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Product availability | Limited Issue | This product may be withdrawn without notice.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
born on or after 06.04.60: | £3,600 per tax year | Unless increased or decreased by the government. |
Maximum
born before 06.04.60: | £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 £3,600 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 2010. 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. If you were born before 06.04.60, you can invest up to £10,200 per tax year (if you were born on or after 06.04.60, this limit is £7,200), which 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.
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 08457 33 66 88^.
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.
How to open an account If you are already a Dunfermline Direct customer, to open your Cash ISA 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 Cash ISA 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 Cash ISA Account. Your nominated account cannot be another account with us. When opening your Dunfermline Direct Cash ISA 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 can be made any time after the cheque has cleared (subject to withdrawals and closure terms above).
IMPORTANT: If the application form is not completed in full or the correct identification documents are not enclosed, your application cheque and documents will be returned to you.
Other important information Dunfermline Building Society (which includes Dunfermline Direct) is a trading division of Nationwide Building Society. Nationwide Building Society is authorised and regulated by the Financial Services Authority for life assurance, pensions, investments, insurance and regulated mortgages.
Nationwide Building Society, Head Office, Nationwide House, Pipers Way, Swindon, SN38 1NW. Nationwide is a registered trademark of Nationwide Building Society © Nationwide Building Society. FSA registration number is 106078. You can check this on the FSA Register by visiting the FSA website www.fsa.gov.uk/register or by contacting the FSA on 0300 500 5000. FSA address: 25 North Colonnade, Canary Wharf, London E14 5HS.
Dunfermline Building Society introduces only to the Aviva Life Services UK Limited for life assurance, pensions and investments and provides insurance products underwritten by AXA Insurance UK plc. Both Aviva Life Services UK Limited and AXA Insurance UK plc are authorised and regulated by the Financial Services Authority.
We also have postal and branch based accounts – please visit your nearest branch or call Dunfermline Direct on 08457 33 66 88 for further details.
Interest rates correct at 30.10.09