Legal Information

Mortgages (existing clients only)

We take into account your personal and financial circumstances and the value or price of the property. These and the products you choose will affect how much we lend you.

St. James's Place Bank is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 169628. Telephone calls may be monitored or recorded.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Individual Savings Accounts (ISAs)

There are four types of ISA: a cash ISA, a stocks and shares ISA, an innovative finance ISA and a lifetime ISA. St. James’s Place Bank offers a cash ISA. ISAs can also be flexible. Please note that your St. James’s Place Bank cash ISA is not flexible.

Each eligible client has a total ISA allowance of £20,000 in the current tax year. If you are the spouse or civil partner of a deceased ISA holder (with St. James’s Place Bank or another ISA provider) you may also qualify for an additional permitted subscription allowance. You have to be 18 or over to use an additional permitted subscription allowance.

If you subscribe to a St. James’s Place Bank cash ISA, you cannot subscribe to any other cash ISA in the same tax year (unless you are taking advantage of the additional permitted subscription allowance following the death of your spouse or civil partner), but you can subscribe to a stocks and shares ISA, an innovative finance ISA or a lifetime ISA.

You can choose to use your ISA allowance in any of these or any combination of the four as long as you don't exceed the annual allowance. Depending on your age and circumstances, you may be able to save in a lifetime ISA. Your ISA can be with the same or different ISA providers. If you subscribe to ISAs held with different ISA managers you are responsible for ensuring that you do not subscribe to a disallowed combination of ISAs, and that you do not exceed the overall annual ISA investment allowance of £20,000.

You can transfer some or all of your previous tax years’ ISA, between cash, stocks and shares, innovative financial and lifetime ISAs without affecting your annual ISA allowance. You can also transfer money which has been saved in the current tax year in an ISA, but if you do this you must transfer the whole amount saved during the current tax year. Once that money is transferred it is treated as if it had been invested directly into that ISA, which means that you can use any remaining balance of your annual ISA allowance in the tax year.

Accident, Sickness & Unemployment (ASU) Insurance (existing ASU clients only)

St. James's Place Bank, a division of Bank of Scotland plc, The Mound, Edinburgh, EH1 1YZ, United Kingdom, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

Our Accident, Sickness and Unemployment Insurance is underwritten by Pinnacle Insurance plc., whose registered office is at Pinnacle House, A1 Barnet Way, Borehamwood, Hertfordshire, WD6 2XX.

Pinnacle Insurance plc proposes to choose English law as the law which applies to the policy.

You can, at any time, ask the insurers for detailed information about compensation arrangements. These compensation arrangements apply in the event that an insurer goes into liquidation and cannot pay its debts.

If you have any complaint regarding your ASU cover, please contact Pinnacle Insurance plc: Pinnacle House, A1 Barnet Way, Borehamwood, Hertfordshire, WD6 2XX.

Should the matter still not be resolved to your satisfaction, you will have the right to refer your complaint to: Financial Ombudsman Service. The Financial Ombudsman Service provides a way of resolving disputes if you are unhappy with something we have done. Details are available from us on request or you can get further information at

You may be able to submit a claim through the Online Dispute Resolution Platform (available at if you live outside the United Kingdom or if you prefer not to deal directly with the Financial Ombudsman Service.

Making a complaint will not affect your legal rights.

Important information about compensation arrangements

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the bank including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please call us on 0345 602 6200, refer to the FSCS website or call 020 7741 4100 or 0800 678 1100.

Deposits in St. James’s Place Bank are held with Bank of Scotland plc. Accounts with Bank of Scotland plc include accounts with its divisions and trading names: Halifax, Intelligent Finance, Birmingham Midshires (BM Savings), Bank of Scotland, Bank of Scotland Private Banking, Bank of Wales and St. James's Place Bank. Some savings accounts under the AA Savings and Saga brand names are also deposits with Bank of Scotland plc. An eligible depositor’s £85,000 limit relates to the combined amount in accounts under all of these names.

If you are unsure whether your account is held with Bank of Scotland plc please check your account literature.

Effective from 25th March 2019


We may monitor or record telephone calls.

You can only open and operate a St. James's Place Bank Account or part of it if you live in the UK. These details should not be regarded as an offer to provide credit or investment products in any jurisdiction outside the UK

You must be 16 or over to open a Savings facility (18 or over for a Cash ISA). Credit facilities are only available to people aged 18 or over. Current accounts (existing current account holders only) are only available to people aged 18 or over. We take into account your personal and financial circumstances.

A credit reference check will be carried out in respect of each applicant and, whether or not credit is granted, the agency will retain a record of each search for its own use.

For more details and written quotations, telephone our Client Administration Centre on: 0345 602 6200.

If we agree to let you have an overdraft (existing current account holders only), we will decide your overdraft limit and tell you what it is. Overdrafts are repayable on demand.

We have a right of set-off. The conditions governing the St. James's Place Bank products you have, set out when and how we can use this right to reduce or pay off money you owe us by using other money belonging to you.

Offset account

If you have an existing offset Account, we give you the choice of maximising the interest you receive or minimising the interest you pay us. If you choose to minimise the interest you pay us on all or part of your outstanding offset mortgage balances, we will not pay interest on an equivalent amount of the money you have in your current account and savings. As you will not receive any interest on this money, there is no income tax to pay.

The amount you pay each month on your offset mortgage will not be affected by offsetting. The part of your monthly payment that is not needed to cover the interest chargeable will reduce the amount you owe us. This can help you repay your offset mortgage early. The way we connect products and how we work out interest is explained in the latest St. James's Place Bank conditions.

You should consider the income tax position when deciding which products to have in your St. James's Place Bank offset Account, whether you wish to be paid interest on your savings each month or once a year and which option you want us to use for the balance netting calculation.

offset mortgage product

If the offset mortgage product you choose allows you to take payment holidays, missed payments or under payments on an offset mortgage are rolled up and added to the loan and must be repaid over the remaining term of the loan.

The Annual Percentage Rate represents the true cost of borrowing by taking into account all costs associated with a particular loan (for example: interest, valuation, and legal fees). APR figures enable borrowers to compare the actual cost of borrowing between lenders.

AER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded each year. Gross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs.

Monthly savings interest rates are available at a slightly lower rate.

"Tax-free" means free of income tax.

Our products and offers are subject to conditions. We can withdraw them without notice.

We may change charges and make new or different ones (or change the way in which you have to pay them). We may also change interest rates.

Credit facilities are provided by St. James's Place Bank, a division of Bank of Scotland plc.

Information correct as at 23rd November 2018.