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Product availability This product is a limited issue and may be withdrawn without notice.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 £250. Initial payments into the account can only be made by cash or cheque. After that, you must invest from £10 to £250 each month by cash, cheque or standing order (please ensure Standing orders leave your bank no later than the 24th of each month). A minimum of £1 must be kept in this account at all times. If you exceed the £250 per month maximum payment we reserve the right to close your account. If you do not keep the minimum balance in the account, your account will be closed.
Opening an account Individuals aged 16 years 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. The account can be opened in single or joint names and is restricted to one account per person. Individuals can open this account on behalf of someone under 16 and only the person opening the account will be able to operate it.
Withdrawals and closures Withdrawals and closures are permitted without notice and are 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. There are no restrictions on the number of withdrawals you can make each year, but you should remember if more than one withdrawal is made in the first year then the bonus interest will not be paid (see “interest” section). If you close your account before the account anniversary, you will not receive your bonus.
Interest Interest is variable, is calculated on a daily basis and is credited to your account after close of business on the account anniversary#, then each year on 31 July each year thereafter. The standard rate of interest, currently 2.00% Gross* p.a is guaranteed to be no less than 1.50% above the Bank of England Bank Rate until 31 july 2012. In addition a further fixed rate bonus interest payment of 2.00% Gross* p.a. will be made at the end of the first 12 month anniversary period if certain conditions are met (see “bonus” section). From 1 August 2012 the rate of interest is variable and we can vary this interest rate as set out in our Investment Handbook.
Bonus Bonus interest will be paid on the first account anniversary# provided that 10 monthly payments (11 including your opening payment) have been made in the first 12 months and no more than one withdrawal has been made in this period. If these conditions are not met, only the standard variable interest rate will be paid. The bonus is payable on the first anniversary of account opening and is not applied in subsequent years.
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 telephone-operated accounts – call Dunfermline Direct on 08457 33 66 for further details.
Interest rates correct at 05.07.10