Website terms and conditions

Personal Savings terms and conditions

Business Savings terms and conditions

Effective from the 8th of September 2023, Masthaven changed its name and address. In the following document any reference to “Masthaven Bank Limited” should be replaced with “Masthaven Limited” and any reference to “15-18 Rathbone Place, London, W1T 1HU” should be replaced with “30 City Road, London EC1Y 2AB”.

Masthaven Bank Personal Fixed Rate Terms And Conditions

These terms and conditions (“conditions”) contain basic information about us, Masthaven Limited, our services, and our agreement with you, the account holder, as well as general terms that apply to each of the fixed rate accounts that you hold with us. It is important that you read these conditions all the way through. These conditions, along with the confirmation that you will receive once we have opened your fixed rate account, the Product Summary sheet (which includes the specific conditions and other terms that apply to your fixed rate account), and our Tariff of Charges – Savings (which describes any fees and charges which apply to your fixed rate account) form our agreement with you. These documents can be viewed on our website at www.masthaven.co.uk.

The conditions set out the features of our fixed rate account (“account”), the restrictions that apply to you once you have made a deposit into your account, and our responsibilities and obligations to each other. Please be aware that this is a fixed term account which means that once you have made a deposit into your account, you cannot withdraw your funds until the end of the fixed term.

For the avoidance of doubt, a “flexible term account” is a type of fixed rate account whereby you choose at the outset of the agreement what the duration of the term will be. Once that term has been agreed by us, it cannot be changed. As a result, you will not be able to withdraw your funds until the end of that term.

If you have any questions, please contact us using the details in clause 24 below before opening your account. Where we refer to a “business day”, we mean any day from Monday to Friday but excluding bank holidays in England and Wales, otherwise days are calendar days.

Our “online account manager” is a secure eBanking service which you will have access to and can log into once you receive confirmation that your account has been successfully opened.

1. Our agreement with you
1.1 Terms such as “we”, “us”, “our” or “Masthaven Bank” relate to Masthaven Limited, which is a company incorporated under the laws of England and Wales with company number 09660012. Masthaven Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (No. 719354).
1.2 Our registered address, which is the formal address of our company, is published on our website: www.masthaven.co.uk
1.3 “You” and “your” relate to you as the account holder. If your account is held jointly between two or more people, “you” and “your” relates to each of you.
1.4 In the event of any inconsistency between these conditions and the Product Summary sheet, the Product Summary sheet shall prevail.
1.5 If there is any inconsistency between the confirmation provided on the opening of your Masthaven fixed rate account (as defined in clause

2. Opening an account with us
2.1 If a minimum age or minimum balance requirement applies to your account, we will tell you during the account opening process. You may only open an account with us if you are a UK resident and a UK or EU citizen. In addition, you must inform us at the time of opening the account or during the term of the account if you or one of your parents is or was a citizen or a national of the United States of America or maintain any other joint citizenship or was born in the United States of America, Puerto Rico, Guam, or the US Virgin Islands.
2.2 You may only open a personal account with us for personal use and not for any business purpose.
2.3 You may have multiple accounts with us at any one time. However, there may be a maximum number of accounts and/or a maximum total balance that you can have deposited across all of your accounts with us at any one time. The Product Summary sheet will state the current maximum limits, if there are any. You are not permitted to open or maintain an account that brings you above the maximum number of accounts and/ or maximum total balance limit. Any accounts held jointly, or funds held in a joint account, will count towards each of your own individual limits.
2.4 We will inform you if the maximum amount relevant to your account(s) changes. We may change the maximum number of accounts or the maximum permitted total balance to suit our business needs or to meet regulatory requirements from time to time. Where there is a reduction in limits, this will not be applied retrospectively to amounts already invested unless there is a legal or regulatory requirement to do so.
2.5 If you open an account or accounts and, as a result, the maximum permitted number of accounts applicable at that time is exceeded, or you transfer money into your accounts bringing your total balance across all accounts above the maximum permitted amount, we reserve the right to close out any of your accounts (insofar as it is necessary to reduce the aggregate to below the maximum) and return the excess funds to your nominated account.
2.6 In order to open an account, you will need to complete our online application form which is available on our website: www.masthaven.co.uk.
2.7 The online application form requires all the initial details that we need in order to open your account to be provided. We may also request further information from you before we can open your account. This may be so that we can carry out anti money laundering, fraud or credit checks in relation to you.
2.8 As part of your application, we will require an email address from you which is personal to you. For security reasons, please ensure that this is an email address that only you can access. For example, you should not use an email address that is accessible by your employer.
2.9 Your account will not be opened until we have accepted your application and sent you a confirmation that we have done so (“confirmation”). Once your account is successfully opened, we will issue you with a Welcome Pack within 10 business days, which will set out information including; the fixed term of the account, the interest rate and indicative amount of what you could expect to receive. The confirmation is a key part of our agreement with you. Please read the confirmation carefully to check that the details are correct.
1. These terms and conditions;
2. The Product Summary sheet; and
3. A confirmation letter.
These three documents – together with our Tariff of Charges – Savings (available on our website: www.masthaven.co.uk) – form our agreement with you. They will set out important information, including the term of the account, the interest rate, and the amount deposited into your account. You must read these documents carefully when you receive them to check that the details are correct.
2.10 All of our fixed rate accounts are subject to availability. Therefore, once you have submitted your online application, we may not be able to offer you the account that you have applied for and we reserve the right to refuse your application. Where we cannot offer you an account on the terms that you applied for, we may communicate to you an offer to open an account on different terms.
2.11 Except where clause 2.12 below applies, the terms of the confirmation will be final. Where the terms of the confirmation conflict with
1. the options selected in your online application form, 2. the information set out in the Product Summary sheet, or 3. any other document or correspondence,
it is the confirmation that prevails and forms part of our agreement. It is important to check the terms offered in the confirmation before depositing funds into your account.
2.12 This clause applies where a term of the confirmation is manifestly erroneous. A term is manifestly erroneous if it is so obviously incorrect that it clearly could not have been intended to form part of this agreement. Where a term of the confirmation is manifestly erroneous and conflicts with another term of our agreement with you, the latter term shall prevail.
2.13 We may refuse to open an account for any reason except for where such refusal would be unlawful under equality legislation or other applicable law. Circumstances in which we would refuse to open an account include: you are ineligible, we have our own objective commercial reasons (such as limits on the number of accounts we can offer), we suspect fraud, we have been unable to verify your identity or carry out appropriate checks in relation to financial crime, or there is some legal or regulatory reason why we cannot open an account for you.

3. Depositing into your account
3.1 Once we have confirmed with you that your account has been opened, you will have the period of time stated in the Product Summary, including the day on which we sent our confirmation, to fund your account (“the Funding Period”), including the day on which we sent our confirmation, to fund your account.
3.2 We will only accept funds from the UK bank current account nominated by you in accordance with clause 7 below (“nominated account”). You will need to transfer the funds to us in accordance with the instructions provided during the application process and when we have confirmed your account has successfully been opened. We will credit the deposit to your account on the same day that we receive the funds from you. You can transfer funds by electronic transfer.
3.3 You may fund your account with multiple deposits from your nominated account throughout the Funding Period as long as the total amount transferred is not above any maximum specified by us during the account opening process.
34 Once the Funding Period has passed, you will be unable to make further deposits into your account. This will not prevent you from opening additional fixed rate accounts with us.
3.5 If, after the Funding Period, you attempt to make an initial deposit of funds (‘the Late Funds’), we reserve the right to:
1. transfer the Late Funds to your nominated account, or
2. accept the Late Funds and offer you the option to open another account.
3.5.2.1 If you choose to open another account in this way, the Late Funds will be credited to the new account once opened. The terms applicable to this new account, including the interest rate, may not be the same as those applicable to the previous account. You will be given the opportunity to review the terms applicable to the new account before the new account is opened. 3.5.2.2 If you indicate to us that you do not wish to open another account using the Late Funds, the Late Funds will be transferred to your nominated account.
3.6 We may refuse to accept a deposit where there is some legal or regulatory reason why we cannot accept your deposit, if we consider that your deposit has been paid in error, or if you have breached the terms of this agreement (including by transferring an amount in excess of the limit set for a particular account, or that would bring the aggregate balance across all of your accounts with us above the applicable permitted maximum). In these circumstances, unless we are prevented from doing so by law or regulation, or unless a relevant legal or regulatory authority requests that we retain your funds, we will transfer the funds back to your nominated account.
3.7 If you or some other person attempt to fund your account from a bank account other than your nominated account in breach of these provisions, we reserve the right to transfer the funds back to the account from which they were transferred.
3.8 Where a third party transfers funds to your account in error, you authorise us to withdraw those funds from your account and transfer them back to the account from which those funds were transferred.

4. Maturity and repayment
4.1 Your fixed rate account is a fixed term product, which means you cannot withdraw your funds or close your account until the end of the agreed term. This agreed term will be set out in the confirmation that we provide to you once your account has been opened. The term will commence on the date that the account is opened as set out in the confirmation.
4.2 Your account will mature at the end of the fixed term period. If this date falls on a day that is not a business day, then your account may mature on the following business day.
4.3 Within a reasonable period of time before the maturity date of your account, we will notify you that your account is about to mature and what options, if any, are available to you on maturity. We will also subsequently send you a reminder through one of the following means:
1. email,
2. mobile telephone,
3. post or,
4. message through the online account manager.
4.4 If, when notifying you about the maturity of your account, we have provided you with options on what you can do with the funds on maturity, but you do not tell us what you would like us to do with your funds by the maturity date, we will transfer the funds to your nominated account.
If we have no options to offer you, we will transfer your funds to your nominated account on maturity.
4.5 If we are unable to transfer funds to your nominated account (for example, because your nominated account has been closed or this would cause us to contravene any legal or regulatory requirements), the funds will be held in an account for you until they can be paid to you (for example you provide details of a different nominated account). When we notify you that your account is maturing, we will give you details about how your funds will be held if we are unable to transfer them to your nominated bank account.
4.6 E-Saver accounts
The following terms apply to e-Saver accounts which hold funds from matured fixed rate accounts.
1. Funds in an e-Saver account can only be transferred to your nominated account. When transferring to your nominated account, all available funds must be transferred. Once all the funds in the e-Saver account have been transferred, the e-Saver account will be closed automatically.
2. The rate of interest for a Masthaven e-Saver account is variable and may be changed at any time. Interest is accrued daily and is credited annually to the account. We will give you at least 14 days’ notice of a change of interest rate by email or letter, but we may choose to waive this advance notice when interest rates rise. You can check the current rate on your e-Saver account by logging in to your online account manager.
3. An e-saver account has no fixed term and you or we, can close the account at any time.
(a) You can close the account at any time by transferring all the funds to your nominated account.
(b) If we close the account, we will give you not less than 30 days’ notice.
4. If we close your account, on closure we will transfer the funds (together with interest accrued) to your nominated account. If we are unable to transfer the funds (for example, because your nominated account has been closed or this would cause us to contravene any legal or regulatory requirements), the funds will be held in an account for you until they can be paid to you (for example you provide details of a different nominated account). When we notify you that we are closing your account, we will give you details about how your funds will be held if we are unable to transfer them to your nominated bank account.
5. The terms set out in clause 7 relating to your nominated account also apply in relation to your e-Saver account.
4.7 We reserve the right to refuse to carry out your payment instructions if:
1. We reasonably believe that someone else has rights over the funds in your account;
2. We reasonably believe that someone other than you has given us the instructions without the legal right to do so;
3. We reasonably suspect fraudulent activity;
4. Your instructions are unclear, incomplete, or the recipient’s details are incorrect; or
5. It might cause us to act contrary to a legal or regulatory obligation, code of conduct, or any other duty which applies to us.

5. Interest
5.1 Interest will be paid at the fixed rate stated in the confirmation, which we will send to you when we open your account. The payment of interest will not be varied after the account has been opened.
5.2 Interest is calculated on a daily basis, based on the funds held in your account. Interest will be calculated from the day on which your funds have been credited to your account. For example, for a one year account in a nonleap year, if you deposit £500 on the first day and £500 on the second day of the Funding Period, you will obtain 365 days interest for the first £500 but only 364 days interest for the second £500.
5.3 In a leap year, interest is calculated in the same way save that there are 366 days in the year. For example, for a one-year account in a leap year, if you deposit £500 on the first day and £500 on the second day of the Funding Period, you will obtain 366 days interest for the first £500 but only 365 days interest for the second £500.
5.4 When you apply for an account with us, you can select the frequency of your interest payments from the available payment options. The agreed frequency of interest payments will be stated in your confirmation.
5.5 Interest will either be paid into your nominated account or added to the balance of your fixed rate account in accordance with the instructions that you give to us when you open your account.
5.6 We will pay interest to you gross without tax deducted. If you are liable to pay tax on your savings interest, it is your responsibility to do so.

6. Closing or freezing your account
6.1 Your account will be open for the fixed term that you select during the account opening process as confirmed by us. You may not close the account until the account matures.
6.2 We may end this agreement and close your account immediately if we reasonably consider that you have acted fraudulently, funded your account in whole or in part by the proceeds of crime, or have otherwise behaved improperly to a significant extent (such as acting in an abusive or threatening manner to us). In these circumstances, unless we are prevented from doing so by law, regulation or a relevant public authority, we will transfer your account balance to your nominated account. We will not be obliged to pay any interest at the time we close your account, unless we are required to do so by law.
6.3 We may also end this agreement and close your account immediately if:
1. you have breached any of the material terms of this agreement;
2. we erroneously open your account contrary to one of our internal policies (e.g. where, after opening your account, we are subsequently unable to verify your identity or complete the appropriate checks in relation to financial crime);
3. you (or in the case of joint account holders, any one of you) become subject to insolvency (bankruptcy) proceedings or no longer meet our eligibility criteria under clause 2.1;
4. we reasonably consider that by continuing with our agreement we may breach a legal or regulatory requirement, an order to comply with a court order or an instruction of another relevant public authority; or
5. if continuing the agreement would expose ourselves or another company in Masthaven Bank’s group to action from any government or regulator.
6.4 If we close your account under clause 6.3, unless we are prevented from doing so by law, regulation or a relevant public authority, we will transfer your account balance to your nominated account along with any interest accrued (calculated at a daily rate from the date your account was opened) as at the day on which we close your account that has not already been paid.
6.5 If you die and are the sole living account holder, we will transfer your account balance to your nominated account (or any other account nominated by your personal representatives) along with any interest accrued (calculated at a daily rate from the date your account was opened) as at the day on which we close your account that has not already been paid. Alternatively, your personal representatives may instruct us to retain your account balance until the account matures. If you die, we will only be required to transfer your account balance when we receive legal documents (a) evidencing your death, and (b) confirming the authority of your personal representatives.
6.6 If there is a dispute concerning your account, or if we reasonably suspect that the account is being used for illegal purposes, we may freeze your account. While your account is frozen, we will not accept instructions from you concerning the account. The account will remain frozen until either the dispute is resolved or it is established that it is not being used for illegal purposes. We will not be liable for any losses occurring as a result of your account being frozen except insofar as those losses are caused by our negligence. We will be entitled to recover from you any costs reasonably incurred by us in connection with the freezing of your account.
6.7 Unless we agree otherwise, all transfers to your nominated account on account closure for any reason, will be made via the Faster Payments Service (FPS) or, where the amount to be transferred is above the limit for the FPS, via BACS. Transfers made via BACS may take two business days to reach your account. Transfers may also be made via CHAPS but may be subject to a charge (as set out in the Tariff of Charges - Savings). If we are unable to transfer funds into your nominated bank account (for example, because your nominated bank account has been closed or this would cause us to contravene any legal or regulatory requirements), the funds will be held in an account for you until they can be paid to you (for example, you provide details of a different nominated account). We will let you know if we have been unable to pay funds into your nominated account unless this would cause us to contravene any legal or regulatory requirements.

7. Your nominated account
7.1 You must at all times have one (and only one) nominated UK bank current account which will apply to all fixed rate accounts you hold with us in your sole name.
7.2 Joint account holders must also have one nominated account which will apply to all fixed rate accounts held jointly by those joint account holders with us. However, this may be a different nominated account from the nominated account(s) applying to other fixed rate accounts held in the name of any one of those joint account holders, whether those accounts are held in that person’s sole name or held jointly with other persons.
7.3 Your nominated account will be used for all deposits into and withdrawals from your fixed rate account with us. When you open your account with us, you must provide us with the sort code and account number of your nominated account.
7.4 This same nominated account will be used to receive interest payments where you have instructed us not to add these interest payments to the balance of your fixed rate account.
7.5 We will send all matured funds and interest payments to your nominated account by electronic transfer. It is your responsibility to ensure that your nominated account can receive electronic transfers.
7.6 You can change your nominated account by logging into the online account manager at www.masthaven.co.uk and sending us a secure message, or by calling us. The nominated account must be a UK account in your name or the name of one or both joint account holders.
7.7 We may refuse to make any payment to a nominated account where this would breach our legal or regulatory obligations, such as anti-money laundering requirements. 8. Statements
8.1 You can access your account balance at any time through the online account manager.
8.2 We will issue you with a statement through the online account manager on the anniversary of opening your account and on the maturity of your account. At the end of each financial year, we will issue you with a summary of the interest credited to your account.
8.3 You must let us know as soon as possible if you notice a mistake or a transaction that you do not recognise so that we can investigate it and take appropriate action.

8. Statements
8.1 You can access your account balance at any time through the online account manager.
8.2 We will issue you with a statement through the online account manager on the anniversary of opening your account and on the maturity of your account. At the end of each financial year, we will issue you with a summary of the interest credited to your account.
8.3 You must let us know as soon as possible if you notice a mistake or a transaction that you do not recognise so that we can investigate it and take appropriate action.

9. Charges We may charge you for certain additional activities or services that we may provide to you in relation to your account with us. For more information, please see our Tariff of Charges - Savings which is available online on our website www.masthaven.co.uk. The Tariff of Charges – Savings document forms part of the agreement between us, so it is important that you read it.

10. Your responsibilities
10.1 You must inform us of any changes to your name, home address, email address or mobile telephone number, or if you leave the UK and become a resident elsewhere or otherwise cease to meet our eligibility criteria under clause 2.1
10.2 You must not attempt to interrupt or interfere with the working of our website or internet service in any way whatsoever. This includes hacking, tampering with security or causing any other disruption. You must also comply with our website privacy policy and cookies policy, which may change from time to time.
10.3 You must pay tax on the interest paid on your account balance if you are liable to do so.
10.4 You are responsible for taking all reasonable steps to prevent unauthorised access to your accounts in accordance with clause 11.

11. Protecting your account
11.1 We must take all reasonable steps to prevent unauthorised access to your accounts and to make sure they are secure.
11.2 When your account is set up you will be asked to log on and set your own unique Customer ID. We will also ask you to set up some security details such as your password and a memorable question and answer which you will require, together with your Customer ID, to operate your account on the online account manager. Your Customer ID and these security details form your “security details”. Joint account holders will each have their own security details.
11.3 You must not let any person other than yourself use your account security details and you must not share any of your security details with any other person, including other joint account holders.
11.4 You must take all reasonable steps to keep your security details safe. Such reasonable steps will include the following:
1. avoiding writing down your security details, but, if they are written down, keeping your security details somewhere where they cannot be accessed by anyone else;
2. not disclosing your security details to any person, not even a member of Masthaven Bank’s staff;
3. only entering your security details when you are asked to do so on our website;
4. creating security details that are difficult to guess;
5. making sure nobody can see your security details when you type them;
6. not allowing any software on any device used to access our website to “save password” in relation to your security details;
7. not clicking on links in emails in order to access the online account manager as these could be inauthentic emails sent by fraudsters trying to obtain your security details;
8. ensuring that you log out of the online account manager before leaving your device unattended; and
9. being wary of emails from senders, or callers pretending to be us - if you are in doubt as to the authenticity of an email that appears to originate from us, contact us by telephone or through the online account manager (but do not click on any link contained in a suspicious email).
11.5 You must inform us immediately if you:
1. know or suspect that someone other than you has access to your security details;
2. suspect any fraudulent activity has taken place on or in relation to your account;
3. lose, share or accidentally disclose your security details; or
4. suspect that any email address we hold for you has been compromised.
11.6 It is important to notify us immediately as it will help us to prevent unauthorised transactions being made from your account. Please use the contact details at clause 24 or our website https://www.masthaven.co.uk/contactus. If you do not inform us as soon as possible, you may be liable for the loss caused by any payment/transfer instructions received by us from an unauthorised person.
11.7 You must also ensure that any email address provided by you for use in relation to your account with us is only accessible by you and that you keep your password for that email address secure. You are responsible for ensuring that any email address that we hold for you is protected from unauthorised attempts to gain access to the online account manager.
11.8 We may contact you if we suspect, or if you inform us, that your security details have been compromised, or where there has been any suspicious activity or transaction in relation to your account.
11.9 You must follow all instructions that we give to you which relate to the security of your account. This includes all instructions in relation to how you access and use our website and the online account manager.
11.10 We may change the means by which you can access your accounts online from time to time and we will notify you by email/message of such changes. Where possible, we will give you notice of these changes, but in some circumstances we will need to make changes to security arrangements without giving you prior notice. When this is the case, we will notify you afterwards as soon as we can.
11.11 You must access the online account manager using your security details and by no other means.
11.12 You are responsible for ensuring that you use up to date virus checking and firewall software on any device that you use to access our website or the online account manager.

12. Unauthorised transactions
12.1 If you lose, disclose, or otherwise compromise your security details and, as a result, an unauthorised person gives us an unauthorised transaction instruction(s) in relation to your account, you will be liable for an amount up to a maximum of £50 for losses caused by the unauthorised transaction(s).
12.2 However, notwithstanding clause 12.1 above, you will be liable for all of the loss where you have acted fraudulently or if you have, intentionally or with gross negligence, either failed to keep your security details safe in accordance with clause 11 above or otherwise failed to take all reasonable steps to prevent unauthorised transactions. This is why you must inform us as soon as possible if you believe your security details have been compromised.
12.3 If you have notified us of the loss or unauthorised use of your security details, you will not be liable for any unauthorised payment instructions given after you have made this notification, unless you have acted fraudulently.
12.4 Please contact us using our contact details set out in clause 24 as soon as you realise that your security details have been compromised.
12.5 In order to dispute or to claim compensation arising from a transaction that you do not recognise or which you believe to be unauthorised, you must notify us of your dispute or claim as soon as possible and, in any event, no later than 13 months after the date of the transaction.
12.6 You must take all reasonable steps to assist us, including by providing all relevant information requested of you, to enable us to pursue any action against third parties arising out of unauthorised transactions on your account.

13. Changes to this agreement
13.1 You may not change the terms of these conditions without our agreement in writing.
13.2 The interest rate for your account will be fixed until the account matures.
13.3 We may make changes to these conditions for the following reasons:
1. to comply with industry best practice, including fraud prevention practices;
2. to respond to changes in law, regulation, guidance or decisions of the court, our regulators or the Financial Ombudsman Service;
3. to make reasonable changes to respond to changes in the banking system;
4. to comply with instructions, indications or guidance from our regulators or other relevant authorities;
5. to make improvements to our services which are of benefit to you;
6. to improve the security features of our services including the features of our website and the online account manager;
7. to correct mistakes, ambiguities, inaccuracies or omissions where it is reasonable to do so; or
8. to make these conditions easier to understand or fairer to you or to update these conditions from time to time so that all of our personal fixed rate account customers are subject to the same conditions.
13.4 Since we cannot foresee what may change over the term of your account, it may also be necessary for us to make changes to these conditions for reasons other than those set out in condition 13.3 above.
13.5 We may also make changes to the Tariff of Charges – Savings in accordance with those terms.
13.6 Where changes we make to our agreement are favourable to you, we will notify you of these changes by email or letter. Where possible, we will do this before the change takes effect.
13.7 Where changes we make to our agreement are not favourable to you, we will give you reasonable prior notice by email or letter. What is “reasonable” notice will depend on the circumstances, such as how urgently we feel we need to make the changes and the effect that the changes will have on you. Unless the circumstances require us to act more urgently, we will give you at least 30 days prior notice.

14. Transfer of this agreement
14.1 We may transfer our rights and responsibilities under this agreement to any person who has the relevant regulatory authorisations to carry out the necessary banking activities and undertakes to carry out all of our responsibilities under this agreement, but only where we reasonably believe that such person is capable of and will perform our responsibilities. The terms governing your account(s) will not be varied as a result of any transfer of our rights and responsibilities, save insofar as such variation is necessary to give sense to the agreement (e.g. variations to the contact details contained in clause 24 below). In these circumstances, you agree that we will be released from all of our duties and agreements under this agreement. We, or somebody on our behalf, will notify you by email or letter of any such transfer.
14.2 You may not transfer your rights or responsibilities under this agreement to any other person, create security over your account or transfer the ownership of your account to any person unless we agree that you can do so in writing.

15. How we use your information
15.1 This clause is about the information about you that we hold or obtain and how we are permitted to use that information. This includes information that we receive from you directly, such as the information that you provide to us when you apply for your accounts with us, information that we learn from you through our relationship with you (such as how you operate your accounts), and information that we gather electronically from the technology which is used to access our services (such as your IP address and information on how you use our website including the online account manager).
Providing services to you
15.2 We may use your information to set up your account, provide services to you under this agreement, and to manage your account on an ongoing basis.
Using your information to improve our services
15.3 We may use your information to improve our services to you and develop a better understanding of what our customers need from us. For example, we may use your information to look for trends in our customers’ preferences and behaviours, as well as develop, test and review our products and services.
15.4 We may use your information to decide what other products and services that we offer might be suitable for you, if you have consented to marketing.
Communicating with you
15.5 We will use your personal details, such as your mobile telephone number, address and email address, to communicate with you regarding the services that we provide to you under this agreement and other agreements between us. You can change your options at any time by sending us a secure message when you log on and via the online account manager.
Marketing
15.6 We may also use your information to offer you products or services where you have agreed that we may use your information for this purpose. However, we will not share your information with third parties for marketing purposes.
15.7 If you have consented to receive marketing, you may opt out at a later date. You have a right at any time to stop us from contacting you for marketing purposes.
Sharing your personal information to other entities providing services
15.8 We may share your personal information with our third party service providers to assist us with providing our services to you. For example, third party providers may help us to assess and process applications, to conduct background checks required to process your application or to manage our relationship with you. These third parties process your personal information on our behalf or under our instructions.
15.9 We may also share your information with our professional advisers who will be bound to keep such information confidential and use your information in accordance with the provisions of this agreement (such as our legal advisers).
15.10 We will take all reasonable steps to require all third parties with whom we share data under this clause 15 to treat your information carefully and not to, process, store or share your information in a manner that would not be permitted by this agreement or under applicable data protection law.
Merger or acquisition of our business
15.11 Where Masthaven Bank or its business is acquired by a third party, the information we hold about you will be transferred to that third party. We may also provide your information to a prospective investor or buyer of all or any part of our business.
Transfer of our rights under this agreement
15.12 If we transfer our rights and/or obligations under this agreement under clause 14, we will also transfer the information that we hold about you.
Group companies
15.13 We may also share your personal information with other companies in the same group as Masthaven Bank.
Recording calls, emails and other messages between us
15.14 We may monitor, record and store calls, emails or other messages (including messages sent between us through the online account manager). We may use these records for training or quality control purposes. We may also use these records in order to prevent unauthorised use of our telecommunication systems and website, ensure our systems operate effectively, prevent or detect crime, and protect your personal data.
Sharing your information to the authorities
15.15 We may share your information where required by law or regulations, or where requested by a law enforcement agency or by UK or overseas regulators. We will also handover records of calls, emails and other messages between us on request to such agencies or regulators.
Fraud prevention
15.16 If we suspect that false or inaccurate information has been provided by you and fraud is identified or suspected, we may pass on details of this to fraud prevention agencies.
15.17 Law enforcement agencies may access and use this information. Other organisations will also access and use information that has been provided to these agencies. For example, organisations will access this information when carrying out background checks on job applicants and employees, checking applications, managing credit or other facilities and recovering debts.
Carrying out checks on you
15.18 We may share your personal information with third parties in order to carry out checks against you, such as fraud agencies, credit agencies and other third parties operating external databases to which we have access. These checks may be carried out to check your identity, in order to prevent money laundering, to identify and prevent fraud, or for credit reasons.
Disclosure of information to tax authorities
15.19 We may disclose information about you to the relevant tax authorities. This may include disclosing information about you to foreign tax authorities (or to HM Revenue & Customs, which may in turn disclose your information to those foreign tax authorities). In particular, if you are a US person we may have regulatory
Where your information is stored and for how long
15.20 All information you provide to us is stored on our secure servers within the European Economic Area (“EEA”). We will only transfer your personal information to a country outside of the EEA where that country ensures an adequate level of protection for you information.
15.21 We will retain your personal information while you remain a customer and for a further period of up to seven years, subject to any relevant legal requirements.
Your right to access and correct information held about you
15.22 You have the right to access personal information that we hold about you. Please contact us using the details stated in clause 24 below if you wish to make such a request.
15.23 We want to make sure that your personal information is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

16. Joint accounts
16.1 This clause applies where your account is held jointly between two of you.
16.2 Each of you is jointly and severally responsible for complying with our agreement including these conditions.
16.3 We may act on the instructions made by any one of you in relation to your account. For example, this means that if one of you instructs us on what to do with your account balance when your account matures, we do not need to check with the remaining account holders. Any one of you will also be able to change your nominated account to which funds will be transferred. If either one of you gives us instructions to remove the other from the account we will email and attempt to call the person who is being removed from the account in order to validate the instructions. If an objection is raised to one party being removed from the account we shall act in accordance with clause 16.5 below.
16.4 If we give notice or provide information to any one of you, this will count as notice to all of you.
16.5 If we become aware of a relevant dispute or disagreement between you, we may prevent any of you giving us instructions in relation to your account until the dispute or disagreement has been resolved. For example, we may hold back from transferring your account balance to a nominated account on maturity if there is an ongoing dispute.
16.6 If any of you die, we may continue to act on the instructions of the remaining account holders. However, we are not required to do this and may instead close the account in accordance with clause 6.4.

17. Set off
17.1 If any money you owe Masthaven Bank (for example on loan or mortgage) is overdue for payment, we may use any money you have in any of your accounts with us to reduce or repay what you owe, by way of set off. We can use this right of set off against accounts which are in your sole name as well as joint accounts you hold with us. We will tell you at least 14 days before we exercise this right to set off.

18. Authorising another person to operate your account
18.1 You may authorise someone else to operate an existing account(s) you hold with us but only if they are permitted to do so under a valid and effective enduring or lasting power of attorney, or in Scotland a continuing power of attorney, for financial purposes (i.e. a power of attorney that remains or becomes effective when you lose the mental capacity to manage your financial affairs). We will not accept any other power of attorney including an ordinary power of attorney. Before we allow such a person to instruct us in relation to your account, we will need to see the relevant documentation to satisfy ourselves that the person is authorised to do so. Any authorised person (A), authorised by power of attorney over another person (B), seeking to open an account for person B will be subject to our normal account opening procedures including checks for financial crime. We reserve the right to refuse an application by such an authorised person A for the reasons outlined at clause 2.13 of these conditions. We will not accept an authorisation until we have seen all of the documentary evidence that we reasonably require. Should you have any queries regarding using a power of attorney, please do contact us.

18.2 In some circumstances, the law may require us to allow a third party to operate your account, such as if you become mentally incapable, bankrupt or on your death. This may invalidate the authority of any other person you have authorised to operate your account.
18.3 Where another person is authorised by you or otherwise to operate your account, we cannot be liable for any loss caused to you by that person’s actions unless we knew that such a person was acting dishonestly. A decision by an authorised third party will be treated as if it were made by you.

19. Restrictions on our liability
19.1 We will aim to ensure a continuous service at all times, including the provision of our website and the online account manager. However, we will not be liable where we fail to provide a service due to abnormal and unforeseeable circumstances beyond our control (or beyond the control of third parties acting on our behalf). These circumstances include (but are not limited to) where electrical hardware or software is subject to malfunction or where our services are disrupted by industrial disputes.
19.2 In addition, we will not be liable for any of the following:
1. Loss of opportunity, profit, goodwill, or business;
2. Losses caused by reasonable delays in our performance necessary to fulfil our obligations to you and to our regulators; or
3. Any other loss (whether direct or indirect) that we could not reasonably have foreseen.
19.3 Nothing in this agreement should be interpreted as limiting or excluding our liability for any losses where such limitation or exclusion is prohibited by law.
19.4 There are also limitations on your liability for unauthorised transactions which are set out in clause 12 above.

20. Financial Services Compensation Scheme
20.1 Masthaven Limited is covered by the Financial Services Compensation Scheme (“FSCS”). The FSCS pays compensation to eligible depositors where a bank is unable to meet its financial obligations to those depositors. Most individuals and small businesses can benefit from the scheme.
20.2 Further information about the FSCS (including the limits of protection) is available at www.fscs.org.uk or by telephone on the Freephone number 0800 678 1100 or on the landline number 020 7741 4100.

21. Complaints procedure
21.1 Information on our complaints procedure can be found at www.masthaven.co.uk
21.2 If you feel that we have not met your expectations and would like to make a complaint, please contact us by using the contact details given at clause 24 below, calling our telephone customer services line 0330 3636666 or by email complaints@masthaven.co.uk. We will aim to deal with your complaint as quickly as possible.
21.3 If we have been unable to provide you with a final response to your complaint within eight weeks of making your complaint to us, or we have responded to your complaint but you are not satisfied with our response, you have a right to refer your complaint to the Financial Ombudsman Service.
21.4 The Financial Ombudsman Service is an independent organisation whose purpose is to resolve complaints where consumers and financial businesses have not been able to resolve them between themselves.
21.5 If you remain dissatisfied with our response to your complaint you have the right to refer your complaint to the Financial Ombudsman Service, which is an independent dispute resolution service and free of charge – but you must do so within six months of the date of our response. If you do not refer your complaint in time, the Ombudsman will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances (for example, if the Ombudsman believes that the delay was as a result of exceptional
21.6 The Financial Ombudsman Service’s website is: http://www.financial-ombudsman.org.uk/
21.7 You can contact the Financial Ombudsman Service using the following contact details:
Address:
The Financial Ombudsman Service Exchange Tower London E14 9SR
Telephone: 0800 02 34 567
Email: complaint.info@financial-ombudsman.org.uk
21.8 If you entered into this agreement online, you can also make a complaint by using the European Union’s online dispute resolution platform accessible at http://ec.europa.eu/odr

22. Severability
22.1 If any part of these conditions is deemed to be invalid or unenforceable, the other conditions will remain fully effective.

23. Governing law
23.1 These conditions and all other aspects of the agreement between you and us are governed by English law. The courts of England and Wales will have exclusive jurisdiction in dealing with awny legal disputes arising in connection with this agreement.
23.2 All of our communications with you and all other parts of this agreement will be in English.

24. Contact details If you need to contact us, this can be done in one of the following ways:
Email - savings@masthaven.co.uk
Telephone - 0330 363 6666
Post - as per our postal address which is available on our website: www.masthaven.co.uk You can also contact us through the online account manager.