Direct Silver Savings

The Direct Silver Savings Account is open for the personal use of all Republic of Ireland residents aged 50 years or over.

It can be opened by individuals or jointly with up to four people (all account holders must be 50 years of age or over).

Once you have completed the application form, send it to us with the relevant proof of identity for each applicant. For further information on suitable forms of identity please refer to the Confirmation of ID page.

We regret that it will not be possible to open an account unless suitable proof of identity is provided and we may return your investment to you. If you cannot provide the suitable identification documents, please contact our office and we will endeavour to resolve the issue.

Your initial lodgement can be by:

• cheque or bankers draft. In the interest of security please make your cheque payable to 'Northern Rock, for the account of [insert account holder(s) name(s)]' and crossed A/c Payee only. Cheques drawn in foreign currency or drawn on a foreign address cannot be accepted;
• transfer from an existing Northern Rock account (subject to any restrictions in the terms and conditions applying to that account); or
• electronic transfer. Once your account is opened we will notify you of your account number and you must then arrange the transfer with your bank or building society.

You can add to your account at any time with any amount from €500 upwards by:

• cheque or bankers draft posted to our Dublin Administration Office;
• transfer from another Northern Rock account (subject to any restrictions in the terms and conditions applying to that account); or
• electronic transfer (you must arrange this directly with your bank or building society).

Please quote the following details:

Our bankers:	AIB, Westmoreland St., Dublin 2.
Sort code:	93-33-84
Account Number:	75234003
Account Name:	Northern Rock plc
Reference:	Your Northern Rock account number.

Your bank or building society sending the funds may require the Bank Identification Code (BIC) and International Bank Account Number (IBAN). Therefore, these details are provided below:

BIC:	AIBKIE2D
IBAN:	IE07AIBK93338475234003
Reference:	Your Northern Rock account number

It is important that for all electronic transfers you quote your Direct Silver Savings account number as the reference as funds cannot be applied to your account without this number.

The maximum total holding with Northern Rock plc is €3 million per depositor. We may be able to accept funds in excess of this amount, subject to prior arrangement. Please contact us for further information.

With our Direct Silver Savings Account your interest is paid monthly on the first business day of the month. It can be:

• added to your Direct Silver Savings Account;
• transferred into another Northern Rock account (subject to any restrictions in the terms and conditions applying to that account); or
• paid by electronic transfer into an account in your name with another bank or building society.

If you have requested your interest to be sent to another bank or building society account, please allow up to three business days for receipt. We cannot be held liable if funds are not received by your bank or building society because of the provision of incorrect or incomplete information.

If the balance in your account falls below the minimum balance, our basic savings rate will apply. Please refer to the rates and charges page for further information.

Interest earned will be subject to Deposit Interest Retention Tax (DIRT) at the prevailing rate. If you are eligible you can register to receive gross interest by completing a separate DIRT Exemption Declaration form (DE1 form), for each account you hold. Please contact us for further information. This rate may be subject to change by the Revenue Commissioner.

To withdraw funds from your account, simply refer to the pack you will receive once your account is open, and fill in the withdrawal section of the Transaction Slip for any amount from €500 upwards, then send it to us in one of the envelopes provided.

If you would like to make a withdrawal over the telephone please call the Customer Service Helpline with your password and instructions. You can also give instructions by fax or via the withdrawal request form, and again, your password will be required. All contact details can be viewed on the contact us page.

Withdrawals can be made by:

• cheque. This will be sent within one business day following receipt of your instructions. Cheques can be made payable to a third party but cannot be made payable for cash. Cheques can only be sent to your registered address;
• transfer to another Northern Rock account (subject to any restrictions in the terms and conditions applying to that account);
• electronic transfer to your nominated bank or building society account. Provided we receive your instructions by 3pm, the money will reach your nominated bank or building society account within three business days. No charge is imposed by Northern Rock for providing this service; or
• electronic transfer – same day. If you need funds transferred quickly, provided we hear from you by 11am, we can arrange for money to reach your nominated bank or building society account on the same business day. A charge is made for this service and details of this charge are contained in the rates and charges page. However, this service is subject to availability.

On opening your account we will send you a Welcome Letter, and return your original identification, if applicable. We will send you confirmation automatically after every transaction you make. We will also send you a statement every three months at the end of March, June, September and December, as well as on closure of your account.

With our Direct Silver Savings Account we promise to write to advise you of any changes to the interest rate payable on your account. For details of current interest rates, please refer to the rates and charges page.

For the most up to date information on your account you can even get a balance over the telephone using your pre-arranged password.

Any contact details provided on your application form will be used to contact you, if necessary. Please ensure you keep us informed of any changes to your address or other contact details.

For each new customer, proof of identity must accompany your application. Please refer to the Confirmation of ID page for details.

Please ensure that you have read and understood this product information, the Savings Terms and Conditions, rates and charges and the Terms of Business before you open an account.

Should you need to contact us please refer to the contact us page.

Our Direct Silver Savings Account is classed as a 'payment account', which means that you can use this account to make payments in and out of your account with few restrictions. For example, you can make a withdrawal without having to give notice. Details of how you can operate your account are contained on this page, in the Savings Terms and Conditions and the rates and charges page.

If you are not happy with your choice of account within 14 days of opening it, we will help you switch accounts. If you wish to take advantage of this 14 day cancellation period please contact our Dublin Administration Office to cancel your account. If you do cancel your account the full amount of your investment, together with any interest earned in accordance with your account details, will be returned to you.

You are protected by a combination of the UK Financial Services Compensation Scheme, and the Irish Deposit Guarantee Scheme.

What is the Financial Services Compensation Scheme?

Northern Rock is 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 £50,000. 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 £50,000 each (making a total of £100,000). The £50,000 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 scheme (including the amounts covered and eligibility to claim) please contact our Dublin Administration Office, refer to the FSCS website, or call the FSCS on +44 20 7892 7300.

What is the Irish Deposit Guarantee Scheme?

The UK Financial Services Compensation Scheme provides cover of up to £50,000 per person in each regulated bank or building society. The Irish Deposit Guarantee Scheme increases the total level of cover to €100,000 per customer.

For further details on the scheme and the level of cover provided, please visit www.itsyourmoney.ie.

If you have a complaint, you should telephone us or write to us as soon as possible so that we may investigate the circumstances. You can write with details of your complaint to:

The Customer Service Manager,
Northern Rock plc,
First Floor, Block 8,
Harcourt Centre,
Dublin 2

Alternatively you can email us, or raise your complaint by telephone.

If we cannot resolve the complaint to your satisfaction you have the right to refer your complaint to the Financial Services Ombudsman, which provides independent adjudication of complaints. A copy of our Internal Complaints Procedure leaflet is available via the I have a complaint page.