Terms & Conditions
Our Investment Handbook and Investment Tariff contain important provisions affecting your account. Please read them carefully and keep them for future reference.
Product availability
The account is for a fixed term which will start on the day the account is opened and end on the expiry of the period set out in the product information you were given when you opened the account. This product is a limited issue and may be withdrawn without notice. After the product is withdrawn, you will no longer be able to make further deposits into your account.
Minimum and maximum balance
The minimum balance is £100. If you do not keep the minimum balance in it, your account will be closed. The maximum balance is £1,000,000. Additional deposits may be made, unless the product has been withdrawn, subject to the maximum balance.
Opening an account
Individuals aged 16 or over can open this account on their own behalf. A corporate body or an unincorporated body may not open an account, and an individual cannot open an account as trustee for such organisations. If you are already a Dunfermline Direct customer, to open your Dunfermline Direct Account, simply complete the application form and return it to us along with your deposit cheque from your nominated account. To operate your Dunfermline Direct Account, you must nominate an account in your name with a UK bank or building society (a joint account is acceptable) that will be the only account you can use for transactions to and from your Dunfermline Direct Account. Your nominated account cannot be another account with us. When opening your Dunfermline Direct Account, the initial investment must be made by a personal cheque drawn from your nominated account and please make it payable to Dunfermline Building Society, stating the account holders name, for example, ‘Dunfermline Building Society - B Brown’. It may take 5 working days or more from the date that we receive your cheque for that cheque to clear.
Withdrawals, closures and maturities
No withdrawals are allowed and the bond must remain open for the full period to maturity. At the end of that period, balances will be transferred to one of our Instant access accounts. This means that you can then withdraw money without loss of interest.
Interest
Interest is fixed and is calculated on a daily basis. Interest can be paid either annually or monthly. For accounts where interest is paid annually it will be paid after close of business on 31 March. Annual interest will be paid to the Fixed Rate Bond account. If you choose to have interest paid monthly, it will be paid after close of business on the 15th of each month commencing the month after the account is opened (please note that interest is sent to your account the first working day after the 15th and may not be received in your account for 2-3 working days). Monthly interest must be paid to the nominated Bank or Building Society account. See your Investment Handbook for further details.