Terms & Conditions

Time Deposit Accounts

Time Deposit Accounts

Time Deposit Accounts (Accounts opened before 9th March 2010)

1. Conditions

1.1. These Account Specific Terms and Conditions apply to the Time Deposit Account. 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 Time Deposit Account.

1.3. The Account may only be held in certain currencies (you can ask us for details of currencies in which the Account is available). You may make only one deposit per Account.

1.4. A transaction account in the same name(s) and currency as the Account must be opened with Citibank before a time deposit can be accepted. If you already have an appropriate transaction account, a new one is not required.

2. Deposits

2.1. An initial minimum deposit is required to open the Account. We will tell you what this is before you open the Account.

2.2. No further deposits and no withdrawals are permitted during the term of the Account, subject to clause 4 below.

3. Terms

3.1. The term of the Account is as agreed with you on Account opening.

3.2. Funds must remain on deposit for the chosen term with the maturity date falling on a Banking Day, with funds available for use the next day.

4. Early termination

4.1. A charge will be incurred if you close your Account before maturity. The charge will reflect any loss and costs we incur as a result of your early termination. We will tell you the amount of the charge before closing the Account.

5. Options

5.1. You can specify that the Account is single maturity or auto-renewal, as follows:

5.1.1. single maturity - the single maturity Account will have a fixed maturity date at the end of your chosen term. At maturity, the initial deposit and the interest accrued will be disbursed in accordance with your instructions. The Account will then be closed.

5.1.2. auto-renewal - you may choose to renew either your initial deposit or your initial deposit plus the interest accrued. We will maintain your original Account for the same term as the original deposit, at the rate and on the terms and conditions applicable to the Account in that currency at that renewal time (if the terms and conditions are not the same as the original deposit we will tell you what they are before the Account is opened). If you choose to renew only your initial deposit, then the interest accrued will be disbursed as per your instructions. You may choose to cancel the auto-renewal or change your interest disbursement preference provided you notify Citibank at least three Banking Days before the end of a term. The initial deposit and the interest accrued will then be disbursed in accordance with your instructions.

6. Interest

6.1. Interest will be calculated daily and applied to the Account at the end of the term (for single maturity accounts) or, if you have an auto-renewal account, on each maturity date in accordance with your instructions under clause 5.1.2 above.

6.2. Interest is calculated on a 360-day basis for foreign currency Accounts and on a 365-day basis for Sterling currency Accounts. We will tell you if this applies to your Account when it is opened.

7. Tax

7.1. Interest is paid net of income tax on any time deposit of £50,000 or under or the currency equivalent, unless you qualify for gross interest payments.

7.2. Interest is paid gross on any time deposit over £50,000 or the currency equivalent.

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.

Time Deposit Accounts (Accounts opened on or after 9th March 2010)

1. Conditions

1.1. These Account Specific Terms and Conditions apply to the Time Deposit Account. 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 Time Deposit Account.

1.3. The Account may only be held in certain currencies (you can ask us for details of currencies in which the Account is available). You may make only one deposit per Account (but may open more than one Account).

1.4. A Citibank savings or current account (other than a Time Deposit or Fixed Rate Bond account) in the same name(s) and currency as the Account (your "nominated account") must be opened before a time deposit can be accepted. If you already have an appropriate account, a new one is not required.

1.5. The 14-day cancellation period specified in the General Terms and Conditions does not apply to this Account.

2. Deposits

2.1. An initial minimum deposit is required to open the Account. We will tell you what this is before you open the Account. We will also tell you the maximum deposit that can be made.

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.

3. Terms

3.1. The term of the Account is as agreed with you on Account opening and the maturity date will be the first Banking Day following the end of that term.

3.2. Subject to clause 4 below, 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 will be paid into your nominated account on maturity.

4. Early termination

4.1. A charge equivalent to 60 days' interest on the balance of the Account for terms of up to and including 6 months, or 120 days' interest for terms over 6 months 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.

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 applied to the Account at the end of the term.

5.3. Interest is calculated on a 360-day basis for foreign currency Accounts and on a 365-day basis for Sterling currency Accounts.

6. Tax

6.1. Interest is paid net of basic rate income tax on any time deposit of £50,000 or under or the currency equivalent, unless you qualify for gross interest payments, in which case you must notify us and provide us with the appropriate documentation.

6.2. Interest is paid gross on any time deposit over £50,000 or the currency equivalent at the time of deposit, as long as the term of the deposit is less than five years.

6.3. 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.