Terms & Conditions
All terms and conditions relate to Dunfermline Direct Cash ISA (Issue 3).
| Availability |
Limited Issue |
|
This account may be withdrawn without notice, after this time you will no longer be able to make further deposits into your account. |
| Amount of initial investment |
Minimum |
£100 |
A minimum of £100 must be kept in the account at all times. If you do not keep to the minimum investment, your account will be closed. |
| Maximum |
£3,600 per tax year (Full ISA subscription) |
Unless increased or decreased by the government |
| 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 Investments |
Yes |
You can make further deposits, up to the maximum investment (currently £3,600) 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 Direct 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: |
Instant |
Withdrawals and closures are permitted without notice. |
| Max. cash withdrawal |
£50,000 |
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. |
| Min. cash withdrawal |
£100 |
| 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 (Please see section below for 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. Please contact Dunfermline Direct for further details. |
| External: |
Yes |
Transfers from other institutions are accepted subject to the completion of the correct forms. Please contact 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 5th April each year. It can be paid to your nominated bank account or added to this account. We will only vary the applicable interest rate for a valid reason – see your Investment Handbook for further details. If the Bank of England recommends a base rate change, the interest rate on this account will be altered accordingly from the first day of the following month. Changes of interest rate will be advertised in the national press – The Herald, The Scotsman, The Independent and the Belfast Telegraph. Current rates are published on our website and are available on our 24 hour rate line on 0845 603 1209.Please see your investment Handbook for further details. |
| Maturity |
N/A |
N/A |
| Tax |
None |
Interest is paid gross and is tax-free. On the death of the account holder this account will cease to be a qualifying Cash ISA and will be subject to tax in the usual way. The favourable tax position for Cash ISAs depends on Government tax treatment and may not be maintained. |
| LINK card |
No |
|
Transfers of previous ISA subscriptions You may transfer your existing ISA subscriptions with the Society, or another provider, into this account.
Important information on ISAs Individual Savings Accounts (ISAs) are a scheme of tax free investments introduced from 6 April 1999 as a replacement for TESSAs and PEPs. Interest on an ISA is paid gross. You can withdraw money at any time without losing tax relief. There are two types of ISA - a Cash ISA and a Stocks and Shares ISA.
Our ISA accounts are Cash ISAs. If you open a Cash ISA, you cannot open another Cash ISA in the same tax year. However, if you transfer all or part of your current year’s subscriptions to a Stocks and Shares ISA, you may be able to contribute your full Cash ISA allowance providing you do not go above the overall maximum subscription limits.
ISA regulations As the ISA Manager, we will satisfy ourselves 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 we will transfer all or part of your Cash ISA to another ISA Manager. This will be done as soon as possible but no later than 30 days after we receive your instructions. For more details contact your branch.
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. If you close your account in the cooling off period you will not be liable for any charges nor will you have to give any further notice. The cooling off period is the 14 days from the day you open your account (and excludes public holidays). If you decide to close your account within the cooling off period, you need to write and tell us and we need to have received your letter telling us that you want to close the account within the cooling off period. Gross interest will be paid from the day you open your account but not on the day that you close your account. If you close the account within the cooling off period, you can open another Cash ISA within the same tax year (although this will depend on your overall subscriptions into Cash and Stocks and Shares ISAs). If you close your account after the cooling off period, you cannot open another Cash ISA until the next tax year.
How to open an account 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 made payable to Dunfermline Direct, stating the account holders name, for example, 'Dunfermline Direct - 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.
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.
Identification for new Dunfermline Direct customers You must open your account with a cheque from your nominated account (see “opening an account” section above). If your nominated account is a bank account, your deposit cheque must show your name and account details (a joint account is acceptable). This is our confirmation of your identity. If your nominated account is a building society account, your deposit cheque must be issued by the building society, and you must ask them to verify the name and number of the account either on the back of the cheque or by separate letter. This is our confirmation of your identity. We also need one original item (which is less than 3 months old) from the following list, to confirm your current address:
1. Bank/building society/credit card/mortgage statement. The statement from your bank/building society account cannot be from your nominated account.
2. Electricity/gas/telephone bill.
3. Council tax bill.
Your document will be returned to you. We will not accept responsibility for the loss of or damage to the document or any liability arising from that loss or damage. We will also carry out a search on the voters roll as an identity/address check.
Identification for existing Dunfermline Direct customers If you are an existing customer of Dunfermline Direct, you will need to tell us the number of your existing nominated account with us.
Security details Once you receive your welcome pack or when you want to make your first transaction just telephone us and we will sign you on to our security system. If the account is a joint account and more than one of you will use the telephone service, each person must choose an individual personal security password. If you have an existing Dunfermline Direct Account your password must be the same as that on your existing Dunfermline Direct Account. It is important for your account’s security and protection that your security details are not written down and that nobody else knows these details. If someone else knows your details, you may be liable for any loss as a result. You must tell us at once if you think someone else knows your security details. If you have a joint account, we will take instructions from one of you without asking for consent from the other account holder.
Change of personal details If any of your personal details change, including your name, address or telephone number, you must write and tell us as soon as possible and we will need to see documentation to verify this. Please ask us for more details. If you want to change your nominated account you must write and give us the details of the new nominated account – bank/building society name, address, sort code and personal account number. You must also send us a bank statement from your new bank or building society account that shows your name and the account number.
Contacting us You can contact us by telephone on 08457 33 66 88. Our address is Dunfermline Direct, Dunfermline Building Society, Caledonia House, Carnegie Avenue, Dunfermline, KY11 8PJ. All your transactions can be carried out by post, please call on 08457 33 66 88 with any enquiries. Telephone calls are charged at the local rate and our lines are open six days a week – Monday to Friday from 8.00am to 8.00pm; Saturday 9.00am to 4.00pm. These times may change. Dunfermline Direct is also registered to operate accounts through the RNID’s Typetalk programme. Further information regarding this service or if you have special needs, is available on request.
Account charges It is normally free to operate an account with us. However, we may charge for costs incurred outside the normal operation of the account. We will let you know of any such charges when we take your instructions and obtain your consent to them.
Power of attorney It is possible to operate these accounts by Power of Attorney. The ID we require is slightly different for these accounts and is as follows:
Customer
1. The opening cheque must be in the name of the customer and must match the nominated account. This can be signed under the Power of Attorney.
2. A bank statement verifying the nominated account details and customers names and addresses.
Attorney
1. A certified copy of passport or driving licence.
2. Original Power of Attorney or certified copy.
3. 2 recent utility bills to confirm address.
An account application and a separate Power of Attorney application form (available from us) must be completed in all cases.
Assignation of windfalls We want to avoid further disruption to our business caused by speculators. Because of this, all new customers opening share accounts must agree to assign any windfall benefits to which they may become entitled on a conversion or takeover of the Society. The assignation will be in favour of the Charities Aid Foundation and the agreement will be for a period of five years. Please refer to the application form for full terms and conditions of the agreement.
Banking code We subscribe to the Banking Code. You can get a copy of the Code and the Banking Code leaflet from any of our branches or by calling Dunfermline Direct on 08457 33 66 88.
Financial services compensation scheme We are a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Payments under this scheme are limited to a maximum of £50,000 of an investor’s total shares and/or deposits. Most investors are covered including individuals and small firms. Although most shares and deposits in UK Building Societies are denominated in Sterling, the Euro and other European Economic Area currencies are also covered.
Governing law Our relationship with you will be governed by the Law of Scotland. We will communicate with you in English.
Complaints If you have a complaint please contact your local branch or call Dunfermline Direct on 08457 33 66 88+, alternatively write to us at Dunfermline Building Society, Caledonia House, Carnegie Avenue, Dunfermline, KY11 8PJ. We will try to deal with your complaint as soon as we reasonably can. If we are unable to resolve your complaint you can refer the matter to the Financial Ombudsman Service who can be contacted on 0845 080 1800. See our Investment Handbook for full details of our complaints procedure.
Other important information Dunfermline Building Society introduces only to the Norwich Union Marketing Group, members of which are authorised and regulated by the Financial Services Authority. The Society provides Income Protection and General Insurance products, underwritten by AXA Insurance plc which is authorised by the Financial Services Authority (“FSA”). The Society is authorised and regulated by the FSA (Reg no: 158765) and is a member of the Building Societies Association and Council of Mortgage Lenders.
In order to open this account you need to give us your telephone number. Our Dunfermline Direct Interest Rates Leaflet, Investment Handbook and Investment Tariff contain important provisions affecting your account. Please read them carefully and keep them for future reference. We also have branch based accounts - call us on 08457 33 66 88 for further details.
The following terms used in this website have these meanings:
Gross interest means the rate of interest payable before the deduction of income tax.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
Tax-free interest is the rate of interest payable where interest is exempt from income tax. ISA interest is tax free under present legislation. The current tax situation may be altered in the future.
Dunfermline Direct is a trading name of Dunfermline Building Society.