Terms and Conditions

1. The Society agrees to pay gross interest on the Principal Amount at the Interest Rate for the Term in consideration for the Member’s agreement not to request withdrawal of the Fixed Term Equity Investment or part there of during the Term.

2. Interest is paid on the Fixed Term Equity Investment at the end of the Term. Interest is paid gross and is liable to tax.

3. Interest shall be forfeited on early termination of all or part of a Fixed Term Equity Investment.

4. The minimum amount a Member can invest in a Fixed Term Equity Investment is £500. The maximum a Member can invest in their share account and Fixed Term Equity Investments held with the Society is limited by law to £100,000.

5. The Member will be regarded as exclusively entitled to the benefit of a Fixed Term Equity Investment. No notice of any trust shall be entered into the register against the title of the Member, and the Society shall not be affected by notice of any right title or claim of any person to this Fixed Term Equity Investment other than the Member.

6. Fixed Term Equity Investments are not transferable.

7. On the death of the Member his/her personal representative(s) shall be the only person(s) recognised by the Society as having title to this Fixed Term Equity Investment.

8. Any person entitled to this Fixed Term Equity Investment by operation of law may be registered as the holder thereof upon such evidence being produced as the Society may reasonably require and in accordance with the Rules of the Society.

9. Fixed Term Equity Investments form part of the share capital of the Society.

10. The Society shall be entitled to terminate this Fixed Term Equity Investment at any time on the expiry of 30 days notice given in writing to the Member. On such early termination the Principal Amount together with interest calculated at the AER at the Date of Issue, will be transferred to the Member’s share account.

11. A notice sent by post to the Member at his/her last known address shall be deemed to have been duly served upon the Member at the expiration of 48 hours from the time of posting. Notices to the Society shall be served upon it at its registered office.

12. Changes to these Terms and Conditions can only be made on 30 days notice provided by the Society. Changes will be publicised by notice displayed in the Society’s registered office and all other places of business of the Society to which members have access and by such other means as the Board shall determine from time to time.

13. The Society reserves the right to decline an application for a Fixed Term Equity Investment at its sole discretion and without further explanation.

14. The position the holder of a Fixed Term Equity Investment occupies as a shareholder in the Society is no different from that of a shareholder in any other corporate body in so far as, if the Society fails, the holder may not have all or any of their investment returned to them. Investments in co-operative societies, unlike banks and building societies, are not under the protection of the UK's Financial Services Compensation Scheme (FSCS).

For more information on Fixed Term Equity Investments, you can view the Co-ops UK Code of Practice by clicking here.

If you'd like to speak to someone about Fixed Term Equity Investments, you can get in contact using the details below:

Email - investments@midcounties.coop

Phone - 0800 093 7553

In writing:

Member Investments Team
Co-operative House
Warwick Technology Park
Warwick
CV34 6DA