This product is governed by the ‘General Terms and Conditions for operating a Banif deposit account’ which are available from any branch of Banif Bank (Malta) plc and the following specific Terms and Conditions.
Definitions:
‘Account’, ‘Deposit’, and ‘Product’ means the Banif Hi-Saver Account held by the Bank in the name of the Account Holder(s).
‘Account Holder(s)’ means the person/s in whose name the Account/s is/are held.
‘Bank’ means Banif Bank (Malta) plc. (Company Registration number C41030) with registered office 203, Level 2, Rue D’Argens Gzira GZR 1368, Malta.
‘Interest’ means gross interest payable as provided herein.
‘Savings Period’ refers to the period of 12 months which shall commence to run on the Start Date.
‘Fixed Period’ refers to the 6 months following the expiry of the Savings Period of the Product.
‘Current Account’ refers to the current account held with the Bank by the Account Holder(s)
‘Start date’ means the first day when funds are deposited in the Banif Hi-Saver Account.
‘Maturity date’ means the end of the full term, i.e. 18 months after the Start date of the Hi-Saver Account, when both full capital and the remaining interest accrued for the last 6-month term are paid to the Account Holder(s).
The Account is denominated in euro and is not renewable after maturity.
The opening of the Account with the Bank is subject to an opening minimum deposit of €500 and a maximum deposit of €100,000 which funds have to be available in the Account Holder’s Current Account, which amount will be credited to the Account as provided herein. The Product shall commence to run and the opening deposit shall be credited from the Account Holder’s Current Account to the Account, 2 days after the funds shall have been cleared in the Account Holder’s Current Account. After the first month, the client undertakes to deposit 11 monthly instalments of an amount not less than €50 and not more than 20% of the opening deposit with which the Account shall have been opened. After the first 12 months the accumulated funds (excluding interest) will be kept in the Account for the Fixed Period, during which period no further deposits can be made.
The Product has an 18 month term.
The Account Holder(s) shall be entitled to vary the amount of the 11 monthly instalments that shall be deposited into the Account. Such monthly deposits, the amount of which shall be indicated in the respective application form, shall be debited by way of standing order from the Account Holder’s Current Account to the Account on the same calendar day of each month as indicated in the respective application form. All funds to be credited from the Account Holder’s Current Account to the Hi-Saver Account as provided herein must be cleared and available in the Current Account one business day before they are to be so credited. In the circumstances were the client wants to change the amount of the monthly deposit, the Bank should be informed 5 business days before the calendar day when the transfer is to be effected. Failure to inform the Bank 5 business days before the due date of the transfer, shall mean that the previous monthly deposit will be transferred into the Hi-Saver account.
If funds are not available in the Account Holder(s) Current Account one business day before any monthly instalment is due to be credited to the Account as provided above, the Hi-Saver Account will be closed and all funds which would have accumulated in the Hi-Saver Account will be transferred to the Account Holder’s Current Account on the following business day and 50% of the interest accrued on the Account from the start of the Savings Period, till such the date of the transfer to the Current Account shall be forfeited by the Account Holder in favour of the Bank.
The Account Holder can make withdrawals from the Account subject to the conditions indicated in paragraphs 9 and 10 hereof.
If during the Savings Period the Account Holder wishes to withdraw any amount deposited in the Account, the Account Holder(s) shall instruct the Bank to transfer all the funds which would have accumulated in the Hi-Saver Account till that day from the Account to the Account Holder’s Current Account. In the event of any such instructions, the Account will be closed and all funds which would have accumulated in the Hi-Saver Account will be transferred to the Account Holder’s Current Account on the following business day. Moreover 50% of the interest accrued on the Account from the start of the Savings Period till the date of the transfer to the Current Account shall be forfeited by the Account Holder in favour of the Bank.
If during the Fixed Period the Account Holder wishes to withdraw the amount deposited in the Account at the start of the Fixed Period or any part thereof, he shall instruct the Bank to transfer all the funds which would have accumulated in the Hi-Saver Account till that day from the Account to his Current Account. In the event of any such transfer from the Account to the Current Account during the Fixed Period, then all the interest accrued on the Account from the start of the Fixed Period till the date of the transfer to the Current Account shall be forfeited by the Account Holder in favour of the Bank. A further one time fee of 1% on the amount outstanding which was credited to the Current Account after the funds shall have been transferred thereto from the Account as provided above shall be charged by the Bank.
Account Holder(s) can open more than one Banif Hi-Saver Account in his (their) name.
Interest of 1.25% per annum on the ‘Savings Period’ will be credited to the Account Holder’s Current Account after 12 months.
Interest of 3.0% per annum on the ‘Fixed Period’ will be credited to the Account Holder’s Current Account at maturity.
The Bank reserves the right to lay down further conditions or to amend these terms and conditions (including any fees or charges) subject to giving reasonable notice to the Account Holder(s).
The Bank reserves the right to withdraw the product from the market at its sole discretion.