Terms & Conditions
These product terms should be read in conjunction with our Investment Handbook and Investment Tariff which also contains terms and conditions relating to the product. Copies are available on request. Please read them carefully and keep them for future reference.
Product availability This product is a limited issue and may be withdrawn without notice.
Minimum and maximum balance The minimum initial balance is £10. The maximum initial balance is £500. After that, you must invest from £10 to £500 each month. A minimum of £1 must be kept in this account at all times. If you do not keep the minimum balance in the account, your account will be closed.
Opening an account Individuals aged 16 or over can open this account on their own behalf. 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 closure Withdrawals and closures are permitted without notice. Withdrawals can be made by electronic transfer. Electronic transfers will only be made to your nominated account. The minimum withdrawal for electronic transfers is £100. Any minimum investment must be maintained. Funds will be available in your nominated account by the end of the next working day following your request. The maximum daily withdrawal limit is £50,000. 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.
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.
Interest Interest is variable, is calculated on a daily basis and is credited to your account after close of business on the account anniversary#. The standard rate of interest is currently 0.10% Gross* p.a. In addition a further fixed rate bonus interest payment of 2.40% Gross* p.a. will be made at the end of the anniversary period if certain conditions are met (see “bonus” section).
Bonus The bonus will be paid in year 1 provided at least 10 monthly payments (11 including your opening payment) have been made and no more than 1 withdrawal has taken place during that anniversary year. To qualify for the bonus in subsequent years at least 11 monthly payments must be made and no more than 1 withdrawal during that anniversary year.
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.
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, SN38 1NW
We also have telephone-operated accounts – call Dunfermline Direct on 08457 33 66 88^ for further details.
Applications are required. Standrad terms and conditions available on request.