Legal Information

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Mortgages
Savings
Charges
ASU
General

Mortgages

We take into account your personal and financial circumstances and the value or price of the property. These and the products you choose will affect how much we lend you.

Intelligent Finance is a division of Bank of Scotland plc. Registered in Scotland number SC327000. Registered office: The Mound, Edinburgh, EH1 1YZ, United Kingdom. Bank of Scotland is part of Lloyds Banking Group. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Individual Savings Accounts (ISAs)

ISAs first became available on 6th April 1999. PEPs in existence at 5 April 2008 were reclassified as Stocks and Shares ISAs. 'Mini', 'Maxi' and 'TESSA only' terminology was removed at 6 April 2008.

You can subscribe to two types of ISA: a Stocks and Shares ISA and Cash ISA. Intelligent Finance offers a Cash ISA. You have an annual ISA investment allowance of £11,880 in this tax year and can save up to £5,940 of that allowance in a Cash ISA. If you have an Intelligent Finance Cash ISA, you can't subscribe to any other Cash ISA in the same tax year but you can subscribe to a Stocks and Shares ISA. If you subscribe to ISAs held with different ISA managers you are responsible for ensuring that you don't subscribe to a disallowed combination of ISAs, and that you don't exceed the overall annual ISA investment limit of £11,880.

You can transfer some or all of the money saved in previous tax years from Cash ISAs to Stocks and Shares ISAs without affecting your annual ISA investment allowance. You can also transfer money saved in the current tax year in a Cash ISA to a Stocks and Shares ISA. But if you do this you must transfer the whole amount saved in the Cash ISA during the current tax year. Once that money is transferred from a Cash ISA to a Stocks and Shares ISA it is treated as if it had been invested directly into a Stocks and Shares ISA which means that you can then invest any remaining balance of your annual ISA investment allowance in the tax year. This means that you can still invest up to £5,940 in your Cash ISA if it has not been used for stocks and shares

You do not pay any personal tax on any of the income you receive from ISA savings and investments nor do you pay any tax on capital gains arising on ISA investments.

The Government may choose to change the tax free status and the savings limits (per tax year) of ISAs. Tax treatment depends on your individual circumstances and may change.

The minimum initial deposit to open an Intelligent Finance Cash ISA is £1.00. There is no minimum annual deposit required.

If the Bank of England base rate moves up, the rate on the Cash ISA will change within one calendar month to at least the Bank of England base rate.

All TESSA-only ISA funds have been treated as ISA subscriptions since 6th April 2005. Cash ISA rates apply.

Charges

No one-off or regular charges of any kind, e.g. no charges for withdrawals or for any regular service (such as the use of cash machines), except that charges for replacements (e.g. duplicate statements, lost cards) are permitted. Intelligent Finance meets this standard.

Access

Minimum transaction size to be no greater than £10. Withdrawals within seven working days or less. Intelligent Finance has no minimal transaction size. There is no limit on the amount or number of withdrawals other than the funds available in the jar. And, there is no notice period for withdrawals, they can be made on the same day as requested.

Terms

Interest rate no lower than two percentage points below base rate (The rate published by the Bank of England in connection with its open market operations). Upward interest rate changes must reflect base rate movements within a calendar month. Downward changes may be slower. No other conditions, e.g. no limits on frequency of withdrawals. Intelligent Finance meets this standard.

Accident, Sickness & Unemployment (ASU) Insurance

Intelligent Finance, a division of Bank of Scotland plc, The Mound, Edinburgh EH1 1YZ, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

Intelligent Finance Accident, Sickness and Unemployment Insurance is underwritten by Pinnacle Insurance plc., whose registered office is at Pinnacle House, A1 Barnet Way, Borehamwood, Hertfordshire, WD6 2XX.

Pinnacle Insurance plc proposes to choose English law as the law which applies to the policy.

You can, at any time, ask the insurers for detailed information about compensation arrangements. These compensation arrangements apply in the event that an insurer goes into liquidation and cannot pay its debts.

If you have any complaint regarding your ASU cover, please contact Pinnacle Insurance plc: Pinnacle House, A1 Barnet Way, Borehamwood, Hertfordshire, WD6 2XX.

Should the matter still not be resolved to your satisfaction, you will have the right to refer your complaint to: Financial Ombudsman Service (FOS), South Quay Plaza, 183 Marsh Wall, London E14 9SR However, please note that there are some instances when the FOS cannot consider complaints.

The above does not affect your legal rights.

General

We may monitor or record telephone calls.

You can only open and operate an Intelligent Finance plan or part of it if you live in the UK. These details should not be regarded as an offer to provide credit or investment products in any jurisdiction outside the UK.

You must be 16 or over. Credit facilities are only available to people aged 18 or over. We take into account your personal and financial circumstances.

A credit reference check will be carried out in respect of each applicant and, whether or not credit is granted, the agency will retain a record of each search for its own use.

Missed payments or under payments on a mortgage are rolled up and added to the loan and must be repaid over the remaining term of the loan.

For more details and written quotations, telephone 0845 609 4343.

If we agree to let you have an overdraft, we will decide your overdraft limit and tell you what it is. Overdrafts are repayable on demand.

We give you the choice of maximising the interest you receive or minimising the interest you pay us. If you choose to pay borrowing rates of interest on your outstanding mortgage balance, we will pay you equivalent interest rates on corresponding amounts in your current account and savings. If you choose to pay no interest on all or part of your outstanding mortgage balance, we will not pay interest on a corresponding part of your current account or savings.

The way we link jars and how we work out interest is explained in the Intelligent Finance conditions.

You should consider the income tax position when deciding which products to have in your Intelligent Finance plan, whether you wish to be paid interest on your savings each month or once a year and which option you want us to use for the balance netting calculation.

AER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded each year. The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%).

Monthly savings interest rates are available at a slightly lower rate.

Tax-free is the contractual rate of interest payable where interest is exempt from income tax.

Important information about compensation arrangements

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the bank including their share of any joint account, and not to each separate account.

For further information about the compensation provided by FSCS (including the amounts covered and eligibility to claim) please call us on 0845 609 4343, refer to the FSCS website www.FSCS.org.uk or call 020 7741 4100 or 0800 678 1100. Please note only compensation related queries should be directed to the FSCS.

Deposits in Intelligent Finance or IF branded accounts are held with Bank of Scotland plc. Accounts with Bank of Scotland plc include accounts with its divisions and trading names: Halifax, Birmingham Midshires (BM Savings), Bank of Scotland, Bank of Scotland Private Banking, Bank of Scotland Germany, Bank of Scotland The Netherlands, Bank of Scotland Treasury, Lloyds Bank Corporate Markets, Lloyds TSB Corporate Markets, St. James's Place Bank. Some savings accounts under the AA Savings, Saga and Charities Aid Foundation brand names are also deposits with Bank of Scotland plc. An eligible depositor's £85,000 limit relates to the combined amount in accounts under all of these names.

If you are unsure whether your account is held with Bank of Scotland plc please check your account literature.

Our products and offers are subject to conditions. We can withdraw them without notice.

We may change charges and make new or different ones (or change the way in which you have to pay them). We may also change interest rates.

We (and any other members of our group of companies) will keep any commission we (or they) receive in connection with any insurance we (or they) arrange.

Credit facilities provided by Intelligent Finance, a division of Bank of Scotland plc.

Information correct as at 7th April 2014.

 


 

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