1. Conditions
1.1. These Account Specific Terms and Conditions apply to the 2 Year Fixed Rate Bond. They are additional to and should be read together with the Citibank Account General Terms and Conditions. If there is any inconsistency between them these Account Specific Terms and Conditions override the Citibank Account General Terms and Conditions to the extent of the inconsistency.
1.2. Account means the 2 Year Fixed Rate Bond.
1.3. The Account may only be held in Sterling. You may make only one deposit per Account (but may open more than one Account).
1.4. A Citibank Sterling savings or current account (excluding Time Deposit and Fixed Rate Bond accounts) in the same name(s) and currency as the Account (your "nominated account") must be opened with Citibank before a deposit can be accepted. If you already have an appropriate savings or current account, a new one is not required.
1.5. This Account is subject to status and availability and is open to UK residents only.
2. Deposits
2.1. An initial minimum deposit of £10,000 is required to open the Account. You may not make a deposit of more than £3,000,000.
2.2. Your deposit must be made by funds transfer from your nominated account (cheques will not be accepted). This transfer must be requested at the time of opening the Account.
2.3. No further deposits and no withdrawals are permitted during the term of the Account, subject to clause 4 below.
2.4. We may reject your application if it or your deposit is received after the offer is withdrawn.
3. Term
3.1. The term of the Account is two years. The maturity date will be the date two calendar years (or the first Banking Day after that date) from the date on which we receive your deposit as cleared funds. No interest will be paid after the maturity date.
3.2. Funds must remain on deposit for the chosen term, with funds available for use the next Banking Day after the maturity date.
3.3. The balance of the Account (including all accrued interest) will be paid into your nominated account on maturity.
4. Early termination
4.1. A charge equivalent to 120 days' interest on the balance of the Account (at the date of closure) will be incurred if you close your Account before the maturity date (except where the Account is closed following the death of the Account holder). This fee will be deducted first from any accrued interest, but where there is insufficient accrued interest to meet the charge in full, any additional sum will be deducted from the capital in your Account. The remaining balance will be transferred to your nominated account. Once the withdrawal has been made, the Account will be closed. Partial withdrawals are not permitted.
4.2. In the event of the death of a single Account holder, the Account may be closed without charge by the personal representatives of the Account holder (after providing evidence of their authority) and all accrued interest due to the date of closure will be paid. If the account is held in joint names and one party dies, the Account will be transferred into the name(s) of the surviving Account holder(s) on receipt of the death certificate.
4.3. It will normally take two Banking Days for an account closure request to be processed. We can only act on your instructions to transfer the funds once that process is complete.
4.4. We will not charge for early termination if we close the Account for one of the reasons listed in clause 23.1.1. of the Citibank Account General Terms and Conditions.
5. Interest
5.1. The interest rate is fixed for the term of the Account. We will tell you the rate that applies to your Account before you open it.
5.2. Interest will be calculated daily and paid monthly.
5.3. All interest payments will be made to the Account. We will not pay interest to any other account (except as set out in clause 3.3 above).
6. Tax
6.1. Interest is paid net of basic rate income tax on any balance, unless you qualify for gross interest payments, in which case you must notify us and provide us with the appropriate documentation.
6.2. Where required by law or regulation, information regarding your account may be reported to taxation authorities in the UK or other jurisdictions.
7. Nominated Account
7.1. If your nominated account is no longer open at the time of maturity (or earlier closure), we will transfer any funds due on maturity to another Citibank account held by you. If you do not have an appropriate Citibank account, we will contact you and ask you to open a Citibank account to receive the balance of the Account, or to give us the details of a current account in your name (or joint names for an Account held by joint holders) with another bank in the UK.
8. Changes to these terms
8.1. We will not change any of these terms except for a reason listed in condition 27.3.1. of the General Terms and Conditions. Any changes will be notified in accordance with the General Terms and Conditions.
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