Premier Brands Combination Account Series 6 - Ulster Bank

SAVINGS & DEPOSITS 

Premier Brands Combination 

Account Series 6 

100% capital security at maturity, a fixed return after two 

years and the potential to earn additional interest based 

on the share price performance of 25 Blue Chip Companies. 

Help for what matters 

Minimum deposit: £2,000 

Closing date: 8 June 2013

Contents 

Product Overview 2 

Glossary of Terms 3 

Product Options 4 

How interest is calculated 6 

Possible performance outcomes 8 

Important facts and key risks 15 

Tax-free Options 20 

Find out more 21 

Terms and Conditions 22 

Account Opening 33

Product Overview 

With our Premier Brands Combination Account you can earn a fixed 

rate return on a portion of your deposit, and also have the potential 

to earn an additional return based on the share price performance 

of 25 Blue Chip Companies on the remainder of your deposit. 

Whether you choose a four year term or a six year term, we will split your deposit into two portions: 

The first portion of your deposit will earn a fixed rate of interest for the first two years of your 

term. While the second portion will track the share price performance of 25 Blue Chip 

Companies to provide an additional potential return when your account matures. 

The Premier Brands Combination Account tracks the share prices of 25 Blue Chip Companies 

you see everyday, such as Coca Cola, Apple and Microsoft. 

Your capital is 100% secure at maturity which means you will receive back all of your initial deposit. 

You can also use your cash ISA allowance to invest in the Premier Brands Combination Account. 

The minimum deposit in the Premier Brands Combination Account is £2,000. 

Premier Brands Companies 

The following is the list of 25 Blue Chip Companies that your deposit will track: 

Unilever Kellogg Johnson & Johnson 

GlaxoSmithKline McDonald’s PPR 

Procter & Gamble BMW Renault 

Apple Adidas Continental 

Mondelez International Nestle Ericsson 

Microsoft L’Oreal Shell 

Coca Cola Sony Colgate – Palmolive 

Walt Disney Co Toyota Philips 

Danone 

To find out more about any of these companies, please ask in branch. 

Share prices can fall as well as rise. 

If the average share price performance stays the same or does not increase over the term, 

you will only receive back your initial deposit. 

The return on the share price performance of 25 Blue Chip Companies can be between 

zero and the maximum return rate; depending on the performance of the shares. 

2

Glossary of Terms 

‘AER’ – Annual Equivalent Rate: This is a notional rate used for interest bearing accounts, 

which illustrates the interest rate if paid and compounded each year. It helps you to compare 

the effective rates of credit interest on different accounts. 

‘Averaging’ – To protect the performance of the portfolio from short-term volatility in the 

share prices towards the end of the term, the Final Level of the 25 Blue Chip Premier Brands 

Companies includes averaging over the final 12 months of the six year option and the final 

6 months of the four year option. The Final Level for each share is calculated by recording the 

company’s share prices on the Averaging Dates and calculating the average of these. There are 

13 Averaging Dates over the final 12 months of the term for the six year option and 7 Averaging 

Dates over the final 6 months of the term for the four year option. 

‘Blue Chip Company’ – is a well-established and financially sound company that has 

demonstrated its ability to perform well in both good and bad times. 

‘Limiting’ or ‘limit’ – The amount that each share can contribute to the Premier Brands 

Return is limited. In the case of the six year option, the performance of each share is limited to 

a maximum increase of 60% and a maximum decrease of 60%. In the case of the four year 

option, the performance of each share is limited to a maximum increase of 20% and a 

maximum decrease of 20%. 

‘Cash ISA’ – is an individual savings account that is tax-free, subject to a subscription limit 

set by the Government. The current subscription limits are detailed in our brochure: “A Guide 

to personal accounts fees and interest”. 

‘Derivative Contract’ – consists of a financial derivative transaction which is designed 

to pay a return based on the performance of the Premier Brands Companies without the need 

to purchase a direct interest in the Premier Brands Companies. Derivatives are so called 

because their value derives from the price movement or change in an underlying asset (for 

example a share in a particular company or a commodity such as gold) or a financial index (for 

example the FTSE 100) or combination of indices. 

‘Encashment’ – means the closure of your Account in advance of the Maturity Date. 

‘Gross Interest’ – this means the interest rate you are paid before the deduction of income tax. 

‘Initial Level’ – is the closing price of each share on the Start Date. 

‘Final Level’ – the final level of each share is the average of the closing prices on 

13 averaging dates taken over the last 12 months of the term for the 6 year option and on 

7 averaging dates taken over the last 6 months of the term for the 4 year option. 

‘Maturity Date’ – the 6 year Premier Brands Combination Account matures on 

2 July 2019. The 4 year Premier Brands Combination Account matures on 

3 July 2017. In both the 6 year and the 4 year options, the two year Fixed Rate Portion matures 

on the 2 July 2015. 

‘Start Date’ – means 2 July 2013. 

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Product Options 

There are two options available: 

Option 1: 6 Year Term 

• Interest of 6% Gross*, 2.95% AER** (fixed) is earned on 40% of your deposit after 

the first two years of the term. At the end of the first two years this 40% of your 

deposit is returned to you, along with the interest earned on it. 

• 60% of your deposit will track the share prices of the 25 Blue Chip Premier Brand 

Companies over the 6 year term. You will earn any growth in the combined 

portfolio of 25 Blue Chip Companies at the end of the six years, subject a maximum 

return of 60% Gross, 8.14% AER (variable) on this portion of your deposit. Where 

there is no growth or the performance of the portfolio of 25 Blue Chip Companies 

after averaging has declined over the six year term, you will receive all of your 

capital back, but no further interest. 

• This product is designed to provide 100% capital security at maturity, regardless of 

the performance of the portfolio of companies. 

(Please see worked examples on pages 8 to 11). 

Please also note that the money which you deposit will be debited from your account 

when you apply for the Premier Brands Combination Account and will not begin to 

earn any interest until the start date on 2 July 2013. 

REMEMBER, THE EFFECT OF INFLATION MAY REDUCE THE REAL 

VALUE OF WHAT YOU RECEIVE AT THE END OF THE TERM. 

THERE IS NO GUARANTEE THAT THIS DEPOSIT WILL PROVIDE A BETTER 

RETURN THAN A CONVENTIONAL INTEREST BEARING DEPOSIT. 

Please read the important facts and key risks on pages 15 to 19 for information on the 

restrictions and risks that apply. Please also refer to the Glossary of Terms on page 3 for 

detailed explanations of key terms. 

* Gross – this means the interest rate you are paid before the deduction of income tax. 

** Annual Equivalent Rate (AER): This is a notional rate used for interest bearing accounts, which illustrates the interest 

rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts. 

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Option 2: 4 Year Term 

• Interest of 6% Gross*, 2.95% AER** (fixed) is earned on 20% of your deposit after 

the first two years of the term. At the end of the first two years this 20% of your 

deposit is returned to you, along with the interest earned on it. 

• The remaining 80% of your deposit will track the share prices of the 25 Blue 

Chip Premier Brand Companies over the 4 year term. You will earn any growth in 

the combined portfolio of 25 Blue Chip Companies at the end of the four years, 

subject to a maximum return of 20% Gross, 4.66% AER (variable) on this portion 

of your deposit. Where there is no growth or the performance of the portfolio of 

25 Blue Chip Companies after averaging has declined over the four year term, you 

will receive all of your capital back, but no further interest. 

• This product is designed to provide 100% capital security at maturity, regardless of 

the performance of the portfolio of companies. 

(Please see worked examples on pages 12-14). 

Please also note that the money which you deposit will be debited from your account 

when you apply for the Premier Brands Combination Account and will not begin to 

earn any interest until the start date on 2 July 2013. 





Please read the important facts and key risks on pages 15 to 19 for information on the 

restrictions and risks that apply. Please also refer to the Glossary of Terms on page 3 for 

detailed explanations of key terms. 




5

How interest is calculated 

Your Premier Brands Combination Account has two parts or portions: 

1 – The Fixed Rate Portion: 

40% (for the six year option) or 20% (for the four year option) of your total deposit pays 

a Fixed Rate Return after two years of 6% Gross*, 2.95% AER** (fixed). At the end of the 

two years, you will receive back this capital amount, plus the fixed interest earned. 

2 – The Premier Brands Portion: 

60% (for the six year option) and 80% (for the four year option) of your deposit pays a 

potential variable return at maturity, which is linked to the share price performance of a 

portfolio of 25 Blue Chip Companies. The shares in the portfolio are equally weighted which 

means, each share’s performance will have the same importance, regardless of the size of 

the company. 

At maturity the product aims to provide 100% capital security. In addition it offers growth in 

the portfolio of 25 Blue Chip Companies over the product term, subject to a maximum 

variable return of 60% for the six year option and a maximum variable return of 20% for the 

four year option. The Final Level of each share is the average of the closing prices on 13 

averaging dates taken over the last 12 months of the term for the six year option and the 

average of the closing prices on 7 averaging dates taken over the last six months of the term 

for the four year option. 

How is the Premier Brands Return calculated 

The performance of each share is calculated as the percentage performance (increase or 

decrease) of each company’s share price from its Initial Level at the Start Date to its Final 

Level at the Maturity Date. The Final Level of each share is the average of the closing prices on 

13 averaging dates taken over the last 12 months of the term for the six year option and the 

average of the closing prices on 7 averaging dates taken over the last six months of the term 

for the four year option. 

Where individual share prices increase or decrease by more than 60% of its Initial Level for 

the six year option, only 60% is counted. Where individual share prices increase or decrease 

by more than 20% of its Initial Level for the four year option, only 20% is counted. 

The Premier Brands Return is the average performance of the 25 Blue Chip company shares. 

At maturity there are two possible outcomes: 

1 – The average performance of the 25 Blue Chip company shares is the same, or lower 

than the initial level: 

In this scenario, you will receive all of your capital back, but no further interest. 

2 – The average performance of the 25 Blue Chip company shares is higher than the 

initial level: 

In this scenario, you will receive all of your capital back and an interest payment equal to 

the average growth of the 25 Blue Chip company shares subject to the maximum variable 

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eturn of 60% for the six year option and maximum variable return of 20% for the four 

year option. So you could earn a return between 0% Gross/AER (if the portfolio decreases 

in value, or stays the same), up to a potential maximum interest return equivalent to: 

• 60% Gross, 8.14% AER (variable) for the 6 year option or; 

• 20% Gross, 4.66% AER (variable) for the 4 year option. 

Please refer to examples on pages 8 to 14. 

The performance of the 25 Blue Chip Companies does not affect your Fixed Rate Return, 

which you receive at the end of the first two years. 








7

Possible performance outcomes 

What you can expect to receive on the 6 Year Option 

The examples below show some possible performance outcomes for the Premier Brands 

Combination Account across the full term of the Account. Examples are based on deposits of 

£10,000 and all figures shown exclude UK taxation. However, the minimum deposit on the Premier 

Brands Combination Account is just £2,000 and any interest due will be paid to you after the 

deduction of relevant tax. 

Example 1 

Part 1 – The Fixed Rate Portion 

On the two year anniversary, you will receive 40% of your deposit back, along with an interest 

return of 6% Gross, 2.95% AER (fixed): £4,000 deposit + £240 interest = £4,240. 

Part 2 – The Premier Brands Portion 

The Initial Level of each company’s share price is taken on the Start Date of the Premier Brands 

Combination Account. 

The Final Level of each company’s share price is calculated, based on the average of the share’s 

closing prices on 13 averaging dates taken over the final 12 months of the term. The difference 

between the Initial Level and the Final Level is used to calculate the percentage increase or 

decrease of the share price. 

The performance of each share is limited to a maximum increase of 60% and a maximum 

decrease of 60%, if any company’s share price has increased or decreased more than 60%, only 

60% is counted. 

The Premier Brands Return is the average performance of the 25 individual Blue Chip 

company shares. 

8

Example 1 continued 

In Example 1, the following movements are observed: 

Number of 

Companies 

Performance 

Total 

Performance 

The share prices of 8 of the companies have 

increased in value by 15%: 


decreased in value by 9%: 





8 x 15% = 120% 

8 x -9% = -72% 

4 x 39% = 156% 

3 x -20% = -60% 

The share price of 1 of the companies has increased 

in value by 80%: (since this increase is greater than 

60% limit, only 60% is counted) 

1 x 60% = 60% 

The share price of 1 of the companies has decreased 

in value by 70%: (since this decrease is greater than 


This gives a total movement for the share prices of 

all 25 companies of: 

This is equal to an average performance for the 

25 companies of: 

1 x -60% = -60% 

144% 

5.76% 

At maturity you will receive the 60% of your deposit back, along with the additional Premier 

Brand Return of 5.76% Gross, 0.93% AER (variable). 

£6,000 deposit + £345.60 interest = £6,345.60. 

In this example the deposit has generated a total return of £585.60: £240 from the Fixed Rate 

Return portion at the end of year two, and £345.60 from the Premier Brand Return portion at 

the end of year six. 

EXAMPLE SET OUT ABOVE IS ILLUSTRATIVE ONLY AND IS NOT A RELIABLE 

INDICATOR OF FUTURE PERFORMANCE. 

9

Example 2 





The Initial Level of each company’s share price is taken on the Start Date of the Premier 

Brands Combination Account. 

The Final Level of each company’s share price is calculated, based on the average of the 

share’s closing prices on 13 averaging dates taken over the final 12 months of the term. 

The difference between the Initial Level and the Final Level is used to calculate the 

percentage increase or decrease of the share price. 


decrease of 60%, if any company’s share price has increased or decreased more than 60%, 

only 60% is counted. 



10



Number of 

Companies 

Performance 

Total 

Performance 







The share price of 1 of the companies have increased 










8 x 9% = 72% 

7 x -10% = -70% 

8 x -25% = -200% 

1 x 60% = 60% 

1 x -60% = -60% 

-198% 

-7.92% 

At maturity you will receive the 60% of your deposit back, but no additional Premier Brands 

Return, as there was no growth in the portfolio. 

£6,000 deposit is returned. 

In this example the deposit has generated a total return of £240: £240 from the Fixed Rate 

Return portion at the end of year two, and £0 from the Premier Brand Return portion at the 

end of year six. 



11

What you can expect to receive on the 4 Year Option 

The examples below show some possible performance outcomes for the Premier Brands 

Combination Account across the full term of the Account. Examples are based on deposits of 

£10,000 and all figures shown exclude UK taxation. However, the minimum deposit on the Premier 

Brands Combination Account is just £2,000 and any interest due will be paid to you after the 

deduction of relevant tax. 

Example 3 














The Premier Brands Return is the average performance of the 25 individual Blue Chip company 

shares. 

12



Number of 

Companies 

Performance 

Total 

Performance 







The share prices of 3 the companies have decreased 

in value by 5%: 











8 x 12% = 96% 

8 x -6% = -48% 

4 x 15% = 60% 

3 x -5% = -15% 

1 x 20% = 20% 

1 x -20% = -20% 

93% 

3.72% 

At maturity you will receive the 80% of your deposit back, along with the additional Premier 

Brand Return of 3.72% Gross, 0.91% AER (variable). 

£8,000 deposit + £297.60 interest = £8,297.60. 

In this example the deposit has generated a total return of £417.60: £120 from the Fixed Rate 

Return portion at the end of year two, and £297.60 from the Premier Brand Return portion at 

the end of year four. 



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Example 4 

































Number of 

Companies 

Performance 

Total 

Performance 

8 x 8% = 64% 

7 x -14% = -98% 

8 x -13% = -104% 

1 x 20% = 20% 

1 x -20% = -20% 

-138% 

-5.52% 

At maturity you will receive the 80% of your deposit back, but no additional Premier Brand 

Return, as there was no growth in the portfolio. 

£8,000 deposit is returned. 

In this example the deposit has generated a total return of £120: £120 from the Fixed Rate 

Return portion at the end of year two, and £0 from the Premier Brand Return portion at the 

end of year four. 



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Important facts and key risks 

Below you will find a number of important facts 

and key risks: 

Product Provider 

The Premier Brands Combination Account is provided by: Ulster Bank Limited. Registered in 

Northern Ireland. Registration Number R733. Registered Office: 11-16 Donegall Square East, 

Belfast BT1 5UB. 

Capital security at maturity 

This product is designed to provide 100% capital security at the Maturity Date, no matter how 

the portfolio of 25 Blue Chip Premier Brands Companies performs. However, the effect of 

inflation may reduce the real value of what you receive at the end of the term. If Ulster Bank 

was to stop trading or become insolvent, you may be covered by the Financial Services 

Compensation Scheme (FSCS). Please refer to page 18 for a full description of the FSCS. 

Withdrawal of Funds 

Partial or full encashments are not permitted from the Premier Brands Combination Account 

with the exception of those detailed in this section. Accordingly, you should only consider the 

Premier Brands Combination Account if you can commit your deposit for the full term. It will 

not be suitable if you need early access to your deposit or require regular returns. 

Early encashments are not permitted, unless you are depositing in a Premier Brands 

Combination Account (ISA). You can fully encash your ISA Account during the term but it is most 

likely that the amount received back on early encashment will be less than your initial deposit. 

Minimum deposit 

The minimum deposit is £2,000 and there is no upper limit (subject to ISA limit). 

Charges 

No fees or charges are deducted from your Deposit by Ulster Bank Limited or Ulster Bank 

Ireland Limited for structuring, managing or distributing this Premier Brands Combination 

Account, nor is there any application fee associated with this Account. 

Availability 

The Premier Brands Combination Account (including ISA Accounts) is open to personal 

customers who are residents of the United Kingdom, aged 18 and over. Residents of the 

United Kingdom aged over 75 years should contact an Independent Financial Adviser before 

opening an account. The Premier Brands Combination Account (excluding ISA Accounts) is 

available to personal customers who are residents of the Republic of Ireland, aged between 

18 and 75 years. Body corporates registered in the United Kingdom or the Republic of Ireland 

may also open a Premier Brands Combination Account (excluding ISA Accounts). 

15

Deposit term 

There are two term options with this Premier Brands Combination Account. Both terms 

commence on 2 July 2013. 

On the second anniversary of the account start date, the 2 July 2015, regardless of the chosen 

term, the Fixed Rate Portion of your capital will be returned along with the fixed rate interest 

return. This will be paid out no later than 5 working days after 2 July 2015. 

The Six Year Premier Brands Combination Account matures on 2 July 2019. The Four Year 

Premier Brands Combination Account matures on 3 July 2017. On these dates the remainder 

of your initial deposit will be paid to you along with any additional potential interest based 

upon the Premier Brands Portion. Any interest return payable will be paid out no later than 5 

working days after the Maturity Date. 

Fixed and Potential interest returns 

The money which you deposit with Ulster Bank Limited will be debited from your account 

when you apply for the Premier Brands Combination Account and will not begin to earn any 

interest until the start date on 2 July 2013. 

For the six year option: 

40% of your total deposit pays a Fixed Rate Return after two years of 6% Gross, 2.95% AER 

(fixed). At the end of the two years, you will receive back this capital amount, plus the fixed 

interest earned. 

The remaining 60% of your deposit will track the share price performances of the 25 Blue 

Chip Companies over the six years of the term. You will earn any growth in the portfolio 

at the end of the six years. Your Premier Brands Return will be based on the average 

performance of the portfolio at the end of the term (including averaging over the last 

12 months) up to a maximum of 60% Gross, 8.14% AER (variable). 

For the four year option: 

20% of your total deposit pays a Fixed Rate Return after two years of 6% Gross, 2.95% AER 

(fixed). At the end of the two years, you will receive back this capital amount, plus the fixed 

interest earned. 

The remaining 80% of your deposit will track the share price performances of the 25 Blue 

Chip Companies over the four years of the term. You will earn any growth in the portfolio 

at the end of the four years. Your Premier Brands Return will be based on the average 

performance of the portfolio at the end of the term (including averaging over the last 

6 months) up to a maximum of 20% Gross, 4.66% AER (variable). 

Averaging 

To protect the performance of the portfolio from short-term volatility in the share prices 

towards the end of the term, the Final Level of the 25 Blue Chip Premier Brands Companies 

includes averaging over the final 12 months of the six year option and the final 6 months 

of the four year option. The Final Level of each share is calculated by recording the company’s 

share prices on the Averaging Dates and calculating the average of these. 

16

There are 13 Averaging Dates over the final 12 months of the term for the six year option and 

7 Averaging Dates over the final 6 months of the term for the four year option. 

The use of averaging may protect against falls in the companies share prices over the final 

months of the Premier Brands Combination Account. However, averaging may partially 

reduce the effect of any increase in the companies share prices over the final months of the 

term. Averaging is not used to determine the initial level of each individual share. This is 

determined by the closing price of the share on the Start Date of the Premier Brands 

Combination Bond on 2 July 2013. Short term market volatility may have an impact 

on the initial levels of the 25 Blue Chip Companies. 

Limiting 

The performance that each share can contribute to the Premier Brands Return is limited. 

In the case of the six year option, the performance of each share is limited to a maximum 

increase of 60% and a maximum decrease of 60%. In the case of the four year option, the 

performance of each share is limited to a maximum increase of 20% and a maximum 

decrease of 20%. Direct investment in shares with no capital security at maturity may give 

potentially unlimited returns, or potentially unlimited losses. 

Dividends 

You will not benefit from any dividends as the Premier Brands Combination Account does not 

directly invest in shares. 

Tax-free Option 

When you transfer previous tax years’ ISA balances, you are moving your money from an 

account where you usually have penalty free easy access and regular payment of interest, to 

one where encashment before the end of your selected term could be subject to a substantial 

penalty. Ask at your branch if you want information on such a transfer. 

Taxation Information 

The Bank will deduct basic rate income tax at source. Non-taxpayers may register to receive 

gross interest, provided they comply with the relevant HM Revenue & Customs requirements. 

Individuals who pay income tax at the higher rate or the additional rate may have to pay 

additional tax, and should declare any interest to HM Revenue & Customs. Interest on ISA 

accounts will not be subject to income tax. Any references to tax are based on current 

legislation which could change. If you require advice on the tax implications of this product, 

you should speak to a tax specialist before applying. 

What happens if a Premier Brands share stops trading or withdraws 

from the market 

If one of the Premier Brand company shares ceases to exist or trade during the term, we may 

substitute this with a suitable alternative company’s share, or we may adjust the values used 

in the calculation of Interest between the remaining Premier Brand company shares. Please 

refer to section 7 in the Terms and Conditions for further information. 

17

Counterparty Risk 

The Royal Bank of Scotland plc (“RBS plc”), Ulster Bank Ireland Limited and Ulster Bank Limited 

are members of the RBS Group of companies. Your deposit is held with Ulster Bank Limited, 

however for the purpose of generating the interest return based on the 25 Blue Chip 

Companies due, if any, at the maturity of the Premier Brands Combination Account, Ulster 

Bank Ireland Limited enters into a derivative contract (Please see Glossary of Terms on page 3 

for a definition of ‘derivative contract’) with RBS plc on behalf of Ulster Bank Limited. RBS plc 

and Ulster Bank Ireland Limited are joint counterparties, and if either were to default or go 

bankrupt, Ulster Bank Limited will only give you back your initial deposit. It is important to note 

that when purchasing a Derivative, Ulster Bank Ireland Limited does not invest directly in the 

25 Premier Brand Company shares; instead it purchases a single investment from RBS plc. 

This does not affect the Fixed Rate Return on the Fixed Rate Portion of your deposit, which 

will be returned to you after the second anniversary of the Start Date. 

What is the Financial Services Compensation Scheme (FSCS) 

Ulster Bank is a member of the Financial Services Compensation Scheme (FSCS). 

The Scheme can pay compensation to customers if they are eligible and a regulated firm is 

unable to pay claims against it, usually if the firm stops trading or is insolvent. Compensation 

limits apply depending on the type of claim. For deposits that are held in a bank or building 

society in the UK, the Scheme will cover up to £85,000 per person. Deposits in all currencies 

are treated the same. 

Most retail consumers (this includes private individuals and some small businesses) are 

eligible under the Scheme. For further information on the conditions governing 

compensation and details on how to apply please refer to the FSCS at www.fscs.org.uk 

What happens if I die before the Premier Brands Combination 

Account matures 

If the account holder dies, or in the case of joint deposits, if both the account holders die, 

before the Maturity Date, the account will continue for the Full Term in the name of the 

Executor or Administrator. Alternatively, the funds may be encashed; however, this value is 

determined by Ulster Bank and may be lower than the original Deposit. In the case of joint 

deposits, if only one holder dies before the Maturity Date, the account will continue in the 

name of the survivor. In addition, Ulster Bank will provide a valuation for information 

purposes only of the deposit at the actual date of death upon request. 

Will I receive regular correspondence regarding my Premier Brands 

Combination Bond 

We will provide you with an annual statement each year. 

What happens on the two year anniversary of my Premier Brands 

Combination Account Start Date 

On the two year anniversary of your account, the Fixed Rate Portion of your deposit along 

with the interest return earned at 6% Gross, 2.95% AER (fixed) will be paid into a variable rate 

18

deposit account in your name. These funds will then be available for you to withdraw no later 

than 5 working days after the Maturity Date. 

What happens on the two year anniversary of my Premier Brands 

Combination Account (ISA) Start Date 

On the two year anniversary of your account, the Fixed Rate Portion of your deposit along 

with the interest return earned at 6% Gross, 2.95% AER (fixed) will be paid into your Ulster 

Bank Cash ISA, after which you will have access to these funds at any time, following maturity. 

What happens when the Premier Brands Combination Account matures 

At maturity, the remaining capital plus any additional potential interest earned will be paid 

into a variable rate deposit account in your name. These funds will then be available for you 

to withdraw no later than 5 working days after the Maturity Date. We will write to you in 

advance of maturity to remind you of the Maturity Date and how to access the account. 

What happens when the Premier Brands Combination Account 

(ISA) matures 

At the relevant Maturity Date, the proceeds of your ISA Account will be transferred to your 

Ulster Bank Cash ISA, after which you will have access to these funds at any time. 

Cooling Off 

You have a 21 day cooling off period which will run from the date you sign your application. 

We will give you back your initial funds deposited in such circumstances. No Interest will be 

earned for the period during which we held your money. 

What happens if I change my name/address 

If you change your name or address you must notify us in writing. Our address is Ulster Bank, 

New Business and Client Servicing, Freepost BE1411, Belfast BT1 5UB. 

We will continue to send all statements, notices and other correspondence to the address 

that you provided on your application form unless you advise us of a change of address 

in writing. 

19

Tax-free Options 

Another great benefit of the Premier Brands Combination Account is that you can deposit 

funds tax-free using your Cash ISA allowance. Not only that, if you have an existing Cash ISA 

you can transfer the balances from previous years and earn tax-free interest on this full 

balance as well. 

To use this year’s Cash ISA allowance, and to deposit previous year’s Cash ISA allowances 

tax-free in the Premier Brands Combination Account you will need to have, open or transfer 

to an Ulster Bank Cash ISA. Any transfers to Ulster Bank cash ISAs must be done using the ISA 

Transfer process, further details of which are available in your local Ulster Bank branch or 

online at www.ulsterbank.co.uk/isas. 

The availability and value of any tax relief will depend on your individual circumstances. 

Tax reliefs referred to are those applicable under current UK legislation, which may change. 

20

Find out more 

The Premier Brands Combination Account is only available until 8 June 2013 and may close earlier 

at the discretion of Ulster Bank Limited. 

For further information on the Premier Brands Combination Account please refer to the Terms 

and Conditions, or speak to a member of staff at your local branch. 

Please ensure that you read the important facts and key risks section and the Terms and 

Conditions included in this brochure. 

If you are unsure if this product meets your needs, you should seek independent Financial Advice. 

Information correct as at 15 April 2013 and may be subject to change. 

21

Premier Brands Combination Account and 

Premier Brands Combination Account (ISA) 

Terms and Conditions 

Applicants for the Premier Brands 

Combination Account and Premier Brands 

Combination Account (ISA) should note 

that our booklet, ‘Personal banking terms 

and conditions’, available from any branch, 

as varied from time to time, form part of 

these Terms and Conditions and should be 

read with them. 

These Terms and Conditions are divided 

into two sections. Section A sets out 

General Terms and Conditions, applicable to 

both the Premier Brands Combination 

Account and Premier Brands Combination 

Account (ISA) unless otherwise stated. 

Section B sets out additional Terms and 

Conditions applicable to the Premier Brands 

Combination Account (ISA). In the event 

that there is a conflict between the content 

of Section A, Section B and/or the above 

mentioned booklets, the Terms and 

Conditions of Section B will prevail, followed 

by the Terms and Conditions of Section A 

and lastly the content of the booklet. 

p Your Information 

Who we are 

1. Your Premier Brands Combination 

Account is with Ulster Bank Limited. 

2. We are a member of The Royal Bank 

of Scotland Group (the Group). 

For information about our Group 

of companies please visit 

www.rbs.com and click on ‘About 

Us’, or for similar enquiries please 

telephone 0131 556 8555 or 

Textphone 0845 900 5960. 

22 

How we use your information and who we 

share it with 

3. Your information comprises all the 

details we hold about you and your 

transactions, and includes 

information obtained from third 

parties. 

4. We may use and share your 

information with other members of 

the Group to help us and them: 

• assess financial and insurance risks; 

• recover debt; 

• prevent and detect crime; 

• understand our customers’ 

requirements; or 

• develop and test products and 

services. 

5. We do not disclose your information 

to anyone outside the Group except: 

• where we have your permission; or 

• where we are required or permitted 

to do so by law; or 

• to credit reference and fraud 

prevention agencies and other 

companies that provide a service to 

us or you; or 

• where we may transfer rights and 

obligations under this agreement; 

or 

• as set out in section 6. 

6. We may disclose your information to 

government entities or regulatory 

bodies in order that those entities 

may discharge their responsibilities 

and obligations or exercise their 

powers or functions. 

7. We may transfer your information to 

other countries on the basis that

anyone to whom we pass it provides 

an adequate level of protection. 

However, such information may be 

accessed by law enforcement 

agencies and other authorities to 

prevent and detect crime and comply 

with legal obligations. 

8. From time to time we may change the 

way we use your information. Where 

we believe you may not reasonably 

expect such a change we shall write 

to you. If you do not object to the 

change within 60 days, you consent to 

that change. 

9. If you would like a copy of the 

information we hold about you, 

please write to: The Data Protection 

Manager, Group Regulatory Risk, 

Ulster Bank Limited, 11-16 Donegall 

Square East, Belfast BT1 5UB. A fee 

may be payable. 

Fraud prevention agencies 

10. If false or inaccurate information is 

provided and fraud is identified or 

suspected, details may be passed to 

fraud prevention agencies. Law 

enforcement agencies may access and 

use this information. We and other 

organisations may also access and use 

this information to prevent fraud and 

money laundering, for example when: 

– checking applications for, and 

managing credit or other facilities 

and recovering debt; 

– checking insurance proposals and 

claims; 

– checking details of job applications 

and employees. 

We, and other organisations that may 

access and use information recorded 

by fraud prevention agencies, may do 

so from other countries. 

11. We can provide the names and 

addresses of the credit reference and 

fraud prevention agencies we use if 

you would like a copy of your 

information held by them. Please 

contact your branch. The agencies 

may charge a fee. 

If you are not satisfied 

If you are not satisfied with any of the 

Bank’s products or services, we have a 

complaint handling procedure that you can 

use to resolve such matters. A leaflet giving 

details of the procedure can be obtained 

from any of our branches or by telephoning 

the Bank. The Bank is a member of The 

Financial Ombudsman Service. If you are 

still not satisfied after following the Bank’s 

procedures, you can ask the Ombudsman to 

review the complaint. You can find out 

more about The Financial Ombudsman 

Service in a leaflet available from any 

branch or by telephoning the Bank. 

Alternatively, you can write to The Financial 

Ombudsman Service, South Quay Plaza, 

183 Marsh Wall, London E14 9SR or 

telephone 0845 080 1800. 

Section A – General Terms and Conditions 

Our Dealings with You 

Language 

These Terms and Conditions are written in 

English and all our communications with 

you will be in English. 

Governing Law 

These Terms and Conditions represent an 

agreement between you and the Bank. 

When you sign the Premier Brands 

Combination Account application, you 

accept these Terms and Conditions. The 

Terms and Conditions of this agreement 

and our dealings with you leading up to 

you opening your Account are governed by 

the laws of Northern Ireland. The 

agreement will be subject to the nonexclusive 

jurisdiction of the courts of 

Northern Ireland. 

23

1. Definitions 

1.1 ‘Account’ means the Premier Brands 

Combination Account or Premier 

Brands Combination Account (ISA) 

(as appropriate). 

1.2 ‘Averaging dates’ means, for the six 

year option the 2nd of each month 

from 2 July 2018 until 3 June 2019 

inclusive and 27 June 2019 and for the 

four year option the 2nd day of each 

month from 4 January 2017 until 

2 June 2017 inclusive and 28 June 2017. 

In the event that any of these days is 

not a scheduled trading day for any 

share, then the next day which is a 

scheduled trading day for all shares 

will be used. 

1.3 ‘Bank’ means Ulster Bank Limited, a 

member of The Royal Bank of Scotland 

group of companies. The main 

business of Ulster Bank Limited is 

providing banking services. Ulster 

Bank Limited is registered in Northern 

Ireland. Registration Number R733. 

Registered Office: 11–16 Donegall 

Square East, Belfast BT1 5UB. 

1.4 ‘Premier Brands Companies’ means 

the following 25 companies, all of 

which have equal weighting in the 

portfolio: 

Share 

Unilever NV 

GlaxoSmithKline Plc 

The Procter & 

Gamble Co 

Apple Inc 

Mondelez 

International Inc 

Microsoft Corp 

The Coca-Cola Co 

The Walt Disney 

Company 

Koninklijke Philips 

Electron 

Kellogg Co 

Royal Dutch Shell Plc 

Colgate-Palmolive Co 

McDonald’s Corp 

Bayerische Motoren 

Werke AG 

Adidas AG 

Nestle SA 

L’Oreal SA 

Sony Corp 

Toyota Motor Corp 

Danone SA 

Johnson & Johnson 

PPR 

Renault SA 

Continental AG 

Telefonaktiebolaget 

LM Ericsson 

Bloomberg Ticker 

UNA NA Equity 

GSK LN Equity 

PG UN Equity 

AAPL UW Equity 

MDLZ UW Equity 

MSFT UW Equity 

KO UN Equity 

DIS UN Equity 

PHIA NA Equity 

K UN Equity 

RDSA LN Equity 

CL UN Equity 

MCD UN Equity 

BMW GY Equity 

ADS GY Equity 

NESN VX Equity 

OR FP Equity 

6758 JT Equity 

7203 JT Equity 

BN FP Equity 

JNJ UN Equity 

PP FP Equity 

RNO FP Equity 

CON GY Equity 

ERICB SS Equity 

24

1.5 ‘Deposit’ means the total amount of 

monies placed in the Account. 

1.6 ‘Final Level’ means, for each share, the 

average of the closing prices over the 

Averaging Dates. 

1.7 ‘Initial Level’ means, for each share 

the closing price on the Start Date. 

1.8 ‘Fixed Rate Portion’ means the portion 

of the Deposit placed in a deposit 

account in accordance with Condition 

5.1.1 or 5.1.2. 

1.9 ‘Gross’ is the contractual rate of 

Interest payable before the deduction 

of income tax at the rate specified by 

law. 

1.10 ‘Interest’ means the Gross Interest 

calculated as due during the Term in 

accordance with Condition 5. 

1.11 ‘ISA Account’ means Premier Brands 

Combination Account (ISA). 

1.12 ‘Maturity date’ means 2 July 2015 for 

the fixed Rate Portion of the four year 

option, 3 July 2017 for the Premier 

Brands Portion of the four year option, 

2 July 2015 for the fixed Rate Portion of 

the six year option and 2 July 2019 for 

the Premier Brands Portion of the six 

year option. 

1.13 ‘Start date’ means 2 July 2013. 

1.14 ‘Term’ means the period commencing 

on the Start Date and ending on the 

relevant Maturity Date. 

1.15 ‘Premier Brands Portion’ means the 

portion of the Deposit tracking the 

Premier Brands Companies in 

accordance with Condition 5.1.1 

or 5.1.2. 

1.16 ‘We’, ‘our’ and ‘us’ each mean the Bank. 

1.17 ‘You’ and ‘your’ each mean you, the 

person or persons in whose name(s) 

the Account is held. If you have a joint 

Account (excluding ISA Accounts) 

references in these Terms and 

Conditions to ‘you’ and ‘your’ include 

all of you together and separately. 

2. Your Deposit 

2.1 We will place your Deposit in an 

account with the Bank in your 

name(s). 

2.2 Funds provided to the Bank prior to 

the Start Date will be placed on 

deposit with us in a non-interest 

bearing account until the Start Date. 

Funds will then be transferred to the 

Account on the Start Date. Interest 

will be calculated from the Start Date 

in accordance with Condition 5. 

2.3 The Bank will repay 100% of your 

Deposit in two parts on the relevant 

Maturity Dates irrespective of 

performance of the Premier Brands 

Companies. 

2.4 Additional amounts deposited before 

the closing date must be deposited in 

a new account. An additional 

application form must be completed. 

3. Availability 

3.1 The closing date for applications is 

8 June 2013 or earlier at the 

discretion of the Bank. The Bank may, 

in its discretion, accept applications 

after 8 June 2013. 

3.2 The minimum Deposit for an Account 

is £2,000. 

3.3 The Account (excluding ISA Accounts) 

is open to personal customers who 

are resident of the United Kingdom, 

aged 18 and over, opening an Account 

in their own name or in joint names. 

Residents of the United Kingdom 

aged over 75 years should contact an 

25

Independent Financial Adviser before 

opening an account. The Premier 

Brands Combination Account 

(excluding ISA Accounts) is available 

to personal customers who are 

residents of the Republic of Ireland, 

aged between 18 and 75 years. Body 

corporates registered in the United 

Kingdom or the Republic of Ireland 

may also open an Account (excluding 

ISA Accounts). Those placing Deposits 

in an ISA Account should refer to 

Condition 3.3 of Section B. 

4. Withdrawals 

4.1 No withdrawals may be made from a 

Premier Brands Combination Account 

(excluding an ISA Account) before the 

end of the applicable Term. 

4.2 If an Account holder dies, or in the 

case of joint investments if both 

account holders die, before the 

relevant Maturity Date, the Account 

will continue to the relevant Maturity 

Date in the name of the Executor or 

Administrator or, in the case of a joint 

Account if one account holder dies 

before the relevant Maturity Date, the 

Account will continue in the name of 

the surviving Account holder(s). 

Alternatively, the funds may be 

redeemed, subject to normal probate 

regulations, at the realisable value of 

the Account, as determined by us, 

which may be lower than the amount 

of the original Deposit. In addition, 

the Bank will provide a valuation for 

information purposes only of the 

investment at the actual date of 

death upon request. 

4.3 The Account and/or any Interest payable 

at maturity, may not be assigned, 

charged or otherwise dealt with without 

the prior written consent of the Bank. 

5. Interest 

If you choose to invest your Deposit 

in the six year option, Condition 5.1.1 

below shall apply. If you choose to 

invest your Deposit in the four 

year option, Condition 5.1.2 below 

shall apply. 

5.1.1 Six Year Option 

40% of your Deposit will be 

deposited in the Fixed Rate Portion 

on the Start Date for a 2 year period, 

and the remaining 60% of your 

Deposit will be invested in the 

Premier Brands Portion on the Start 

Date for a 6 year period. Within 

5 business days of the second 

anniversary of the Start Date the 

40% of your Deposit placed in the 

Fixed Rate Portion will be returned to 

you along with interest earned of 6% 

Gross, 2.95% AER (fixed). If this is not 

a business day payment will be made 

on the following business day. 

At the end of the 6 year Term, the 60% 

of your Deposit which was invested in 

the Premier Brands Portion will be 

paid back to you. In addition, you will 

receive a potential return based on 

the performance of the Premier 

Brands Companies. The performance 

of each share is calculated as the 

percentage performance (increase or 

decrease) of each company’s share 

price from its Initial Level to its Final 

Level, subject to averaging based on 

13 averaging dates over the last 

12 months of the term. No individual 

share price can increase or decrease 

by more than 60% of its Initial Level, 

if any company’s share price has 

increased or decreased more than 

60%, only 60% is counted. The Premier 

Brands Return is calculated as the 

average performance of the 25 Blue 

Chip company shares. The maximum 

26

eturn on this portion of the deposit is 

60% Gross, 8.14% AER (variable). This 

will be paid to you within 5 business 

days of 2 July 2019, subject to this 

being a business day. If this is not a 

business day payment will be made 


5.1.2 Four Year Option 

20% of your Deposit will be deposited 

in the Fixed Rate Portion for a 2 year 

period and the remaining 80% of your 

Deposit will be invested in the 

Premier Brands Deposit on the Start 

Date for a four year period. Within 

5 business days of the second 

anniversary of the Start Date, the 20% 

of your Deposit placed in the Fixed 

Rate Portion will be returned to you 

along with interest earned of 6% 

Gross, 2.95% AER (fixed). If this is not 


on the following business day. At the 

end of the four year term, the 80% 

of your Deposit which was invested 

in the Premier Brands Portion will be 

paid back to you. In addition you will 

receive a potential return based on 

the performance of the Premier 

Brands Companies. The performance 

of each share is calculated as the 

percentage performance (increase or 

decrease) of each company’s share 

price from its Initial Level to its Final 

Level, subject to averaging based on 

7 averaging dates over the last 

6 months of the term. No individual 

share price can increase or decrease 

by more than 20% of its Initial Level, 

if any company’s share price has 

increased or decreased more than 

20%, only 20% is counted. The Premier 

Brands Return is calculated as the 

average performance of the 25 Blue 

Chip company shares. The maximum 

return on this portion of the deposit is 

20% Gross, 4.66% AER (variable). 

This will be paid to you within 5 

business days of 3 July 2017, subject to 

this being a business day. If this is not 



5.2 Tax 

The Bank will deduct basic rate income 

tax at source. Non taxpayers may 

register to receive Gross Interest, 

provided they comply with the 

relevant HM Revenue & Customs 

requirements. Individuals who pay 

income tax at the higher rate or the 

additional rate may have to pay 

additional tax, and should declare any 

interest to HM Revenue & Customs. 

This Condition 5.3 does not apply to 

those placing Deposits in the ISA 

Account; see Condition 6.1 of Section B. 

5.3 Counterparty Risk 

Ulster Bank Ireland Limited, a 

subsidiary of Ulster Bank Limited, will 

enter into a Derivative Contract with 

The Royal Bank of Scotland plc (RBS plc) 

on behalf of Ulster Bank Limited for the 

purposes of generating Interest due, 

if any, based on performance of the 

Premier Brands Companies. If RBS plc 

does not pay Ulster Bank Ireland 

Limited or Ulster Bank Ireland Limited 

does not pay Ulster Bank Limited the 

proceeds of the derivative, then Ulster 

Bank Limited will only give you your 

initial Deposit together with any 

Interest due on the Fixed Rate Portion. 

Under the derivative contract RBS plc 

will act as the calculation agent. 

6. Maturity 

6.1 You will be contacted by telephone or 

letter before the maturity of your 

Fixed Rate Portion(s) and your Premier 

Brands Portion(s) to notify you of 

redeposit options available. 

27

6.2 If no specific instructions are received 

from you on or before the relevant 

Maturity Date (or in the case of joint 

applications from all of you) the 

amount due in respect of your Fixed 

Rate Portion(s) and your Premier 

Brands Portion(s) (excluding ISA 

Accounts) will be transferred to an 

instant access account in your name 

with the Bank no later than 5 business 

days after the relevant Maturity Date. 

The terms and conditions for that 

account are contained in the booklet 

‘Personal banking – terms and 

conditions’. If this account is closed 

when a payment is due, another 

account will be opened for you. You 

will have access to these funds at any 

time. The proceeds of an ISA Account 

will be paid into an Ulster Bank Cash 

ISA; see Condition 7.1 of Section B. 

7. Market Disruption 

7.1 If at any time during the relevant 

Term any of the events listed in 

sub-paragraphs (i) to (iii) occurs (each 

such event a “Market Disruption 

Event”) in the form of: (i) a disruption 

or suspension of, or limitation on, the 

operations of any of the parties or 

entities connected with the provision 

of services affecting the Account, for 

any reason whatsoever; (ii) any 

material modification to any of the 

Premier Brands Companies for any 

reason whatsoever; or (iii) the 

calculation of a company is disrupted 

in a material manner, or an error in 

the price of a share is discovered for 

any reason whatsoever or the 

company ceases to exist; then the 

Bank may adjust the values used in 

the calculation of the Interest as it 

deems appropriate, having regard to 

the Market Disruption Event in 

question. The Interest (if any) may be 

lower as a result of the adjustment. 

28 

Further, following a Market Disruption 

Event, the Bank may substitute a 

company in the Premier Brands 

Companies with a similar company. 

8. Confidentiality 

8.1 The Bank observes a strict duty of 

confidentiality about your financial 

affairs. We will not disclose details of 

your Account or your name and 

address to anyone else, other than to 

any confidentially appointed agents 

acting on our behalf, except in the 

four cases permitted by law. 

These are where: 

– We are legally compelled to do so. 

– There is a duty to the public to 

disclose. 

– Our legitimate interests require 

disclosure. 

– Disclosure is made at your request 

or with your consent. Additionally, 

we may disclose your information 

to companies in The Royal Bank of 

Scotland Group, of which we are 

a member. 

9. Disclaimer 

References to particular companies 

(“third party entities”) are included 

only to indicate the basis upon which 

Interest is calculated, not to indicate 

any association between the Bank 

and any such third party entity and 

any such references are not intended 

to indicate any endorsement of 

this Deposit by any third party 

entity. This product is not in any 

way sponsored, sold or promoted 

by any third party entity, and such 

entities make no warranty or 

representation whatsoever, express 

or implied, either as to the results 

to be obtained from the use of any

third party entity or their products. They 

shall not be liable (whether in negligence 

or otherwise) to any person for any error in 

any product they provide and are not under 

any obligation to advise the customer 

or the Bank of any error therein. 

10. Cooling Off 

10.1 You have a 21 day cooling off period 

which will run from the date you sign 

your application. The Bank may, in 

its discretion, accept applications 

to deposit in this product after 

8 June 2013 this will not affect your 

right to cancel your Deposit so you 

will still have a 21 day cooling 

off period which will run from the 

date you signed your application. 

We will help you to switch to another 

account of your choice or we will give 

you back your initial funds deposited 

in such circumstances. No Interest will 

be earned for the period during which 

we held your money. 

10.2 You can cancel your agreement by 

writing to Client Services, Financial 

Planning, Ulster Bank Limited, 11-16 

Donegall Square East, Belfast BT1 5UB, 

or taking a written notice of 

cancellation to your local branch. 

Where the application is made by 

joint applicants, the notice must be 

provided by all applicants. The time 

taken for delivery of the notice should 

be included in your calculation of the 

number of days available to you for 

cancellation. 

11. Confirmation of receipt of 

your Deposit 

The Bank shall send you confirmation 

of receipt of the Deposit following 

processing of the application form. 

12. Correspondence 

All correspondence will be sent to the 

customer, or in the case of joint 

Deposits, the Representative Joint 

Holder (i.e. the first named), at the 

address as detailed in the Bank’s 

records. You are asked to notify the 

Bank in writing promptly of any 

change of address. In default of such 

notification, all communications 

posted to the last home address as 

detailed in the Bank’s records shall be 

deemed to be duly served. 

13. Variation 

13.1 The Bank may change these Terms 

and Conditions at any time to reflect 

changes in: 

• market conditions affecting our 

business, including fraud prevention 

requirements, changes in 

technology, changes in payment 

methods and regulatory 

requirements; 

• good banking practice; 

• changes to our systems, including 

changes to merge or rationalise 

systems across The Royal Bank of 

Scotland Group or part of the 

Group; and/or 

• relevant laws. We will give you at 

least 30 days’ prior notice about any 

change, except where changes are 

to your advantage when we may 

make the change immediately and 

write to you within 30 days to tell 

you about the change. 

29

13.2 Tax liability and other matters referred 

to are applicable under current 

legislation, which may change, and 

their applicability will depend on your 

individual circumstances. 

13.3 There is a possibility that other taxes 

or costs may exist that are not paid 

through the Bank or imposed by it. 

14. Other Fixed Term Deposits 

14.1 We may from time to time offer fixed 

term deposits with different rates, 

without at that time offering you the 

opportunity to transfer your Deposit 

to a new deposit. 

14.2 The Account is the latest in a series of 

similar products in respect of which 

the Bank has provided significant 

banking services and advice within 

the last 12 months. 

15. Identification Procedures 

15.1 As part of our aim to protect existing 

and new customers from the risks of 

fraud and to minimise the instances of 

money laundering, there is a legal 

requirement to undertake identity and 

address verification for all new 

accounts that are opened. We will need 

to see original documentary proof of 

your identity and proof of your address. 

We also have a requirement to ensure 

our existing customers have similar 

documentation in place when opening 

an additional account with us. 

15.2 Non-residents must provide an 

annual declaration confirming their 

non-resident status and identification 

as required by the Bank. 

16. Financial Services Compensation Scheme 

Ulster Bank is a member of the 

Financial Services Compensation 

Scheme (FSCS). The Scheme can pay 

compensation to customers if they 

are eligible and a regulated firm is 

unable to pay claims against it, 

usually if the firm stops trading or is 

insolvent. Compensation limits apply 

depending on the type of claim. For 

deposits that are held in a bank or 

building society in the UK, the Scheme 

will cover up to £85,000 per person. 

Deposits in all currencies are treated 

the same. Most retail consumers (this 

includes private individuals and some 

small businesses) are eligible under 

the Scheme. For further information 

on the conditions governing 

compensation and details on how to 

apply please refer to the FSCS at 

www.fscs.org.uk 

Section B – Additional Terms and 

Conditions for Premier Brands Combination 

Account (ISA) 

1. Definitions 

Unless otherwise indicated, the 

definitions at Condition 1 of Section A 

apply to this Section B in addition to 

the definitions set out below. 

1.1 ‘ISA’ means Individual Savings Account 

as outlined in the ISA Regulations 

1998 as amended from time to time. 

1.2 ‘Ulster Bank Cash ISA’ means an Ulster 

Bank ISA for the purpose of Regulation 

4(1) of the ISA Regulations 1998 as 

defined in the ISA Regulations 1998. 

2. Your Deposit 

2.1 We will place the Deposit in an ISA 

Account in your sole name. 

3. Availability 

3.1 The minimum deposit for an ISA 

Account is £2,000. The maximum 

amount that can be paid into your 

account each tax year is set by the 

Government and may change from 

time to time. Further payments up to 

30

this threshold may be made to other 

accounts; however, you may not pay 

any further amounts into this ISA 

Account. 

3.2 Previous tax year subscriptions can 

be deposited. 

3.3 Only individuals may open an ISA 

Account in their own name; 

individuals must be at least 18 years 

of age and resident in the UK. 

4. Withdrawals and Transfers 

4.1 No partial encashments are permitted 

before the end of the Term of the 

ISA Account. 

4.2 You may fully encash your ISA Account 

by writing to us at Client Services, 

Financial Planning, Ulster Bank 

Limited, 11-16 Donegall Square East, 

Belfast BT1 5UB. We will return the 

funds to your Ulster Bank Cash ISA. 

4.3 The ISA Account may be redeemed at 

the realisable value of the Account at 

the date of encashment or transfer. 

The realisable value does not include 

any potential fixed Interest and 

represents the present value of any 

guarantees within the product, 

which normally only would apply at 

maturity. The realisable value will 

also vary according to interest rates 

at the time of encashment. The 

realisable value may be lower than 

the original Deposit. 

4.4 Encashment requests must be 

received by the 1st of the month in 

order to be calculated and paid to you 

by the 1st of the following month. 

4.5 If you instruct us to transfer your 

ISA Account to another ISA account 

manager, your ISA Account must first 

be encashed in line with 4.4. When 

the proceeds of your ISA Account are 

returned to your Ulster Bank Cash ISA, 

we will transfer your Ulster Bank Cash 

ISA within 5 business days, or where 

you specify a date of transfer, within 

5 business days of this date. 

4.6 If an ISA Account holder dies before 

the ISA Account matures, so long as 

the paperwork for dealing with 

Account matters after death is in order, 

the ISA Account may be redeemed at 

the realisable value of the Account at 

the date of death. The realisable value 

does not include any potential fixed 

Interest and represents the present 

value of any guarantees within the 

product terms, which normally only 

would apply at maturity. The realisable 

value will also vary according to 

interest rates at the time of 

encashment. The realisable value may 

be lower than the original Deposit. 

4.7 Alternatively, if an ISA Account holder 

dies, the initial Deposit in the ISA 

Account can be transferred into an 


and continue for the Term in the name 

of the Executor or Administrator, in 

which case the balance in the new 


becomes liable to income tax and the 

Bank will deduct basic rate income tax 

at source. 

4.8 The Account and/or any interest 

payable at maturity, may not be 

assigned, charged or otherwise dealt 

with without the prior written 

consent of the Bank. 

5. Cooling Off 

5.1 You have a 21 day cooling off period 

which will run from the date you 

signed your application. The Bank may, 

in its discretion, accept applications 

to deposit in this product after 

8 June 2013 this will not affect your 

right to cancel your Deposit so you 

31

will still have a 21 day cooling off 

period which will run from the date 

you signed your application. We will 

return the funds to your Ulster Bank 

Cash ISA. No Interest will be earned 

for the period during which we held 

your money. 

5.2 You can cancel your agreement in 

accordance with this Condition by 

writing to Client Services, Financial 

Planning, Ulster Bank Limited, 11-16 

Donegall Square East, Belfast BT1 5UB, 

or taking a written notice of 

cancellation to your local branch. 

The time taken for delivery of the 

notice should be included in your 

calculation of the number of days 

available to you for cancellation. 

6. Interest 

6.1 Under current legislation, you will 

receive Interest without deduction of 

income tax. 

7. Maturity 

7.1 At the relevant Maturity Date, the 

proceeds of your ISA Account will be 

transferred to your Ulster Bank Cash 

ISA, after which you will have access 

to these funds at any time. Interest 

payments due to you will also be 

lodged to your Ulster Bank Cash ISA. 

Under current legislation, this 

lodgement will not form part of your 

ISA subscription allowance in the year 

of maturity or when Interest is due. 

7.2 You must keep open your Ulster Bank 

Cash ISA until after the ISA Account 

has been encashed or has matured. 

8. Operations on your ISA Account 

8.1 You must retain all rights to the ISA 

Account at all times and may not 

transfer any rights. 

8.2 We can delegate or transfer our rights 

and duties to agents and any other 

part of our Group. We will satisfy 

ourselves that any person to whom 

we delegate any of our functions or 

responsibilities under these 

conditions is competent to carry out 

those functions or responsibilities. 

8.3 We will advise you if the ISA Account 

is or will become no longer exempt 

from tax under the ISA Regulations. 

9. Changes to Legislation 

9.1 In the event that amendments are 

made to existing legislation or new 

legislation is introduced which alters 

the current rules applicable to ISAs, 

we will make any necessary changes 

to your ISA Account and/or to these 

conditions in order to comply with 

any such legislative changes. We will 

advise you of these changes in 

writing. 

32

Notes 

34

Notes 

35

Notes 

36

For For more more information 

call call into into any any Ulster Bank Bank branch 

This brochure is also available in Braille, large print, audio or on disk. 

Please contact your local branch for details or Textphone 0800 0154422. 

www.ulsterbank.co.uk 

Ulster Bank Limited. Registered in Northern Ireland. Registration Number R733. Registered office: 11-16 Donegall Square East, Belfast BT1 5UB. 

Authorised and regulated by by the the Financial Services Services Authority Authority and entered and entered on the on FSA the Register FSA Register (Registration (Registration Number Number 122315) except 122315) in except respect 

of in our respect consumer of our credit consumer products credit for products which Ulster for Bank which Ltd Ulster is licensed Bank and Ltd is regulated licensed by and the regulated Office of Fair by the Trading. Office Calls of Fair may Trading. be recorded. 

Information Calls may be correct recorded.Information as 5 November 2012. correct as 15 April 2013. 

ULST20 ULST20 NI COMB NI COMB NOVEMBER APRIL 2012 2013

Premier Brands Combination Account Series 6 - Ulster Bank

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