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Product availability This product may be withdrawn without notice.
Minimum and maximum balances The minimum balance is £100. If you do not keep the minimum balance in it, your account will be closed. The maximum balance is £10,000. Additional deposits may be made, unless the product has been withdrawn, subject to the maximum balance.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 a Children’s Bond (Issue 3) on behalf of a child. The Child must be under 19 years of age, born on or after 1 February 1995, when the Bond matures. The account can only be operated by the signatory who opens the account. 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.
IMPORTANT: If the application form is not completed in full, your application and cheque will be returned to you.
Withdrawals and closures No withdrawals are allowed and the bond must remain open for the full period to 31 January 2014. 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 penalty.
Interest Interest is fixed and is calculated on a daily basis. Interest can be paid either annually or on maturity. If interest is paid annually it will be paid after close of business on 31 January each year, commencing January 2010. If you choose to have interest paid on maturity, it will be paid to the account after close of business on the 31 January 2014. Interest will be paid to the Children’s Bond (Issue 3) account. See your Investment Handbook for further details.
We normally pay interest net. We can pay interest gross if you provide us with an appropriate completed R85 form which complies with HM Revenue and Customs regulations. The tax position affecting the bond is subject to changes to UK tax law and practice. Current tax treatment may not be maintained in the future. Once you or the beneficiary reaches 16 years of age, the tax situation will be reviewed and you will be sent a letter explaining this.
Cooling-off period No cooling off period applies to this account, as the interest rate is set when you open the account. For details on the 14-day cooling-off period, see your Investment Handbook.
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.
We also have telephone-operated accounts – call Dunfermline Direct on 08457 33 66 88 for further details.
Interest rates correct at 01.12.09