Terms & Conditions
All terms and conditions relate to Rangers Soccersaver ISA.
Availability
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Limited Issue
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This account may be withdrawn without notice, after this time you will no longer be able to make further deposits into your account.
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Amount of initial investment
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Minimum:
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£1
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A minimum of £1 must be kept in the account at all times. If you do not keep to the minimum investment, your account will be closed.
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Maximum:
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£3,600 per tax year (Full Cash ISA Subscription)
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Unless increased or decreased by the government.
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Opening an Account
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Min Age:
Joint option:
In Trust option:
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16
No
No
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Investors must be ordinarily resident in the UK for tax purposes. You may also be able to open a Cash ISA if you are a crown employee or are married to a crown employee serving overseas. Investments in a Cash ISA must remain in the beneficial ownership of the account holder, and must not be used as security for a loan.
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Corporate Body:
Unincorporated Body:
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No
No
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An individual cannot open an account in trust for such organisations.
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Additional Investments
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Yes
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You can make further deposits, up to the maximum investment (currently £3,600) in each tax year whilst the account remains open.
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Withdrawals and Closures
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Notice:
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Instant
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Withdrawals and closures are permitted without notice.
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Max cash withdrawal:
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£250
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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.
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Min cash withdrawal:
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£1
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Remember that annual subscription limits apply if withdrawals are made. For example, if you deposit £3,600 in your Cash ISA on 1 October and withdraw £2,000 on 1 November, you cannot make any further deposits to your Cash ISA in that tax year as you have already invested the maximum amount. However if you transfer all or part of your current year’s Cash ISA subscription to a Stocks and Shares ISA you may be able to reinvest to the Cash ISA subscription limit depending on the overall subscription limits.
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Transfers
(Please see section below for transfers of previous ISA subscriptions)
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Internal:
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Yes
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Transfers from other Dunfermline Accounts are accepted subject to the Terms and Conditions of the account to be transferred and on completion of the correct forms. Please contact your branch for further details.
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External:
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Yes
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Transfers from other institutions are accepted subject to the completion of the correct forms. Please contact your branch for further details.
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Interest
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Type:
Paid:
Date of Payment:
Paid to Account:
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Variable
Annually
5-Apr
Yes
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Interest is variable, is calculated on a daily basis and is credited to your account after close of business on 5th April each year. We will only vary the applicable interest rate for a valid reason – see your Investment Handbook for further details. If the Bank of England recommends a base rate change, the interest rate on this account will be altered accordingly from the first day of the following month. Changes of interest rate will be advertised in the national press – The Herald, The Scotsman, The Independent and the Belfast Telegraph. Current rates are published on our website and are available on our 24 hour rate line on 0845 603 1209.
Please see your investment Handbook for further details.
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Maturity
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N/A
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N/A
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Tax
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None
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Interest is paid gross and is tax-free
On the death of the account holder this account will cease to be a qualifying Cash ISA and will be subject to tax in the usual way. The favourable tax position for Cash ISAs depends on Government tax treatment and may not be maintained.
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LINK card
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No
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Transfers of previous ISA subscriptions
You may transfer your existing ISA subscriptions with the Society, or another provider, into this account.
Important information on ISAs Individual Savings Accounts (ISAs) are a scheme of tax free investments introduced from 6 April 1999 as a replacement for TESSAs and PEPs. Interest on an ISA is paid gross. You can withdraw money at any time without losing tax relief. There are two types of ISA – a Cash ISA and a Stocks and Shares ISA.
Our ISA accounts are Cash ISAs. If you open a Cash ISA, you cannot open another Cash ISA in the same tax year. However, if you transfer all or part of your current year’s subscriptions to a Stocks and Shares ISA, you may be able to contribute your full Cash ISA allowance providing you do not go above the overall maximum subscription limits.
ISA regulations As the ISA Manager, we will satisfy ourselves that any person to whom we delegate any function or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities. We will notify you if, by reason of any failure to satisfy the provisions of the ISA regulations, this Cash ISA has, or will, become void. Additional information on Cash ISAs can be obtained by contacting your local branch or by calling Dunfermline Direct on 08457 33 66 88.
Transfer to another ISA Manager On your instructions we will transfer all or part of your Cash ISA to another ISA Manager. This will be done as soon as possible but no later than 30 days after we receive your instructions. For more details contact your branch.
Eligibility If you cease to be eligible for a Cash ISA for any reason, including moving abroad, you will continue to receive interest on the account however it will not be tax-free. You may not make any further subscriptions until you become resident in the UK again.
Cooling off period Occasionally, you may change your mind after you have opened an account. If you close your account in the cooling off period you will not be liable for any charges nor will you have to give any further notice. The cooling off period is the 14 days from the day you open your account (and excludes public holidays). If you decide to close your account within the cooling off period, you need to write and tell us and we need to have received your letter telling us that you want to close the account within the cooling off period. Gross interest will be paid from the day you open your account but not on the day that you close your account. If you close the account within the cooling off period, you can open another Cash ISA within the same tax year (although this will depend on your overall subscriptions into Cash and Stocks and Shares ISAs). If you close your account after the cooling off period, you cannot open another Cash ISA until the next tax year.
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 further details.
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 full terms and conditions of the agreement.
Banking code We subscribe to 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.