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Product availability This is a limited issue and may be withdrawn without notice.
Minimum and maximum balance The minimum balance is £2,000. The maximum balance is £250,000. Additional investments may be made from your nominated bank account (see “opening an account” section below) subject to the maximum balance.
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.
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.
Withdrawals and closure Withdrawals and closures are permitted, subject to 28 days’ notice or 28 days’ loss of interest on the amount withdrawn. Withdrawals will only be made by BACS transfer to your nominated account. The minimum withdrawal for BACS transfers is £100. Any minimum investment must be maintained. Funds will be available in your nominated account 3 working days after the withdrawal request is processed. 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.
Interest Interest is variable and is calculated on a daily basis. Interest can be paid either annually or monthly. If you choose to have interest paid annually, it will be paid after close of business on 30 June each year and can either be paid to your nominated account or added to this account. If you choose to have your interest paid monthly, it is paid after close of business on the 15th of each month (please note that interest is sent to your account on the first working day after the 15th and may not actually be received in your account for 2-3 working days). Interest can only be paid to your nominated account.
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, 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 30.10.09