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Legal Information

Newcastle Building Society is licensed under the Gibraltar Financial Services Ordinance No. FSC00052A.

Newcastle Building Society is authorised and regulated in the UK by the Financial Services Authority www.fsa.gov.uk/register/ and is entered in the Financial Services Authority Register under Registration No. 156058. Our permitted business is advising on, arranging, entering into and administering mortgages and advising on, arranging and administrating general insurance. You can check this on the FSA's Register by visiting the FSA website at www.fsa.gov.uk/register/ or by contacting the FSA on +44 20 7066 1000. In the absence of equivalent legislation in Gibraltar, the Society will apply similar standards to the UK as we believe this to be in the best interest of our borrowers.

The mortgage products and services described in this site are available only to Gibraltar residents for the purchase of a property in Gibraltar. The investment products and services described in this site are available to residents of Gibraltar and UK passport holders resident in Mainland Spain. The information in this site is not directed at anyone other than residents of Gibraltar and UK passport holders resident in Mainland Spain and applications from others will not be accepted.

The Society subscribes to the Gibraltar Banking and Mortgage Code. Copies are available on request.

The information in this site is intended for residents of Gibraltar and UK passport holders resident in Mainland Spain. Applications from others will not be accepted. The information contained in this site may not satisfy the laws of any other country.

This information is an overview of the terms and conditions relating to our savings account range. Each account has its own detailed conditions and you will be given a copy of these during the application process.

If you have any queries about our savings accounts, please contact Main St branch, Gibraltar on 00350 200 41143 - our staff will be happy to help.

Generic Terms & Conditions

Initial Investment

If you make an investment by cheque, it will earn interest from the fourth working day (inclusive) after receipt, until the day prior to withdrawal (working days exclude Saturdays, Sundays and English Bank Holidays). This cheque should, for security reasons, always be made payable to the account holder.

Compliance

If the application is deemed by Newcastle Building Society to be non-compliant, it will be rejected and any funds will be returned to you after a seven day for Gibraltar cheques (twenty one days for UK cheques) clearance period. During this period interest will be paid at prevailing Nova Gross rates.

Cancellation

In the event that the total funds received are deemed to be insufficient, the Society reserves the right to withdraw the account.

Rules

The account is a share account and account holders are deemed to be members of the Society. As members they are subject to the rules of the Society, a copy of which may be obtained on request.

Joint Accounts

If your account is a joint account, the relevant terms and conditions and any special conditions apply to all of you together and any of you separately. In the event of the death of any customer, the account will remain open in the name of the remaining customer. In the event of divorce or separation the Society (providing it is made aware of the situation in writing) will not permit withdrawals (i.e. following maturity) to be made from the account unless signed instructions are received from both account holders.

Passbook Accounts

If your account is a passbook account, then a passbook will be issued to you. This belongs to the Newcastle Building Society, you must take care to keep this passbook safe and to prevent it from being lost, stolen or used by anyone else.

Payment of Interest

Residents: Interest is paid gross without the deduction of tax. Savings income received by a person who is resident in Gibraltar for tax purposes, is exempt from Gibraltar tax. Savings income includes interest form bank and building society deposits, shares in quoted companies and quoted bonds, debentures and gilts. If you require further information regarding this we recommend that you contact the Gibraltar Income Tax Department or seek independent tax advice.

Non-Residents: Interest is paid gross without the deduction of tax. It is your responsibility to declare the interest earned on this account to the relevant tax authority of your country. EU Residents should note that as from 1st July 2005, the Society is obliged to comply with the legislation that implements the E.U. Savings Tax Directive. Therefore, the Society will exchange information regarding the interest earned by EU residents from 1st July 2005 onwards to the relevant tax authority. If you would like more information on the EU Savings Directive please ask for a copy of our leaflet entitled "A Guide to the European Union Savings Directive". If you are not certain how this Directive will affect you, we recommend that you seek independent tax advice.

Withdrawals

Withdrawals from investment accounts (where permitted) are available by cash or cheque from our branches, subject to cleared funds being available in your account, a passbook being produced and suitable identification being provided. Cleared funds are defined as cash investment, or cheques, following an seven day clearing period (twenty one days for UK cheques)). Withdrawals are available as follows:-

  • A maximum of £500 cash from any account in any one day.
  • Cheques totaling £100,000 from any account in any one day.

Cheques in excess of this amount are available by post within 3 working days from our Principal Office. Alternatively telegraphic transfers can be arranged with suitable notice and payment of the necessary fee.

Agreement to Assign Windfalls to Charity

  1. Paragraphs 2 to 6, below, will apply to me unless I am an exempt customer at the time when the account is opened.
  2. I agree with the Newcastle that, if the right to any windfall benefits is granted to me after the account is opened, I will assign those windfall benefits to the selected charity unless either of the following applies:
    • the period between my account being opened and the conversion announcement date is more than five years (or, if applicable, the shorter period).
    • on the conversion announcement date, I am a borrowing member of the Newcastle.
  3. I authorise the Newcastle and the successor to pass any windfall benefits direct to the selected charity (or to any other charity which the selected charity may nominate to receive those benefits), without notice to me.
  4. I authorise that the Newcastle has promised to transfer to the selected charity the benefit of the agreement which I have given under paragraph 2, above; neither the Newcastle nor the selected charity will release me from that agreement; and any power of the Newcastle to change the terms of its contract with me will not apply to any of the terms set out in this section of the application form.
  5. I authorise the Newcastle to give the selected charity any information about me or any account which I have with the Newcastle (now or in the future) but only if the selected charity reasonably needs it regarding the agreement I have given under paragraph 2, above.
  6. I understand that the Newcastle will require anyone who opens a share account (who is not then an exempt customer) to agree to assign to charity the right to any windfall benefits which that person may become entitled to. The terms of the agreement will be decided by the Newcastle and may be different from the terms in paragraphs 1 to 5, above. This paragraph will no longer apply if the Newcastle publishes a notice in the press of a decision by the Newcastle that it will no longer require new share holding members to enter into such agreements.

    These notes apply to paragraphs 1 to 6, previously detailed:

    • A) The "account" is the share account which you are applying to open by completing this form.
    • B) The "conversion announcement date" means the date on which the Newcastle makes a public announcement of a proposal to transfer its business to a successor.
    • The "current terms" means terms which are the same as, or similar to, the terms set out in paragraphs 2 to 5 previously detailed.
    • D) You are an "exempt customer" when you open the account if:
      • I) You have held shares in the Newcastle (other than permanent interest bearing shares) at all times since 2002; or you are a borrowing member of the Newcastle; or
      • Ii) you have already entered into an agreement with the Newcastle binding you to the current terms; or
      • Iii) you belong to one of the groups of the other people who, in the Newcastle's opinion, do not need to be asked to agree to the current terms. A list of these groups is available from the Newcastle at any time. The Newcastle may alter the number and composition of the groups from time to time, but no alteration will apply retrospectively.
    • E) A person "opens" an account either by opening a new account or by having an existing account transferred into his or her name (whether as sole or joint holder).
    • F) The "selected charity" means the Community Foundation or, if it is at any time no longer a registered charity, any other charity or charities selected by it to receive assignment of windfall benefits.
    • G) A "shorter period" is applicable if, when the Newcastle opens your account, you belong to one of the groups of people who, in the Newcastle's opinion, do not need to be asked to agree the usual five-year period. A list of these groups, stating the period applicable to them, is available from the Newcastle at any time. The Newcastle may alter the number and composition of the groups and the period applicable to them from time to time, but no alteration will apply retrospectively.
    • H)The "successor" is any company or other corporate body to which the Newcastle transfers its business under Section 97 of the Building Societies Act 1986 (or under any provision which amends or replaces it).
    • I) A "windfall benefit" is a benefit which a person has the right to receive as a share holding member of the Newcastle, under the terms of any future transfer of the Newcastle's business to a successor (i.e. on a conversion or take over), other than:
      • I) the replacement of savings in a share account with the Newcastle with savings in a deposit account with the successor, or
      • Ii) any benefit which the Newcastle has decided may be kept by a person who has a number of accounts and was an exempt customer when opening one or more (but not all) of them. A list setting out the conditions which determine whether, and to what extent, such a person may keep a benefit is available from the Newcastle at any time. These conditions may be altered by the Newcastle from time to time, but no alteration will apply retrospectively.
    • J) Where more than one of you is signing this form, paragraph 1 and (if applicable) paragraphs 2 to 6, previously detailed, apply to each of you separately.
    • K) If the Newcastle no longer exists following a merger with another building society, paragraphs 2 to 6, previously detailed, will still apply between you and the other society.

Dates

All dates shown apply to the close of business on the day in question.