Special Deposit Account
28 January 2008
With effect from 17th March 2008, provision of the Special Deposit Account facility for James Hay SIPP and Wrap will move from Abbey National plc to Cater Allen Limited. Cater Allen is a member of the Abbey Group of companies and part of the international family of Grupo Santander, the world's 8th largest bank. All deposits continue to be unconditionally guaranteed by Abbey National plc and there will be no changes to the way interest is calculated, the choice of term or the minimum deposit amount. All other terms and conditions for the account will remain unchanged.
Auto-Roll Facility
If the arrangement for automatic rollover of capital and interest has been implemented for the account, then both will be credited to their new facility at the next rollover date that falls on or after 17th March 2008.
If the auto-roll facility has been selected for capital only, then interest will be credited to the appropriate SIPP or Wrap product bank account.
If the auto-roll option has not been selected, the capital and interest will be credited to the appropriate SIPP or Wrap product bank account at the next maturity date. To re-invest into a new Special Deposit Account an application form needs to be completed and this can be found online at www.jameshay.co.uk from 17th March.
Revised Terms and Conditions
Financial Advisers of clients holding a Special Deposit Account have been informed of these changes by letter, and in accordance with our legal obligations, on 30th January a letter and a copy of the revised Terms and Conditions will be issued to these clients.
SIPP Transaction Charges
Please note that the normal investment transaction charges will apply to the Special Deposit Account with effect from 21st January 2008. All new accounts and maturities after that date will be subject to the standard transaction charge.
Please find below, for your reference, a sample of the letter sent to clients holding a Special Deposit Account, a sample of the letter to the Financial Adviser's of those clients, and a copy of the revised Special Deposit Account Terms and Conditions.
Sample IFA Letter
Sample Client Letter
Revised Terms and Conditions