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Product availability | Limited Issue | This product may be withdrawn without notice. |
Amount of initial deposit | Minimum balance: | £100 | A minimum of £100 must be kept in the account at all times. If you do not keep the minimum balance in the account, the account will be closed. |
Maximum | £5,100 per tax year | |
Opening an account | Min. Age: Joint option: In Trust option: | 16 No No | Investors must be ordinarily resident in the UK for tax purposes. You may also be able to open a Cash ISA if you are a crown employee or are married to a crown employee serving overseas. Investments in a Cash ISA must remain in the beneficial ownership of the account holder, and must not be used as security for a loan. |
Corporate Body:
Unincorporated Body: | No No | An individual cannot open an account in trust for such organisations. |
Additional deposits | Yes | You can make further deposits, up to the maximum balance in each tax year whilst the account remains open by direct debit from your nominated account or by cheques (from your nominated account only) made payable to Dunfermline Building Society and stating the account holders name. Cheques from any source other than your nominated account are not acceptable and we will not accept cash deposits. You will only be able to withdraw money once your deposits have cleared in the banking system. |
Withdrawals and closures | Notice: | None required | Withdrawals and closures are permitted without notice. |
Max. cash withdrawal: | £50,000 |
Min. cash withdrawal: | £100 | Withdrawals will only be made by BACS transfer to your nominated account. Funds will be available in your nominated account 3 working days after the withdrawal request is processed. If you need a larger withdrawal, you must ask in writing. Any requests received after 3.30pm will be treated as the following day’s transactions. You will also need to remember that weekends and bank holidays are not classed as working days. |
On your instructions and within the time stipulated by you all or part of the investments held in your Cash ISA and proceeds arising from the investment shall be transferred or paid to you, subject to any reasonable business period, not exceeding 30 days. There is no charge for transfers, however, all transfers are subject to withdrawal conditions, as set out in the section ‘Withdrawals and Closures’. |
Remember that annual subscription limits apply if withdrawals are made. For example, if you deposit £5,100 in your Cash ISA on 1 October and withdraw £2,000 on 1 November, you cannot make any further deposits to your Cash ISA in that tax year as you have already invested the maximum amount. However if you transfer all or part of your current year’s Cash ISA subscription to a Stocks and Shares ISA you may be able to reinvest to the Cash ISA subscription limit depending on the overall subscription limits. |
Transfers of previous ISA subscriptions | Internal: | Yes | Transfers from other Dunfermline Accounts are accepted subject to the Terms and Conditions of the account to be transferred and on completion of the correct forms. If you transfer to this account from another Dunfermline Cash ISA, your first payment of interest will not be paid until 5 April 2011. Interest is not paid at the date of transfer. Please contact Dunfermline Direct for further details. |
External: | Yes | Transfers from other institutions are accepted subject to the completion of the correct forms. There is no maximum transfer amount, and transfers will not affect your current tax-year subscription limit. Please ask Dunfermline Direct for further details. |
Interest | Type:
Paid:
Date of Payment:
Paid to Account: | Variable
Annually
5 April
Yes | Interest is variable, is calculated on a daily basis and is credited to your account after close of business on 5 April each year. Interest can be paid to this account or to your nominated bank account. |
Maturity | N/A | N/A |
Tax | None | Interest is tax-free. On the death of the account holder this account will cease to be a qualifying ISA and will be subject to tax in the usual way. The favourable tax position for ISAs depends on Government tax treatment and may not be maintained. |
LINK card | No |
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Important information on ISAs ISA stands for Individual Savings Account. ISAs were introduced by the Government in April 1999 to encourage more people to save for the future. Investing in an ISA allows you to keep all the gains or income received from your investment without paying any personal taxes such as income or capital gains tax. The tax year runs from 6 April to 5 April the following year.
Individual savers are able to invest in two separate ISAs in any one tax year; one cash ISA and one stocks and shares ISA.
Some ISAs are described as stakeholder products. This refers to the Government’s stakeholder standards, which are designed to help you save with confidence. Accounts that meet the stakeholder standard aren’t guaranteed to perform better that other accounts. It simply shows that the product meets all of the Government’s criteria. This cash ISA does not meet the Government’s stakeholder standards.
The tax information provided is based on our current understanding of current law and HM Revenue & Customs practice which can change.
ISA regulations As the ISA Manager, Nationwide Building Society will satisfy itself that any person to whom we delegate any function or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities. We will notify you if, by reason of any failure to satisfy the provisions of the ISA regulations, this Cash ISA has, or will, become void. Additional information on Cash ISAs can be obtained by contacting your local branch or by calling Dunfermline Direct on 0845 345 04 09.
Transfer to another ISA manager On your instructions and within the time stipulated by you we will transfer all or part of your Cash ISA to another ISA manager, subject to any reasonable business period, not exceeding 30 days. All transfers are subject to withdrawal conditions (see section ‘Withdrawals and Closures’).
Eligibility If you cease to be eligible for a Cash ISA for any reason, including moving abroad, you will continue to receive interest on the account however it will not be tax-free. You may not make any further subscriptions until you become resident in the UK again.
Cooling-off period Occasionally, you may change your mind after you have opened an account. For details on the 14-day cooling-off period, see your Investment Handbook.
Further deposits You can make further deposits, up to the maximum balance, by direct debit from your nominated account or by cheques (from your nominated account only) made payable to Dunfermline Building Society, stating the account holders name, for example, ‘Dunfermline Building Society - B Brown’. Cheques from any source other than your nominated account are not acceptable and we will not accept cash deposits. If you want to set up a direct debit, we need at least 5 working days from the day we get your direct debit mandate before deposits can be made by direct debit. We will only take money from your nominated account by direct debit if we have your specific instructions to do so. Only one regular direct debit can be set up for an account at any time. You can arrange to make monthly payments on any date up to the 28th of each month. If the date of your regular payment is not a working day, the deposit will be collected on the first working day after that. You will only be able to withdraw money once your deposits have cleared in the banking system.
Other important information Dunfermline Building Society is a trading division of Nationwide Building Society which is authorised and regulated by the Financial Services Authority under registration number 106078. Credit facilities other than regulated mortgages are not regulated by the Financial Services Authority.
Head Office: Nationwide House, Pipers Way, Swindon, Wiltshire SN38 1NW.
We also have postal and branch based accounts – please visit your nearest branch or call Dunfermline Direct on 0845 345 04 09 for further details.
Interest rates correct at 06.04.10