Two Year High Interest Reserve Accounts (HIRA)

Higher Returns

A two year Reserve Account with Jordan International Bank Plc offers longer term savers an extremely competitive return on their money. The saver at the same time may have access to finance (subject to certain requirements) of up to 80 per cent of the deposit, provided that such advances are secured by the saver's deposit.

Account (A)

High Interest Reserve 90 Days
Interest will be fixed at the beginning of each 3 month period during the term of the deposit, based on the 3 month *"LIBOR" rate as at such date plus the following margins:

Account (B)

High Interest Reserve 180 Days
Interest will be fixed at the beginning of each 6 month period during the term of the deposit, based on the 6 month *"LIBOR" rate as at such date plus the following margins:

*"LIBOR" means the rate determined by the Bank to be the arithmetic mean (rounded upwards to four decimal places) of the rates per annum quoted on Reuters Financial Information Screen under code LIBO, in the London interbank market at about 11:00 a.m. on the first day of the relevant interest period for the offering of deposits for the relative amount in US Dollars for a period akin to the relevant interest period.

Terms and Conditions

(a) Period of Deposit
The deposit will be for a minimum period of 2 years

(b) Interest Rate and Amount
The interest rate will be notified in writing directly to the client at the commencement of each interest period. The interest amount will be credited to the client's call deposit account on the last day of each interest period either every 3 months or 6 months, depending on the client's choice of Account (A) or Account (B).

Any interest paid to an account in the UK is governed by UK law on income tax. The law may change from time to time. (The UK is England, Scotland, Wales and Northern Ireland). Individuals who are not ordinarily resident in the United Kingdom for tax purposes may have to fill in a declaration form if interest is to be paid to them without deduction of tax. Information regarding payment of interest will be supplied on request.

(c) Withdrawals
No withdrawals are permitted within the two year period from either Account A or Account B. Clients must give written notice to the Bank on the first day of the last interest period whether they wish to continue or terminate the account. If the account continues, it will be on exactly the same terms and conditions i.e. for a further two year term with the same interest periods.

(d) Access to Finance
Should the client have an urgent or unexpected need for the monies deposited in the account, then the Bank may arrange to make a separate advance in the same currency, up to a maximum of 80% of the credit balance and in return the client's deposit will be held as collateral against the borrowing. This arrangement will be subject to the required security documents being properly executed by the client and any other necessary formalities. Any borrowing by the client may be repaid on the first day of each interest period during the term of the deposit account and/or must be repaid in any event on the termination of the two year deposit term.

(e) Cost of Finance
Interest on the borrowing will be charged at 1/2% over the "LIBOR" rate for the relevant interest period of the client's deposit and debited from the client's call deposit account on each interest payment date.

(f) Governing Law
English law will govern the accounts and the other facilities specified above.

Please Note:
Deposits within Jordan International Bank Plc are covered by the Financial Services Compensation Scheme. Payments under the Scheme are limited to 100% of the first £2,000 and 90% of the next £33,000 of a depositor's total deposits subject to a maximum payment to any one depositor of GBP31,700. The Bank is subject to the jurisdiction of the Financial Ombudsman Service. Further details of the Financial Compensation Scheme and the Financial Ombudsman Service are available on request.