Terms & Conditions
Terms and Conditions
Our Investment Handbook and Investment Tariff contain important provisions affecting your account. Please read them carefully and keep them for future reference. In addition to the Investment Handbook, the following conditions apply to Platinum Monthly Saver. If there is a conflict between the Investment Handbook and these Platinum Monthly Saver conditions the Platinum Monthly Saver conditions will take priority.
Opening and operating your account
The account can only be opened and operated in a Dunfermline branch. The account is only available to individuals aged 16 and over. The account is restricted to one account per person and can have a maximum of three joint account holders. The minimum opening balance is £100. The maximum opening balance is £500. Initial payments into the account can only be made by cash or cheque. After that, you can invest each month by cash, cheque or standing order. The minimum monthly deposit is £100 and the maximum monthly deposit is £500, if you exceed the £500 per month maximum monthly deposit we reserve the right to close your account. A minimum of £100 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. The account month begins on the date of account opening and ends on the anniversary of that date in the following month. The first account anniversary is the 12 month period from the date of account opening. A corporate body or an unincorporated body may not open an account, and an individual cannot open an account as trustee for such organisations. Individuals can open this account on behalf of someone under 16 and only the person opening the account will be able to operate it. After the first anniversary of account opening the account reverts to an instant access account paying a variable rate of interest, with no restrictions on deposits and withdrawals.
Interest
Interest is variable, is calculated on a daily basis and is credited to your account after close of business annually on the anniversary of account opening or closure of your account. The higher rate of interest will be paid provided that no more than one withdrawal has been made and no more than one monthly deposit has been missed before the anniversary of account opening. The lower rate will be paid if more than one monthly withdrawal has been made or more than one monthly deposit has been missed before the anniversary of account opening
Withdrawals and closures
Withdrawals and closures are permitted without notice and are subject to you signing a withdrawal slip. 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 if more than one withdrawal is made before the first anniversary of account opening the lower rate will be paid (see interest section). If you close your account before the first anniversary of account opening (excluding closures on death) you will receive the lower rate of interest from the date of account opening until the date of closure.