Term Deposit Terms and Conditions
Term
1. The Term of this Deposit is as you have requested.
2. Withdrawals or early closure of the Term Deposit are not permitted under any circumstances during this Term, except in the event of the death of the Customer (or one of them). In this circumstance, the deposit and interest to the date of early closure will be repaid if required.
3. The Commencement Date of your Term Deposit will be within two working days of receipt of your telephone request.
Interest
4. Interest earned will be calculated on the daily cleared balance, and paid in the way you have requested.
5. If the interest payment date is a Saturday, Sunday or Bank Holiday, interest will be calculated up to and credited on the next working day.
Reinvestment
6. At least 30 days’ before the end of the Term, we will write to you asking for instructions about what you would like us to do with your Term Deposit. If you do not give us instructions before the end of the Term (or we cannot reasonably comply with your instructions), on the last day of the Term (or the next working day if this falls on a Saturday, Sunday or Bank Holiday), we will reinvest your Deposit in a new Term Deposit whose term is closest in length to your original Term Deposit. If a similar Term Deposit is not available an alternative investment will be offered.
7. We will let you know about the interest rate and any other terms that apply to your new Term Deposit when we write to you under condition 6. If we reinvest your Deposit in a new Term Deposit, then any time up to 14 days from the date of reinvestment, you may close your new Term Deposit without notice and without having to pay any charges.
General
8. If your account is held with a branch in Scotland, your agreement is with Lloyds TSB Scotland plc, otherwise your agreement is with Lloyds TSB Bank plc.
9. The Personal Banking terms and conditions apply to your Term Deposit.
Get an overview of the Term Deposit.
