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Product availability | Limited Issue | This product may be withdrawn without notice.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 | £5,340 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.withdrawal: | £50,000 |
Min.withdrawal: | £100 | Withdrawals will only be made by electronic transfer to your nominated account. Funds will be available in your nominated account by the end of the next working day following your request. 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. |
For details on how to transfer to another ISA Manager, please refer to the 'Transfer to another ISA Manager' section |
Remember that annual subscription limits apply if withdrawals are made. For example, if you deposit £5,340 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 2012. 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.On receipt of a transfer instruction from you, we will send it to the other manager together with a confirmation that we will accept the transfer within 5 business days of the date of receipt, and on receipt of the funds and accompanying information from the other manager, we will credit the funds to the account within 3 business days of the date of receipt. 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 For a cash ISA, subject to any restrictions on withdrawals, If you wish to transfer all or part of your ISA to another cash ISA manager, we will send the funds and accompanying information to the new manager within 5 business days of the date of receipt of a transfer instruction from the new manager.
For a Stocks and Shares ISA, subject to any restrictions on withdrawal, if you wish to transfer all or part of your ISA to another ISA Manager we will transfer the account within the time stipulated by you or within 30 days of receiving the request from your new provider, whichever is the longer.
Eligibility If you move abroad and cease to be eligible for a Cash ISA, you will continue to receive gross* interest on the account however, you may not make any further subscriptions until you meet the residency criteria again. If you cease to be eligible for a Cash ISA for any other reason, you will continue to receive interest on the account however, it will not be tax-free***
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 06.04.11