Regionalized Solutions
R24 AMR | Min(s) read

Introduction to Predefined Accounts Products

This module covers the representative UK instant access account products like saving accounts (Easy Access Saver, Limited Access Saver, Regular Saver, Junior Saver and Notice Account) and current accounts (Bank Account, Premium Bank Account, Student Account, Child Account, SME and FCY Accounts) that can be used out-of-the-box. The UK instant access account are preconfigured products, with product conditions in Sterling, except particular FYC accounts.

The Easy Access Saver, Limited Access Saver, Regular Saver, Junior Saver and Notice Account products have been released to allow banks’ customers to deposit and withdraw money at any time.

Also, the Bank Account and Premium Bank Account products have been released to allow banks to offer to their customers basic accounts without regular income, accounts for employed or retired singles and couples for receiving their regular income or pension and accounts for students and apprentices on which they can receive money from jobs and pay their liabilities.

The Student Account, Child Account, SME and FCY Accounts have been released to allow banks to offer to their customers’ accounts for students and apprentices on which they can receive money from jobs and pay their liabilities, accounts for minors to receive money from holiday jobs an spend it for commodities and pre-paid mobile cards, accounts for self-employed people and small and medium companies, accounts for keeping cash in foreign currencies.

Product Configurations

The following products are released as part of this module.

The following savings products are released as part of this module.

Easy Access Saver

UK.AR.EASY.ACCESS

Limited Access Saver

UK.AR.LIMITED.ACCESS.SAVER

Regular Saver

UK.AR.REGULAR.SAVER
Junior Saver UK.AR.JUNIOR.SAVER
Notice Account UK.AR.NOTICE.ACCOUNT

The following table provides information related to the Easy Access Saver product.

Characteristic

Default Values

Client Configuration Options

  

 

 

At the Product Level

 At the Account Level

Eligibility

UK resident.

Age 16+.

Yes

n/a

Joint Holders

No more than 2 joint holders.

n/a

n/a

Available Currencies

GBP

n/a

n/a

Maturity

No maturity

n/a

n/a

Interest

      

Rate

2.4% p.a.

Different bands or levels can be defined. The interest rate (per band or tier) can be set to a fixed rate or may follow and index with an applied margin.

Yes, with a product level defined spread of + 0.2%

Day basis

Day basis - E 366 / 365.

This can be configured to any supported day basis.

n/a

Accrual

Accrual from the start date of the arrangement and includes the closure day.

n/a

n/a

Capitalisation

Capitalise the credit interest every month on the last day.

Yes. Frequency and alternative pay-out to the nominated account.

n/a

Fees & Charges

      

Maintenance

Maintenance fee £0

Yes. Amount and period.

n/a

Transaction Fee

Withdrawal fee £0

Yes. Amount and free transactions per period (month, quarter, year).

n/A

Closure Fee

Closure fee £0

Yes. Amount.

Yes. Can be dropped.

Early redemption

No restrictions

n/a

n/a

Servicing

      

Statements

Statements are produced quarterly on the last day of the month.

The frequency and date of statement production is configurable.

n/a

Taxation

Subject to BBSI reporting.

n/a

n/a

Payments

Internal and domestic (Bacs, FPS, CHAPS) only.

n/a

n/a

Restrictions

      

Funding

From any account, at any time.

No funding limit.

Yes. Can be restricted to nominated accounts.

n/a

Withdrawals

Any time to a nominated account (internal or external domestic) or by cash or cheque.

Yes

Nominated account number and sort code.

Balance

Min. £1

Yes

n/a

Overdrafts

Not allowed

n/a

n/a

Attributes on Taxation, Payments and Withdrawal are for informative purpose. No functionality is available for it.

The following table provides information related to the Limited Access Saver product.

Characteristic

Default Values

Client Configuration Options

  

 

 

At the Product Level

 At the Account Level

Eligibility

UK resident.

Age 16+.

Yes

n/a

Joint Holders

No more than 2 joint holders.

n/a

n/a

Available Currencies

GBP

n/a

n/a

Maturity

No maturity

n/a

n/a

Interest

      

Rate

3.0% p.a.

Different bands or levels can be defined. The interest rate (per band or tier) can be set to a fixed rate or may follow and index with an applied margin.

Yes, with a product level defined spread of + 0.2%.

Day basis

Day basis - E 366 / 365.

This can be configured to any supported day basis.

n/a

Accrual

Accrual from the start date of the arrangement and includes the closure day.

n/a

n/a

Capitalisation

Capitalise the credit interest every month on the last day.

Yes. Frequency and alternative pay-out to the nominated account.

n/a

Fees & Charges

      

Maintenance

Maintenance fee £0

Yes. Amount and period.

n/a

Transaction Fee

Withdrawal fee £0

Yes. Amount and free transactions per period (month, quarter, year).

n/A

Closure Fee

Closure fee £0

Yes. Amount.

Yes. Can be dropped.

Early redemption

Up to 5 withdrawals a month free or charge. 50 days' interest charge on the withdrawn amount for any further withdrawal.

Yes

Charge can be dropped by account manager.

Servicing

      

Statements

Statements are produced quarterly on the last day of the month.

The frequency and date of the statement production is configurable.

n/a

Taxation

Subject to BBSI reporting.

n/a

n/a

Payments

Internal and domestic (Bacs, FPS, CHAPS) only

n/a

n/a

Restrictions

      

Funding

From any account, at any time. No funding limit.

Yes. Can be restricted to nominated accounts.

n/a

Withdrawals

Any time to a nominated account (internal or external domestic) or by cash or cheque. Charges might be applicable (see above).

Yes

Nominated account number and sort code.

Balance

£1 - £250,000

Yes

n/a

Overdrafts

Not allowed

n/a

n/a

Attributes on Taxation, Payments and Withdrawal are for informative purpose. No functionality is available for it.

The following table provides information related to the Regular Saver product.

Characteristic

Default Values

Client Configuration Options

  

 

 

At the Product Level

 At the Account Level

Eligibility

UK resident.

Age 16+.

Yes

n/a

Joint Holders

No more than 2 joint holders.

n/a

n/a

Available Currencies

GBP

n/a

n/a

Maturity

Automated product change to Early Access Account after 12 months.

Yes

n/a

Interest

      

Rate

4.15% p.a.

Different bands or levels can be defined. The interest rate (per band or tier) can be set to a fixed rate or may follow and index with an applied margin.

n/a

Day basis

Day basis - E 366 / 365

This can be configured to any supported day basis.

n/a

Accrual

Accrual from the start date of the arrangement and includes the closure day.

n/a

n/a

Capitalisation

Capitalise the credit interest annually on the last day.

Yes. Frequency and alternative pay-out to the nominated account.

n/a

Fees & Charges

      

Maintenance

Maintenance fee £0

Yes. Amount and period.

n/a

Transaction Fee

Withdrawal fee £0

Yes. Amount and free transactions per period (month, quarter, year).

n/A

Closure Fee

Closure fee £0

Yes. Amount.

Yes. Can be dropped.

Early redemption

30 days' charge

n/a

n/a

Servicing

      

Statements

Statements are produced quarterly on the last day of the month.

The frequency and date of the statement production is configurable.

n/a

Taxation

Subject to BBSI reporting.

n/a

n/a

Payments

Internal and domestic (Bacs, FPS, CHAPS) only.

n/a

n/a

Restrictions

      

Funding

Monthly deposit £1 - £500 Depositor can either transfer money or setup an STO form an internal account.

Yes

n/a

Withdrawals

Any time to a nominated account (internal or external domestic) or by cash or cheque.

Yes

Nominated account number and sort code.

Balance

£1 - £250,000

Yes

n/a

Overdrafts

Not allowed

n/a

n/a

Attributes on Taxation, Payments and Withdrawal are for informative purpose. No functionality is available for it.

The following table provides information related to the Junior Saver product.

Characteristic

Default Values

Client Configuration Options

  

 

 

At the Product Level

 At the Account Level

Eligibility

UK resident.

Age 11 – 17.

Registered contact required.

Yes

n/a

Joint Holders

Not allowed

n/a

n/a

Available Currencies

GBP

n/a

n/a

Maturity

No maturity

n/a

n/a

Interest

      

Rate

3.1% p.a.

Yes

n/a

Day basis

Day basis - E 366/365.

This can be configured to any supported day basis.

n/a

Accrual

Accrual from the start date of the arrangement and includes the closure day.

n/a

n/a

Capitalisation

Capitalise the credit interest every month on the last day.

Yes. Frequency and alternative pay-out to nominated account.

n/a

Fees & Charges

      

Maintenance

Maintenance fee £0

Yes. Amount and period.

n/a

Transaction Fee

Withdrawal fee £0

Yes. Amount and free transactions per period (month, quarter, year).

n/A

Closure Fee

Closure fee £0

Yes. Amount.

Yes. Can be dropped.

Early redemption

No restrictions

n/a

n/a

Servicing

      

Statements

Statements are produced quarterly on the last day of the month.

The frequency and date of the statement production is configurable.

n/a

Taxation

Subject to BBSI reporting

n/a

n/a

Payments

Cash and cheque only.

n/a

n/a

Restrictions

      

Funding

From any account, at any time.

Monthly funding limit of £1.

Yes. Can be restricted to nominated accounts.

n/a

Withdrawals

Cash or cheque.

Max £100 per day.

Yes

Nominated account number and sort code.

Withdrawal limit negotiable.

Balance

£1 – 250,000

Yes

n/a

Overdrafts

Not allowed

n/a

n/a

Attributes on Taxation, Payments and Withdrawal are for informative purpose. No functionality is available for it.

The following table provides information related to the Notice Account product.

Characteristic

Default Values

Client Configuration Options

  

 

 

At the Product Level

 At the Account Level

Eligibility

UK resident.

Age 16+.

Yes

n/a

Joint Holders

No more than 2 joint holders.

n/a

n/a

Available Currencies

GBP

n/a

n/a

Maturity

n/a

n/a

n/a

Interest

      

Rate

4.25% p.a.

Yes

n/a

Day basis

Day basis - E 366/365.

This can be configured to any supported day basis.

n/a

Accrual

Accrual from the start date of the arrangement and includes the closure day.

n/a

n/a

Capitalisation

Capitalise the credit interest annually on the last day.

Yes.

n/a

Fees & Charges

      

Maintenance

Maintenance fee £0

Yes. Amount and period.

n/a

Transaction Fee

Withdrawal fee £0

Yes. Amount and free transactions per period (month, quarter, year).

n/A

Closure Fee

Closure fee £0

Yes. Amount.

Yes. Can be dropped.

Early redemption

n/a

n/a

n/a

Servicing

      

Statements

Statements are produced quarterly on the last day of the month.

The frequency and date of statement production is configurable.

n/a

Taxation

Subject to BBSI reporting.

n/a

n/a

Payments

Internal and domestic (Bacs, FPS, CHAPS) only.

Withdrawals instructed by a notice and executed automatically if not cancelled by the depositor.

n/a

n/a

Restrictions

      

Funding

From any account.

Yes

n/a

Withdrawals

Any withdrawal (including closure) requires a notice of 90 days in advance.

Yes. Notice period.

n/a

Balance

£1 - £250,000

Yes

n/a

Overdrafts

Not allowed

n/a

n/a

Attributes on Taxation, Payments and Withdrawal are for informative purpose. No functionality is available for it.

The following products are released as part of this module.

Bank Account

UK.RB.BANK.ACCOUNT

Premium Bank Account

UK.RB.PREMIUM.ACCOUNT
Student Account UK.AR.STUDENT.ACCOUNT
Child Account UK.AR.CHILD.ACCOUNT
SME Account UK.AR.SME.ACCOUNT
FCY Account UK.AR.FCY.ACCOUNT

The following table provides information related to the Bank Account product.

Characteristic Default Values Client Configuration Options  

 

 

At the Product Level

 At the Account Level

Eligibility

Private individual.

Age 16+.

Private individual.

Yes

n/a

Joint Holders

No more than 2 joint holders

n/a

n/a

Available Currencies

GBP

n/a

n/a

Maturity

No maturity

n/a

n/a

Interest

      

Credit Int. Rate

0% p.a.

Yes

n/a

Arranged Overdraft Rate

No interest up to £15, 18% otherwise.

Yes

n/a

Unarranged Overdraft Rate

n/a

n/a

n/a

Day basis

Day basis - E 366 / 365.

This can be configured to any supported day basis.

n/a

Accrual

Accrual from the start date of the arrangement and includes the closure day.

n/a

n/a

Capitalisation

Capitalise the credit interest every month on the last day.

Yes. Frequency and alternative pay-out to nominated account.

n/a

Fees & Charges

      

Maintenance

Maintenance fee £0.

Yes. Amount and period.

n/a

Transaction Fee

Withdrawal fee £0.

Yes. Amount and free transactions per period (month, quarter, year).

n/a

Non-Sterling Transaction Fee

3% of the transaction amount.

Yes

n/a

Closure Fee

Closure fee £0.

Yes. Amount.

Yes. Can be dropped.

Direct Debit

£1

Yes

n/a

Standing Order

£1

Yes

n/a

BACS Payment

£0

Yes

n/a

FPS Payment

£0

Yes

n/a

CHAPS Payment

£5

Yes

n/a

SEPA Payment

£0

Yes

n/a

SWIFT Payment

£15

Yes

n/a

Inward foreign payment

1% of the transaction amount.

Yes

n/a

Restrictions

      

Overdraft

No unarranged overdrafts.

n/a

n/a

Servicing

      

Statements

Statements are produced quarterly on the last day of the month.

The frequency and date of the statement production is configurable.

n/a

Taxation

Subject to BBSI reporting.

n/a

n/a

Payments

Internal and domestic (Bacs, FPS, CHAPS) only.

n/a

n/a

Attributes on Taxation, Payments and Withdrawal are for informative purpose. No functionality is available for it.

The following table provides information related to the Premium Bank Account product.

Characteristic

Default Values

Client Configuration Options

  
   

At the Product Level

At the Account Level

Eligibility

Private individual.

Age 16+.

Recurring income on the account.

Yes

n/a

Joint Holders

No more than 2 joint holders.

n/a

n/a

Available Currencies

GBP

n/a

n/a

Maturity

No maturity.

n/a

n/a

Interest

      

Credit Int. Rate

0.1% p.a.

Yes

n/a

Arranged Overdraft Rate

No interest up to £500, 15% otherwise.

Yes

n/a

Unarranged Overdraft Rate

20%

Yes

n/a

Day basis

Day basis - E 366 / 365.

This can be configured to any supported day basis.

n/a

Accrual

Accrual from the start date of the arrangement and includes the closure day.

n/a

n/a

Capitalisation

Capitalise the credit interest every month on the last day.

Yes. Frequency and alternative pay-out to the nominated account.

n/a

Fees & Charges

      

Maintenance

Maintenance fee £5 per month if monthly credit does not reach £750. £0 otherwise.

Yes. Amount and period.

n/a

Transaction Fee

Withdrawal fee £0.

Yes. Amount and free transactions per period (month, quarter, year).

n/a

Non-Sterling Transaction Fee

3% of the transaction amount.

Yes

n/a

Closure Fee

Closure fee £0.

Yes. Amount.

Yes. Can be dropped.

Direct Debit

£0

Yes

n/a

Standing Order

£0

Yes

n/a

BACS Payment

£0

Yes

n/a

FPS Payment

£0

Yes

n/a

CHAPS Payment

£5

Yes

n/a

SEPA Payment

£0

Yes

n/a

SWIFT Payment

£15

Yes

n/a

Inward foreign payment

1% of the transaction amount.

Yes

n/a

Restrictions

      

Overdraft

Unarranged overdrafts up to £1,000.

n/a

n/a

Servicing

      

Statements

Statements are produced quarterly on the last day of the month.

The frequency and date of statement production is configurable.

n/a

Taxation

Subject to BBSI reporting.

n/a

n/a

Payments

Internal and domestic (Bacs, FPS, CHAPS) only.

n/a

n/a

Attributes on Taxation, Payments and Withdrawal are for informative purpose. No functionality is available for it.

The following table provides information related to the Student Account product.

Characteristic

Default Values

Client Configuration Options

  

 

 

At the Product Level

 At the Account Level

Eligibility

Private individual.

Age 16 - 25

Yes

n/a

Joint Holders

No joint holders.

n/a

n/a

Available Currencies

GBP

n/a

n/a

Maturity

No maturity.

n/a

n/a

Interest

      

Credit Int. Rate

0.5% p.a.

Yes

n/a

Arranged Overdraft Rate

n/a

Yes

n/a

Unarranged Overdraft Rate

n/a

Yes

n/a

Day basis

Day basis - E 366 / 365.

This can be configured to any supported day basis.

n/a

Accrual

Accrual from the start date of arrangement and includes the closure day.

n/a

n/a

Capitalisation

Capitalise thr credit interest every month on the last day.

Yes. Frequency and alternative pay-out to nominated account.

n/a

Fees & Charges

      

Maintenance

Maintenance fee £0.

Yes. Amount and period.

n/a

Transaction Fee

Withdrawal fee £0.

Yes. Amount and free transactions per period (month, quarter, year).

n/a

Non-Sterling Transaction Fee

3% of the transaction amount.

Yes

n/a

Closure Fee

Closure fee £0.

Yes. Amount.

Yes. Can be dropped.

Direct Debit

£0

Yes

n/a

Standing Order

£0

Yes

n/a

BACS Payment

£0

Yes

n/a

FPS Payment

£0

Yes

n/a

CHAPS Payment

£5

Yes

n/a

SEPA Payment

£0

Yes

n/a

SWIFT Payment

£15

Yes

n/a

Inward foreign payment

1% of the transaction amount.

Yes

n/a

Restrictions

      

Overdraft

No unarranged overdrafts.

n/a

n/a

Servicing

      

Statements

Statements are produced quarterly on the last day of the month.

The frequency and date of the statement production is configurable.

n/a

Taxation

Subject to BBSI reporting.

n/a

n/a

Payments

Internal and domestic (Bacs, FPS, CHAPS) only.

n/a

n/a

Attributes on Taxation, Payments and Withdrawal are for informative purpose. No functionality is available for it.

The following table provides information related to the Child Account product.

Characteristic

Default Values

Client Configuration Options

  

 

 

At the Product Level

 At the Account Level

Eligibility

Private individual.

Age 11 – 18.

Yes

n/a

Joint Holders

No joint holders.

n/a

n/a

Available Currencies

GBP

n/a

n/a

Maturity

No maturity.

n/a

n/a

Interest

      

Credit Int. Rate

0.5% p.a.

Yes

n/a

Arranged Overdraft Rate

n/a

Yes

n/a

Unarranged Overdraft Rate

n/a

Yes

n/a

Day basis

Day basis - E 366 / 365.

This can be configured to any supported day basis.

n/a

Accrual

Accrual from the start date of arrangement and includes the closure day.

n/a

n/a

Capitalisation

Capitalise the credit interest every month on the last day.

Yes. Frequency and alternative pay-out to the nominated account.

n/a

Fees & Charges

      

Maintenance

Maintenance fee £0.

Yes. Amount and period.

n/a

Transaction Fee

Withdrawal fee £0.

Yes. Amount and free transactions per period (month, quarter, year).

n/a

Non-Sterling Transaction Fee

3% of the transaction amount.

Yes

n/a

Closure Fee

Closure fee £0.

Yes. Amount.

Yes. Can be dropped.

Direct Debit

n/a

n/a

n/a

Standing Order

£0

Yes

n/a

BACS Payment

£0

Yes

n/a

FPS Payment

£0

n/a

n/a

CHAPS Payment

n/a

n/a

n/a

SEPA Payment

n/a

n/a

n/a

SWIFT Payment

n/a

n/a

n/a

Inward foreign payment

1% of the transaction amount.

Yes

n/a

Restrictions

      

Overdraft

No unarranged overdrafts.

n/a

n/a

Payments

Domestic payments (Bacs, FPS) and cash.

No DDs.

n/a

n/a

Withdrawals

£0 daily withdrawal restriction.

    

Servicing

      

Statements

Statements are produced quarterly on the last day of the month.

The frequency and date of the statement production is configurable.

n/a

Taxation

Subject to BBSI reporting.

n/a

n/a

Payments

Internal and domestic (Bacs, FPS) only.

n/a

n/a

Attributes on Taxation, Payments and Withdrawal are for informative purpose. No functionality is available for it.

The following table provides information related to the SME Account product.

Characteristic

Default Values

Client Configuration Options

  

 

 

At the Product Level

 At the Account Level

Eligibility

Private individual (age 18+) or SME.

Yes

n/a

Joint Holders

No joint holders.

n/a

n/a

Available Currencies

GBP

n/a

n/a

Maturity

No maturity.

n/a

n/a

Interest

      

Credit Int. Rate

0% p.a.

Yes

n/a

Arranged Overdraft Rate

15% p.a.

Yes

n/a

Unarranged Overdraft Rate

20% p.a.

Yes

n/a

Day basis

Day basis - E 366 / 365.

This can be configured to any supported day basis.

n/a

Accrual

Accrual from the start date of the arrangement and includes the closure day.

n/a

n/a

Capitalisation

Capitalise the credit interest every month on the last day.

Yes. Frequency and alternative pay-out to nominated account.

n/a

Fees & Charges

      

Maintenance

Maintenance fee £5 for GBP.

Yes. Amount and period.

n/a

Transaction Fee

Withdrawal fee £0.

Yes. Amount and free transactions per period (month, quarter, year).

n/a

Non-Sterling Transaction Fee

3% of the transaction amount.

Yes

n/a

Closure Fee

Closure fee £0.

Yes. Amount.

Yes. Can be dropped.

Direct Debit

£0

Yes

n/a

Standing Order

£0

Yes

n/a

BACS Payment

£0

Yes

n/a

FPS Payment

£0

Yes

n/a

CHAPS Payment

£5

Yes

n/a

SEPA Payment

£0

Yes

n/a

SWIFT Payment

£15

Yes

n/a

Inward foreign payment

1% of the transaction amount if in other currency than the account currency.

Yes

n/a

Restrictions

      

Overdraft

Unarranged overdrafts up to £100.

n/a

Yes

Servicing

      

Statements

Statements are produced monthly on the last day of the month.

The frequency and date of the statement production is configurable.

n/a

Taxation

Subject to BBSI reporting.

n/a

n/a

Payments

Internal and domestic (Bacs, FPS) only.

n/a

n/a

Attributes on Taxation, Payments and Withdrawal are for informative purpose. No functionality is available for it.

The following table provides information related to the FVY Account product.

Characteristic

Default Values

Client Configuration Options

  

 

 

At the Product Level

 At the Account Level

Eligibility

Private individual (age 18+) or SME.

Yes

n/a

Joint Holders

No joint holders.

n/a

n/a

Available Currencies

USD, EUR, CHF, other.

Yes

n/a

Maturity

No maturity.

n/a

n/a

Interest

      

Credit Int. Rate

0% p.a.

Yes

n/a

Arranged Overdraft Rate

0% p.a.

Yes

n/a

Unarranged Overdraft Rate

0% p.a.

Yes

n/a

Day basis

Day basis - E 366 / 365.

This can be configured to any supported day basis.

n/a

Accrual

Accrual from the start date of the arrangement and includes the closure day.

n/a

n/a

Capitalisation

Capitalise the credit interest every month on the last day.

Yes. Frequency and alternative pay-out to the nominated account.

n/a

Fees & Charges

      

Maintenance

Maintenance fee £7 for USD, EUR and CHF.

Maintenance fee £10 for other currencies.

Yes. Amount and period.

n/a

Transaction Fee

Withdrawal fee £0.

Yes. Amount and free transactions per period (month, quarter, year).

n/a

Non-Sterling Transaction Fee

3% of the transaction amount.

Yes

n/a

Closure Fee

Closure fee £0.

Yes. Amount.

Yes. Can be dropped.

Direct Debit

£0

Yes

n/a

Standing Order

£0

Yes

n/a

BACS Payment

£0

Yes

n/a

FPS Payment

£0

Yes

n/a

CHAPS Payment

£5

Yes

n/a

SEPA Payment

£0

Yes

n/a

SWIFT Payment

£15

Yes

n/a

Inward foreign payment

1% of the transaction amount if in other currency than the account currency.

Yes

n/a

Restrictions

      

Overdraft

No overdrafts allowed.

n/a

Yes

Servicing

      

Statements

Statements are produced monthly on the last day of the month.

The frequency and date of the statement production is configurable.

n/a

Taxation

Subject to BBSI reporting.

n/a

n/a

Payments

Internal and domestic (Bacs, FPS) only.

n/a

n/a

Attributes on Taxation, Payments and Withdrawal are for informative purpose. No functionality is available for it.

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Published on :
Monday, May 27, 2024 10:34:57 PM IST