Terms & Conditions
All terms and conditions relate to the “M” Account.
Account availability This account may be withdrawn without notice.
Amount of investment The minimum investment is £1. If you do not keep the minimum investment in it, your account will be closed. This may affect your membership rights. The maximum investment is £25,000. Additional investments may be made, unless the account has been withdrawn, subject to the maximum investment.
Opening an account Individuals can open this account on behalf of someone aged 11 to 15 and only the person opening the account will be able to operate it. A corporate body or an unincorporated body may not open an account, and an individual cannot open an account as trustee for such organisations.
Cooling off period Occasionally, you may change your mind after you have opened an account. The cooling off period is the 14 days from the day you open your account (and excludes public holidays). If you close your account within the cooling off period, we will pay you the interest due at the then current rate from the day you open your account but not on the day that you close your account. During the cooling off period, we will ignore any notice period normally needed and you will not have to pay any penalty interest.
Identification We are required to verify your identity. Therefore, we may ask you to provide evidence to confirm your name and address when you apply to open an account with us. For existing customers we will confirm if you need to provide evidence of your name and address when we receive your application. For new customers we will require evidence of your name and address before opening the account for you. There are additional requirements where accounts are opened by post. Please contact us for furtherdetails.
Withdrawals and closures Withdrawals and closures are permitted without notice and subject to you signing a withdrawal slip. Withdrawals are normally paid by cheque, but up to £250 in cash per day can be paid from your account at a branch. If making a withdrawal by post, you must send us your passbook.
Interest Interest is variable, is calculated on a daily basis and is credited to your account biannually after close of business on 30 June and 31 December. Interest rates may vary from time to time. Changes of interest rate will be advertised in the national press - The Herald, The Scotsman, The Independent and the Belfast Telegraph. Current interest rates are published on our website and are available on our 24 hour rate line on 0845 603 1209.
What about tax? Interest is payable either net of the relevant rate of income tax (which can be reclaimed by non-taxpayers) or gross (subject to the required registration). If the child is a non-taxpayer, interest can be paid gross if an HM Revenue & Customs Form R85 is completed - available in all our branches. The child’s parent or guardian will have to sign the form and we must receive it before we can pay the interest without deducting tax.
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 the full terms and conditions of the agreement.
Banking code We have adopted 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. A leaflet which details our Complaints procedure can be obtained from any of our branches or head office. 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.
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.
Our Investment 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 telephone-operated accounts - call Dunfermline Direct on 08457 33 66 88 for further details.
All communications with us may be monitored/recorded to improve the quality of our service and for your protection and security.
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.