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Interest rates on deposits
1 – Dormant account is an account where no payment transactions (outgoing payments initiated by Customer and/or inward transfers) have been executed over a period of 4 consecutive months. The fee is applicable starting from the fifth month.
The cut-off time for all payment orders is 13.00 GMT. Payment orders received by the cut-off time will be processed by the end of the business day (or, if received on a day which is not a business day, the end of the closest business day); Payment orders received after the cut-off time will be processed by the end of the next business day (or, if received on a day which is not a business day, the end of the next day following the closest business day). Payment orders shall not be processed unless there are cleared funds in the relevant account.
Pay Set Limited charges in GBP, and accordingly it will convert the applicable fees, charges and other costs to the currency of the account to which they are charged (if it is not a GBP account) at Pay Set Limited's prevailing exchange rate.
Pay Set Limited reserves the right to change the fees, charges and other costs and exchange rates, in accordance with the Terms & Conditions and “name of agreement for those services”.
The maintenance fee is payable in full in advance each month, and will not be prorated if the account is closed in the course of the relevant month.
Currency conversion rate: Exchange rate applied by Pay Set Limited, available upon request.
The cut-off time for all payment orders is 13.00 GMT. Payment orders received by the cut-off time will be processed by the end of the business day (or, if received on a day which is not a business day, the end of the closest business day); Payment orders received after the cut-off time will be processed by the end of the next business day (or, if received on a day which is not a business day, the end of the next day following the closest business day). Payment orders shall not be processed unless there are cleared funds in the relevant account.
Pay Set Limited charges in GBP, and accordingly it will convert the applicable fees, charges and other costs to the currency of the account to which they are charged (if it is not a GBP account) at Pay Set Limited's prevailing exchange rate.
Pay Set Limited reserves the right to change the fees, charges and other costs and exchange rates, in accordance with the Terms & Conditions and “name of agreement for those services”.
The maintenance fee is payable in full in advance each month, and will not be prorated if the account is closed in the course of the relevant month.
Currency conversion rate: Exchange rate applied by Pay Set Limited, available upon request.
* The interest rate shall be charged by Pay Set Limited only when deposits in any currency applicable to the account exceed 15,000, calculated on the daily closing balance (the "Threshold"), and in such case shall be applicable to the total amount. The interest rate may or may not be charged by Pay Set Limited, at its sole and absolute discretion. For example, if a Client holds a EUR account with a balance of EUR 16,000, a JPY account with a balance of JPY 18,000 and a CHF account with a balance of CHF 9,000, Pay Set Limited shall charge the applicable interest rate on the EUR total balance and the JPY total balance.
** The interest rate is indicative only and subject to change without notice. The applicable interest rate will be based at all times on the applicable bank's deposit facility rate, in the given currencies.
For the avoidance of doubt, the interest charged shall not be offset against any other fee payable by you and will consequently be charged in addition to any such fee.
Any interest amount is automatically charged from your account no later than the 10th day of any month with respect to any deposit exceeding the Threshold during the preceding month.
Pay Set Limited shall calculate the amount of due and payable interest as accurately as is reasonably practicable. Pay Set Limited shall have the right to use its reasonable discretion in finalizing the monthly interest amount and invoice, e.g. in situations where post-month adjustments can have impact on interest calculations or discretion is otherwise deemed necessary to exercise.
** The interest rate is indicative only and subject to change without notice. The applicable interest rate will be based at all times on the applicable bank's deposit facility rate, in the given currencies.
For the avoidance of doubt, the interest charged shall not be offset against any other fee payable by you and will consequently be charged in addition to any such fee.
Any interest amount is automatically charged from your account no later than the 10th day of any month with respect to any deposit exceeding the Threshold during the preceding month.
Pay Set Limited shall calculate the amount of due and payable interest as accurately as is reasonably practicable. Pay Set Limited shall have the right to use its reasonable discretion in finalizing the monthly interest amount and invoice, e.g. in situations where post-month adjustments can have impact on interest calculations or discretion is otherwise deemed necessary to exercise.
