Terms & Conditions
These product terms should be read in conjunction with our Investment Handbook and Investment Tariff which also contains terms and conditions relating to the product. Copies are available on request. 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Product availability This product is a limited issue and may be withdrawn without notice.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 £500. After that, you must invest from £10 to £500 each month. A minimum of £1 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.
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. 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 closure Withdrawals and closure 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 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#. The standard rate of interest is currently 0.10% Gross* p.a. In addition a further fixed rate bonus interest payment of 2.40% Gross* p.a. will be made at the end of the anniversary period if certain conditions are met (see “bonus” section).
Bonus The bonus will be paid in year 1 provided at least 10 monthly payments (11 including your opening payment) have been made and nomore than 1 withdrawal has taken place during that anniversary year. To qualify for the bonus in subsequent years at least 11 monthly payments must be made and no more than 1 withdrawal during that anniversary year.
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, SN38 1NW
We also have telephone-operated accounts – call Dunfermline Direct on 08457 33 66 88^ for further details.
Applications are required. Standrad terms and conditions available on request.