) days of your application to open the account, the account will not be opened and you will need to start a new application.
3.6 Only you may operate the account unless we have received a valid lasting or enduring power of attorney authorising another person to do so.
3.7 In order to open and continue to have the account with us, you must be resident in the United Kingdom or at a BFPO address and be aged 18 or over.
3.8 When you apply to open your account, we are required by law to check your identity and verify your address details. We may do this electronically using an appropriate external agency, or we may ask you for documentary evidence. We may also conduct further checks at any time during your relationship with us. We reserve the right to delay or decline the processing of your application or instructions until we have received satisfactory evidence of identity and verification of address.
3.9 If we cannot verify your details within forty-five (45) days then, subject to compliance with regulatory requirements, we will return funds without profit. Payment will be made by electronic payment or cheque to the bank/drawer and the account number of the bank/building society of the source funds only. If we receive the deposit via a cheque, funds will also be returned by cheque. We will not change this under any circumstances.
3.10 Any identification document you provide must be certified as a true copy unless we are receiving the original. Our “proof of identity” document, available on our website, explains what to do if we request any proof of identity.
3.11 We operate our accounts in accordance with the guidance given by our Shariah Supervisory Board.
4.1 A joint account may have a maximum of two account holders.
4.2 If your account is a joint account, these terms and conditions apply to both of you together and any of you separately. In the event of the death of any account holder, the account will remain open in the name of the surviving account holder. In the event of a dispute between the account holders, we (provided that we are made aware of the situation) will not permit any action to be taken in respect of the account, without the consent of both account holders. Notwithstanding this either account holder can provide or change maturity instructions or to the extent permitted, close or cancel the account, subject to these terms and conditions.
4.3 If you wish to open a joint account, each proposed account holder must complete the online account opening form and satisfy our proof of identity requirements. The first person named on the joint account is the main account holder. We will apply the postal address and email address of the main account holder to the joint account and will send all correspondence to those addresses unless we are responding to a specific instruction or query, in which case we will respond directly to the account holder who contacted us. The main account holder can be changed by contacting us.
4.4 To add a joint account holder to an existing account, you must complete the appropriate form which is available to download from our website. Both account holders must sign the form. You must post it to our Customer Service Centre (see section 1.2 for details). In order to add a joint account holder, we may require the new account holder to provide additional proof of identity or address. We do not accept telephone or email instructions to add or remove a joint account holder.
4.5 To remove a joint account holder, written instructions signed by both account holders must be sent by post to our Customer Service Centre (see section 1.2 for details).
4.6 For the avoidance of any doubt, all account holders of a joint account are equal. Unless otherwise agreed between us and the account holders, each account holder is entitled to operate the account independently of the other account holder. All account holders are jointly and severally liable for the account which means that you will be responsible for the account and for complying with these terms and conditions individually and together. This also means:
(a) any one of the account holders can operate the joint account without asking the other, and can give any other instructions in connection with the joint account. Those actions will be binding on the other account holder, even if they do not know about the instructions. We will not normally make any further enquiries before carrying out instructions although we may do so in certain circumstances. For example, if we are made aware of a dispute in relation to money in the account, we may seek instructions from both account holders before we act on an instruction;
(b) all fees and charges applied to the joint account (regardless of which account holder incurred them) will be taken from the joint account or, where there are insufficient funds in the account, we can ask both account holders jointly to pay those fees and charges or we can ask any one account holder individually to pay those fees and charges;
(c) each account holder is responsible for complying with these terms and conditions and we can enforce the whole of this agreement (including any action to recover money) against both or either one of the account holders, even if they were not themselves responsible for breaching the agreement; and
(d) we can use information provided by either account holder and we can disclose any information provided to us by one account holder to the other account holder.
4.7 If a joint account holder dies, we may request such necessary information as we require in order to operate the account and/or deal with someone else. The surviving account holder of the joint account has full authority to continue operating the joint account.
5.1 Subject to your account being opened in line with this agreement, your funds to open the account will be credited to your account on the date we receive them (unless received after the payment cut-off time – see section 9.4).
5.2 Profit payments will be identified in the statement of your profit account or nominated account, as may be applicable, using the term “dividend”.
5.3 You may incur charges in connection with the operation of your account. We will charge you:
a) to make CHAPS electronic payments;
b) for unpaid cheques; and
c) for recalled BACS transactions relating to payments into your account
These charges are set out on our website. These charges may vary from time to time. We will charge you the amount listed on our website on the date you incur the charge.
6.1 You cannot close the account before the maturity date except in the circumstances set out in these terms and conditions, and you cannot withdraw your money at any other time. If you change your mind about opening the account, you have the right to cancel your account and this agreement within fourteen (14) calendar days from the day the account is opened or from the day you receive a copy of these terms and conditions and the key product information document, whichever is later.
6.2 You can exercise your cancellation rights by sending us your request in writing to the address set out in section 1.2. You do not need to give us any reasons.
6.3 If you cancel your account during this period, we will, within thirty (30) days of the date of cancellation, return your deposit amount to you and a sum equal to the profit relating to the period the account was open. We will not charge you for this.
6.4 If you do not exercise your cancellation rights, you will be bound by these terms and conditions.
7.1 You may not close your account before the end of the relevant deposit period apart from:
• during your fourteen (14) calendar day “cooling off” period, as explained in section 6;
• following a change, as explained in sections 15.1, 17.2 and 17.3; or
• special circumstances where we agree in writing to close the account.
You must close your account if you stop being resident in the United Kingdom or at a BFPO address.
7.2 We will contact you at least twenty five (25) calendar days before the maturity date, to advise you of your forthcoming maturity. You will need to log in to your account to view and select your maturity option. If you do not select any maturity option before the maturity date, we will automatically transfer the amount equal to your deposit amount. All profit accrued will be paid into your nominated account. In addition to these terms and conditions, the easy access account terms and conditions will apply to your easy access account. These are provided with these terms and conditions and you can access these on our website.
7.3 We can close your account with immediate effect by giving notice to you by email or by post if:
(a) we are required by law or regulation to close your account;
(b) we reasonably believe that your account is being used for an illegal purpose;
(c) your account has been rendered inactive;
(d) we reasonably suspect that you have given us false information or documentation;
(e) you behave in a threatening, abusive or violent manner towards our staff;
(f) you commit a material breach of the agreement;
(g) a petition is presented for you to be made bankrupt or a bankruptcy order is made against you; or
(h) you are no longer resident in the United Kingdom or at a BFPO address.
7.4 If we close your account under section 7.3, any payment of profit is at our discretion.
7.5 If the account closing date or maturity date falls on a day which is not a business day, your account will be deemed to have matured at the end of the business day before the next business day, and funds will be paid the next business day.
8.1 If you want a third party to operate the account on your behalf, they must contact us on 0345 600 3350, where a power of attorney form can be requested. We will only accept a lasting or enduring power of attorney and we will need to see the original or a certified copy of the power of attorney. We will also take positive steps to ascertain the identity of that person in accordance with regulatory requirements. We may refuse your request.
8.2 By setting up a power of attorney you are conferring full legal authority on the named person to operate your account and we will not be liable to you, nor to the attorney, in any way where we carry out their instructions in relation to your account.
8.3 If a person authorised by a power of attorney wants to open and operate the account on your behalf, they must follow the process set out in section 8.1.
9.1 In accordance with these terms and conditions, you can only deposit money into the account when you open it and withdraw funds at cancellation, maturity, or (if permitted under these terms and conditions) closure. Payments into and out of your account can only be made in pounds sterling, from your nominated account and to your nominated account or profit account as applicable. Payments received from an account other than your nominated account will be rejected and the funds returned to the source. Please visit our website for advice on how to change your nominated account.
9.2 Payments into your account when you open it may be made by cheque, BACS, Faster Payments, or CHAPS. When paying your deposit amount you must provide your bank with our sort code and bank account number, together with your account number or application reference and any other information that we provide you with. Our sort code and bank account number are available in your welcome pack, by logging into your account online or by asking us by telephone, email or post.
9.3 If you, or the bank that provides your nominated account, do not provide the correct information to pay in your deposit amount and we are therefore not able to allocate the money to your account, we will return the money to you without profit. We will not be liable to you for any losses you incur as a result.
9.4 Money deposited by BACS, CHAPS, or Faster Payments, will be credited to your account on the business day on which we receive it or if we receive it on a day that is not a business day, on the following business day. For payments received by cheque, the calculation of profit will start two (2) business days after we process it.
9.5 We will make payments to your nominated account or profit account, as applicable, based on information you give us. Where you incorrectly identify the account, account number or sort code, or if you subsequently close your nominated account and do not update this information on your account information with us, we will make reasonable efforts to recover the payment made, but we will not be liable for any losses which may be incurred by you. We may ask you to pay a fee to cover our costs of tracing the payment.
9.6 Where a payment out of your account is properly authorised on cancellation, maturity or closure, we are responsible for its correct execution unless we can prove that the error was due to the fault of the receiving bank or building society. Where we are liable for an incorrectly executed payment out of your account we will restore your account to the state in which it would have been had the incorrect payment not taken place. Where we are liable for misallocation of funds to your account we will restore your account to the state it would have been in if the payment had been correctly made. We do not have to do this if the incorrect payment was due to abnormal and unforeseeable circumstances beyond our control, the consequences of which would have been unavoidable despite all efforts to the contrary or if you have provided incorrect information.
10.1 You must keep all of your security details (for example passwords, security numbers and personalised details) safe.
10.2 You must ensure that any device you use to access your account is safe and you must carry out regular virus checks and maintain firewall protection.
11.1 You can view your account and account information online by visiting our website and using the log-in information provided to you when you opened the account.
11.2 You must log on and check your account regularly and inform us immediately if you suspect there have been any unauthorised transactions.
11.3 You must tell us as soon as possible if someone (other than the joint account holder or power of attorney holder) uses your account or if you suspect someone else has access to your account or to your log-in information.
12.1 If you owe any money to us under any agreement with us, we can use any money in your account(s) in order to pay that sum. This is called our right of set-off. If this is a joint account, we can use our right of set-off from this joint account in respect of any money that either account holder owes us.
13.1 Except as set out in section 9, we will only be liable for your losses arising as a result of our fraud, wilful misconduct, or negligence but for no other reason.
13.2 Except as set out in section 9, we will not be liable to you for any delay or failure to provide any service for a reason beyond our reasonable control (for example industrial action, failure of power supplies or equipment or financial crime).
13.3 Nothing in this agreement excludes our liability for fraud by us, our staff or agents or our liability for death or personal injury caused by our negligence or the negligence of our staff or agents.
13.4 Nothing in this agreement excludes our liability for losses you suffer as a direct result of our failure to comply with our legal responsibilities to you including those under the Financial Services & Markets Act 2000.
13.5 There will be no limit on your liability where you have acted fraudulently or been grossly negligent.
14.1 You hereby appoint us as your agent for the purposes of Shariah on an ongoing basis with respect to investing your funds from your account in permitted transactions on the terms of and subject to the conditions set out in this agreement and we accept such appointment. We will continue to invest your funds until your account expires in accordance with these terms and conditions.
14.2 We agree:
(a) to invest the deposit amount in permitted transactions until such time as the account is closed; and
(b) to calculate the profit generated on the deposit amount at each calculation date (or on the account closing date if the account is closed under sections 6, 15.1, 17.2 or 17.3), and to credit the nominated account or profit account, as applicable.
14.3 You agree and represent that we will not assume, or be deemed to have assumed, any additional obligations to, or to have any special relationship with you other than those for which express provision is made in this agreement. In connection with our powers, discretions, authorities and duties under this agreement, we shall act solely as your agent in respect of the account and the matters described in this agreement. We shall not otherwise be regarded as your agent in any other respect whatsoever.
14.4 You as principal shall bear all the risks and liabilities associated with our reasonable acts as your agent, except those risks and liabilities resulting from our wilful misconduct, fraud or negligence.
14.5 You are entitled to seek by email or post from us limited reasonable details in our possession or control of the specific permitted transactions entered into by us on your behalf under this agreement. We shall have a reasonable amount of time to respond by email or post or by other means of communication to your request. Our decision on what information may be provided to you shall be final.
15.1 Under the principles of Shariah we cannot guarantee the profit rate. However, we monitor the account on a daily basis to ensure that the expected profit rate will be met. In the unlikely event that the expected profit rate will not be met we will contact you advising of the new expected profit rate. You will then have the option to accept the rate or terminate this agreement immediately upon which we will return the original deposit with the accrued profit up to that date.
15.2 At the end of each calculation period (or on the account closing date in case the account is closed pursuant to sections 6, 15.1, 17.2 or 17.3), we will calculate the profit generated on your deposit amount during the term of your account in accordance with the expected profit rate, and pay it to you together with the full deposit amount.
15.3 If the profit exceeds the expected profit, we will pay the expected profit to you and we will be entitled to retain the remaining amount.
16.1 All profit will be paid without deduction of income tax. Depending on your personal circumstances, you may be liable to pay tax on the profit received as HM Revenue and Customs will treat these amounts in the same way that savings interest payments are treated.
16.2 Individuals who are basic rate tax payers with savings income below prescribed levels will have no tax to pay on profit amounts received but other tax payers may have a liability to pay tax on profit amounts received. Tax will be collected automatically by HMRC through a change in the tax payer's tax code. If you complete a tax return, you should include in that the amount of profit received.
The applicability and rates of tax are subject to UK legislation and may vary in future.
16.3 Other taxes or costs may exist that are not paid via or imposed by us.
16.4 We may send your details to the tax authorities of other countries if we think you may be considered a tax resident of those countries and where the relevant legislation is in place.
16.5 If you are liable to pay tax in a country other than the UK or in addition to a UK tax liability, we may provide details of your accounts with us to the tax authorities of these other countries if legislation requires us to do so.
16.6 In certain circumstances, your account may be accessed by HM Revenue and Customs and they may require us to: provide information about you and your account, by serving an information notice on us; prevent you from accessing all or a portion of the money held in your account for a temporary period, by serving a hold notice on us; or transfer money to HM Revenue and Customs in respect of any unpaid taxes due from you exceeding a prescribed limit, by serving a deduction notice on us. If we have applied a hold or deduction to your account, we may (but are not obliged to) inform you of that and HM Revenue and Customs will advise you of this action separately. If we receive a hold notice, we may transfer the relevant amount to a suspense account. Such amount will continue to earn profit during the holding period. If, as a result of a deduction, your account falls below any minimum balance required, we may close your account and transfer the balance of your deposit amount and any profit accrued up to that date to your nominated account. If you pay your debt to HM Revenue and Customs at the same time as or after a deduction notice has been issued, any refund will be issued by HM Revenue and Customs directly to you and not to us. If you have additional needs that make it difficult for you to deal with these matters, you should advise us and we will let HM Revenue and Customs know.
17.1 We may from time to time change these terms and conditions. If we do so, we will notify you by email at least thirty (30) days before they are due to take effect. We may make changes for the following reasons:
(a) to reflect a change in law, regulation or rules or the approach of our regulator or trade associations, or a decision made by an ombudsman;
(b) to make them more favourable to you or to correct a mistake;
(c) to introduce new products or services or remove existing products or services;
(d) to reflect how we may change the operation of your account or the services involved with your account; and/or
(e) to implement changes recommended by our Shariah Supervisory Board.
17.2 If you do not agree with the proposed change(s), you may close your account before these change(s) take effect. If you do not close your account, you will be deemed to have accepted the changes.
17.3 We may from time to time vary the charges in connection with your account. Where we do so, we will notify you by email at least thirty (30) days before they are due to take effect. If you do not agree with the varied charges, you are free at any time to close your account without penalty before the change(s) take effect.
18.1 When you open your account, you will be asked to provide us with your postal address and a valid email address. These will be the registered postal address and email address that we will use in connection with your account. If you have a joint account, the postal address and the email address of the main account holder will be the registered postal address and email address for the joint account. We will send all notices, letters and other documents to your registered email address unless otherwise requested. Anything delivered by post will be deemed delivered ten (10) business days later and anything delivered by email will be deemed delivered on the same day unless a message failure notification is received.
18.2 If you change your postal address or email address or other contact details, you must let us know as soon as possible. If you do not, you may not receive important information and the information that we do send to your registered postal address or email address may not be secure. We will send a confirmation of your change of address to the old and new address. If we incur costs as a result of you failing to notify us of a change of postal address or email address, we may charge you for those costs.
18.3 All notices given by you or us will only be valid if given by email or by post.
19.1 We may hold and process your personal information for as long as is reasonably necessary in accordance with applicable data protection laws and we will treat it as private and confidential even if you no longer have an account with us.
19.2 We can use that information:
(a) to verify your identity;
(b) to provide you with information about products and services in connection with your account(s);
(c) for financial crime detection, prevention and prosecution purposes;
(d) for behavioural purposes;
(e) for training, analysis, evaluating the services provided to you, assessing risks and, where you have not opted out, for marketing purposes; and
(f) for managing your account and our relationship with you.
19.3 We will not disclose your personal information to any third party other than in the specific circumstances set out below:
(a) if we are required by English law or any other applicable law to disclose the information;
(b) to our insurers, agents, delegates and other persons acting in a similar capacity or where we outsource work to third parties, in each case, provided that they have agreed to keep the information confidential on the same basis that obliges us to keep your information confidential;
(c) where you have asked us to disclose the information or have otherwise consented to us doing so;
(d) for the purposes of administering your account we may share your information with our group companies. Your information will not be used for marketing purposes by those group companies without your consent;
(e) we may disclose your information to fraud prevention or credit reference agencies when we receive an application to open an account on your behalf and during the time you hold an account with us. If we receive false or fraudulent information, we may pass that on to fraud or other law enforcement agencies and we may use any information gathered from such agencies here and abroad;
(f) if we assign or transfer our rights or obligations under this agreement;
(g) if we are requested by our regulators or any other government agency.
19.4 Any of the information that we gather from you or our own research may be used by us for the management of your account, identification purposes and the prevention of financial crime, including money laundering. The information that we obtain may include electoral register information. Agencies that we use may continue to hold details of searches on your file (even if the application does not go ahead) and/or pass that information on to others. If you make an application with another person, for example, for a joint account, you will be linked with that person in such searches and for future searches by others.
19.5 Please ask us if you want to access records held by a fraud prevention or credit reference agency and we will tell you who we use and how to access those records (usually by getting in touch directly and in any case subject to any legal restrictions on access).
19.6 You agree and acknowledge that we and our agents and subcontractors may store and access your personal information outside the EEA for the purposes described above, in countries which do not offer an equivalent level of protection to countries within the EEA.
19.7 To obtain a copy of all personal information held by us – send a written request accompanied by a fee of £10 in the form of a cheque made payable to Gatehouse Bank plc, to the contact address at section 1.2.
20.1 If you are unhappy with any aspect of our service and want to make a complaint, please contact us at firstname.lastname@example.org in the first instance and we will try to resolve the complaint as fast and fairly as possible. A copy of our complaints procedure is available on our website.
20.2 If you remain unhappy, you can contact the Financial Ombudsman Service (FOS). The FOS is available to resolve certain complaints if they cannot be resolved through our internal complaints procedures. The contact details of the FOS are as follows:
Address: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
Telephone Number: +44 (0) 800 023 4567
21.1 If your deposit amount returns a loss, we shall offer to make good the amount of any shortfall that you may have suffered. We are required by current UK bank regulations and policy, to make this offer to you. If you choose to accept this offer, you shall be entitled to receive payment from us of the full amount that you had previously deposited with us. You are entitled to refuse this offer from us.
21.2 We would like to draw your attention to the guidance offered by our Shariah Supervisory Board. Their guidance is that if you accept our offer to make good the amount of any shortfall (set out in section 21.1), you will not be complying with Shariah principles.
21.3 Your eligible deposits are protected by the Financial Services Compensation Scheme (FSCS), the UK’s deposit protection scheme. The FSCS can pay compensation if a bank is unable to meet its financial obligations. Each account holder is entitled to claim up to the current FSCS limit which relates to the total value of all accounts you hold with us. Currently, this is up to £85,000 per person and £170,000 for joint accounts. Any deposits you hold above these limits are not covered. Please visit www.fscs.org.uk for further information.
22.1 We may transfer our rights in relation to your account.
22.2 We may also transfer our obligations under this agreement at any time but if we do so we will transfer our obligations to someone we reasonably consider capable of performing them, so as not to reduce your protections.
22.3 You may not transfer any of your rights or obligations in relation to your account.
23.1 This agreement forms the entire agreement and understanding between you and us with respect to your account and replaces and cancels any prior agreement or understanding between you and us about your account.
24.1 If any term or provision, or any part of a term or provision, in this agreement shall be held to be illegal or unenforceable in any way, then that term or provision, or part of such term or provision, shall be deemed not to form part of this agreement but the enforceability of the remainder of this agreement shall not be affected.
25.1 The laws of England and Wales govern this agreement and we both submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute between us, provided however, if you are a resident in Scotland you may start proceedings in the courts of Scotland and, if you are a resident in Northern Ireland, you may start proceedings in the courts of Northern Ireland.
25.2 As we both recognise and agree that the payment and/or receipt of interest is against Shariah principles, we agree that in any proceedings, neither of us will claim interest from the other and we both expressly waive and reject any entitlement to recover interest from the other including but not limited to any statutory rights.
26.1 To help us improve our service we may record or monitor phone calls.
26.2 We may suspend your use of your account due to legal obligations that apply to us. If we are legally permitted, we may notify you about this.
26.3 From time to time, we may decide not to exercise some of our rights under these terms and conditions, or we may give you additional time to comply with them. However, if we do so we may still require you to comply with these terms and conditions in the future.
26.4 These terms and conditions are only enforceable by you or, where there is a joint account, by the account holders, and so the Contracts (Rights of Third Parties) Act 1999 does not apply to anyone who is not an account holder. This means that other people (for example, third parties) are not entitled to enforce these terms and conditions.
26.5 Except as set out in section 22.2 and 25.2 above, your statutory rights are not affected by anything described in these terms and conditions. If you wish to understand what statutory rights you have, please contact us.
26.6 These terms and conditions are provided to you in English which is the language we will use to communicate with you throughout our dealings with you in relation to your account.
Defined terms used in these terms and conditions are set out below:
account means your Milestone Savings online fixed term deposit account opened in accordance with section 3.1 and includes references to a joint account. These terms and conditions apply to you even if the name on your account or the account number changes
account closing date means the date on which your account is closed under sections 6, 7.1, 7.3, 15.1, 17.2 or 17.3, rather than at maturity
account holder means the person (or, in the case of a joint account, persons) in whose name(s) an account has been opened
agreement means the agreement between us made up of the online account opening form and these terms and conditions together
business day means Monday to Friday, excluding English Bank Holidays
calculation period means a period of time equivalent to the relevant deposit period
deposit amount means the amount of funds initially available in the account to be invested by us which should be equal to or greater than the minimum deposit amount less any profit, which is paid and which sum is intended to be a deposit for the purposes of the Financial Services and Markets Act 2000
deposit period means, the period of time between your account opening and maturity, for example, a period of twelve (12) months, twenty-four (24) months, thirty-six (36) months, or sixty (60) months as the case may be, as specified by you in the online account opening form
easy access account means your Milestone Savings easy access account opened in accordance with section 7.2. These terms and conditions apply to your easy access account as well as the easy access account terms and conditions
easy access account terms and conditions means the terms and conditions applicable to your easy access account. These are provided with these terms and conditions which can be accessed on our website
expected profit means expected profit as determined by applying the relevant expected profit rate to the deposit amount
expected profit rate means the expected profit rate applicable to your account as specified on our website from time to time
joint account means an account where there are two account holders
joint account holder means an account where there are two account holders
joint account means an account where there are two account holders
joint account holder means the persons in whose names a joint account has been opened
main account holder means the first person named on a joint account
maturity date means the date on which your account matures at the end of the deposit period
minimum deposit amount means the minimum deposit amount specified in the product leaflet
nominated account means the United Kingdom personal bank account held in your name that you nominate to pay funds into your account and, if applicable, receive the deposit amount on maturity
online account opening form means the form which you must complete in order to open an account with us
permitted transactions means investments by us in Shariah compliant products which are approved by the Shariah Supervisory Board
person means an individual, and people means individuals.
personal information means information about you that we either obtain from you or from third parties such as credit reference agencies, fraud protection agencies or other organisations when making any checks on you or otherwise
power of attorney means a specific legal document which authorises someone else to operate your account; they can use the form provided on our website
product leaflet means the document (as amended from time to time by us) setting out (among other information) the minimum deposit amount and the expected profit rate, which is available to you at any time on our website
profit means the monies generated from investing the deposit amount in permitted transactions
profit account means the United Kingdom personal bank account you nominate to receive any profit. This may be the same as the nominated account. Not all accounts will have a profit account. Please refer to the product features on our website for more information
Shariah Supervisory Board means the committee we have established comprising eminent Islamic scholars to advise us on the Shariah rules and principles applicable to your account
terms and conditions means these terms and conditions
we, us, our means Gatehouse Bank plc trading as Milestone Savings
you, your, and person means the person(s) in whose name the account is held. If the account is a joint account, you and your means both of you or any one of you
1. In addition to your account terms and conditions, these additional terms and conditions apply to your easy access account.
2. Words in bold in these easy access account terms and conditions have the same meaning as explained in your account terms and conditions.
3. If there are inconsistencies between your account terms and conditions and these easy access account terms and conditions, these easy access account terms and conditions will apply in relation to the easy access account.
4. You should read these easy access account terms and conditions carefully as these will apply if your funds are transferred into an easy access account on the maturity of your account as set out in section 7.2 of your account terms and conditions. Please keep a copy of these easy access account terms and conditions. You can download and print another copy from our website.
5. These easy access account terms and conditions are effective from the date your account matures if you have not selected a maturity option.
6. On the date your account matures and if we have not received instructions from you, we will open an easy access account on your behalf and your funds will be placed into it. This easy access account is only available for accounts that have matured. You cannot open an easy access account in any other circumstances.
7. Your easy access account is an instant access savings account. You can transfer your funds to another Milestone Savings product (please see our website for products that may be available to you) or you can withdraw all or part of your funds to your nominated account. You cannot pay funds into your easy access account.
8. You can transfer funds out of your easy access account at any time by logging into your online account and you do not have to give notice to do so. Your log in details will remain the same as those provided to you when you opened your account.
9. Once we have received your instruction and authorisation to make an immediate payment out of your easy access account, it cannot be withdrawn. You can cancel a future dated payment if you give us notice by no later than close of business on the business day before the date you had requested for this payment to take place.
10. You may close your easy access account at any time by notifying us. We may close your easy access account by giving you at least 2 months’ notice apart from in the circumstances set out in section 7.3 of the terms and conditions, in which case we can do this with immediate effect.
11. We will provide you with information about transactions on your easy access account which you can access by logging in to your easy access account online.
12. Unless it would be unlawful for us to do so, we will notify you if we refuse to carry out any transaction, of the reason for the refusal and how to rectify any errors in your instructions.
13. Where a payment out of your easy access account is properly authorised, we are responsible for its correct execution unless we can prove that the error was due to the fault of the receiving bank or building society. Where we are liable for an incorrectly executed payment out of your easy access account we will restore your easy access account to the state in which it would have been had the incorrect payment not taken place. Where we are liable for misallocation of funds to your easy access account we will restore your account to the state it would have been in if the payment had been correctly made. We do not have to do this if the incorrect payment was due to abnormal and unforeseeable circumstances beyond our control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary or if you have provided incorrect information.
14. You are liable for an unauthorised transaction if you acted fraudulently or intentionally or with gross negligence failed to keep your security details safe. Where you have failed to keep your security details safe in any other circumstance you may be liable for up to £50 for any loss you incur up until the point you notify us that your security details have been lost, stolen, misappropriated or otherwise used without your authorisation.
15. Your easy access account earns a variable profit rate and is subject to change from time to time. Your current profit rate is set out on our website. If the profit rate applicable to your easy access account changes, we will notify you by email:
a. If the profit rate decreases we will notify you at least 2 months before the change is due to take effect. If you do not agree to the change, you may close your easy access account at any time before the change takes effect. If you do not close your easy access account, you will be deemed to have accepted the change.
b. If the profit rate increases, we can apply the change immediately and without giving you advance notice. Your profit will accrue on a daily basis and will be paid into your nominated account on an annual basis or when you close your easy access account.
16. We may change these easy access account terms and conditions from time to time. If we do, we will notify you by email at least 2 months before the change is due to take effect. We may make changes for the following reasons:
a. to reflect a change in law, regulation or rules or the approach of our regulator or trade associations, or a decision made by an ombudsman;
b. to make them more favourable to you or to correct a mistake;
c. to introduce new products or services or remove existing products or services;
d. to reflect how we may change the operation of your account or the services involved with your account; and/or
e. to implement changes recommended by our Shariah Supervisory Board.
17. If you do not agree with the proposed change(s), you may close your account before these change(s) take effect. If you do not close your account, you will be deemed to have accepted the changes.