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We may offer different products and/or similar but differently priced products through our various channels (telephone, post, branches, and the web) and through our relationships with other organisations. For details of all available products please contact us.
You can only operate and administer your accounts online through thederbyshire.co.uk. You will need your user ID, memorable information and password to log on. You will be given 3 opportunities to provide the correct information, if you don’t you will need to reactivate your accounts. To reactivate your accounts you will need to change your password and memorable information online, we will then send you a reactivation key which you can then use the next time you log on. You will not be able to administer your accounts or make any withdrawals until your accounts have been reactivated.
After each transaction we won’t write or email you to confirm that the transaction has completed but you will be able to check it has by looking at your account record online.
When you open your account you will be asked to nominate an account where withdrawals will be paid. You can change your nominated account online. Unfortunately your nominated account cannot be an account with Derbyshire Building Society.
An account can be closed at any time online through a funds transfer. The closing balance will be sent to your nominated bank account either by BACS or CHAPS. Following closure of your account you will be able to see your account record online. You can only close your account via the Internet. If your balance is more than £15,000 you will also need to confirm the closure by phoning our Customer Relationship Team on 08456 002 004 during normal working hours. The money in your account will be paid to your nominated Bank Account normally by Bank Transfer (BACS) and will take 3 working days. Alternatively you can request payment by CHAPS when the payment will be processed the same day if the request is received before 2.30pm - there is a fee of £30 for payment by CHAPS.
Suspending Access
We reserve the right to prevent access to your account if:
We will tell you as soon as possible if we do this.
Messaging
We can send messages to each other via the website. You should check your messages regularly as they may contain important information. Our messaging system is secure and reduces the need for sending e-mails. We respond to all secure messages within 2 working days. If we are unable to answer your query we will try to notify you within these 2 working days. We may send you messages that are related to your account, our online system or any other products or services. The secure messaging service is only designed for queries about your accounts. If you have any other questions, for example on the functionality of the website and it’s contents or about our other services or products please contact our Customer Relationship Team on 08456 002 004. You should also contact our Customer Relationship Team if your enquiry is urgent.
For the terms and conditions which apply to each account, please refer to:
The terms and conditions are variable under the Investment Conditions. We will tell you about any changes in writing, and if we have made a major change or a lot of minor changes in any one year, we will give you a copy of the new terms and conditions or a summary of the changes. For more information and details of how much notice we will give please see the Investment Condition 22.
We are able to change the interest rates, charges and terms and conditions which apply to your account unless we tell you otherwise. There are limits on how we can do this and these are set out in the following:
We may also limit our ability to make changes in the special conditions which apply to an account. For example we may guarantee that the interest rate will not fall below Bank Rate.Interest rates on variable rate accounts requiring notice for withdrawals If you have a variable rate account which requires notice for withdrawals, we undertake, so long as you meet the original account opening terms, that the gross interest rate we pay you will be not less than a rate 3% below the Bank of England’s Official Bank Rate (“Bank Rate”), except for Crown Monthly where the rate will be not less than 4% below Bank Rate, subject to the following conditions:
Variable rate accounts - changes in the Bank of England’s Official Bank Rate ("Bank Rate")
Unless we tell you otherwise, our accounts are not generally linked to Bank Rate although we do take account of Bank Rate and changes to it along with other factors when setting the interest rate on your account. If we send you an annual statement we will tell you what the Bank Rate has been during the year so that you can compare it to the interest rate on your account and changes to it. If the interest rate on your account relative to Bank Rate falls significantly (by 0.5% or more) over a 12 month or other period we will write to you, if you have £250 or more in your account, to tell you this and explain your options. Also, if you have £500 or more in your account and, following a change to the interest rate on your account or Bank Rate, the interest rate on your account falls by more than 0.25% relative to Bank Rate, we will write to you to tell you that.
If we have to write to you in either of the above circumstances we will write to you:
For more information please contact our Customer Relationship Team on 08456 002 004
How interest is paid
We will normally automatically add interest to your account (credit). However, with some accounts you can have the interest transferred to your bank (payment) or, if you prefer, into another Derbyshire account (transfer). For certain types of account (some monthly interest accounts) we don't add interest to your account. Instead, it is credited to your bank account or an instant access account held with us.
If your interest is paid into an account with another bank or building society, the payment will reach your account three working days after the interest payment date.
How interest is calculated
We generally calculate interest on a sum you invest as described in the following section. For automated credits deposited into the account interest will be earned from the day after the day of receipt. We will credit your account with the amount which has been verified and accepted by us when we check the deposit.
The effect of the interest calculation we use is that interest is calculated daily. The amount of interest you will receive can be calculated by taking the amount in the account at the start of the day, multiplying it by the interest rate applying to the account divided by 100,then dividing it by 365 (except in a leap year when it is divided by 366).i.e. using the following formula: Balance at the start of the day x (the interest rate/100)ALL DIVIDED BY365 (or 366 in a leap year) = the interest Interest is calculated differently in a leap year and deposits made after 29th February will receive less interest than they would in a non-leap year. For further in formation please visit your local branch or call the Customer Relationship Team on 08456 002 004
How we give you notice about changes in interest rates
Our arrangements for giving you notice of changes in interest rates are described in Investment Condition 22.1-22.4 inclusive.
For changes in interest rate which are to your detriment, we will give you 30 days prior personal notice and you can change, switch or close your account without notice or charge within 30 days of receiving our notice.
For changes in interest rate which are not to your detriment, we give notice of interest rate changes by displaying notices in Derbyshire Building Society branches and Duffield Hall, Duffield, Derby, and by advertisements in a selection of newspapers.
We will give notice in Branch and Duffield Hall at or before the time the change takes effect, though in some cases it may not be possible for the press advertisements to appear until shortly after the rate change.
In the case of accounts not run through branches (eg online accounts) we will write to you within 30 days of the date of change. The current interest rates for all our variable rate accounts and any currently available fixed/escalating rate accounts are available from our Customer Relationship Team and here.
We normally pay interest Net of Income Tax. We can pay interest Gross if you can provide us with an appropriate completed form complying with Inland Revenue regulations.
If you are a non taxpayer, or if your total taxable income is only just over the starting point for paying income tax, you may be able to claim a repayment of the tax deducted from the HM Revenue and Customs. If you pay income tax only at the basic rate, you will have no more tax to pay on the interest. If you are a higher rate taxpayer, you will have to pay additional tax on the interest to cover the difference between the tax deducted and the higher rate tax due. Interest on ISAs is tax free provided all account conditions are met (see the ISA special conditions). We will also pay interest without deduction of tax on accounts for registered charities/exempt pension funds. The tax position affecting our accounts is subject to changes in the law.
Making a withdrawal The amount you can withdraw at any one time will depend on the type of account you have. You cannot make a withdrawal if the account would be overdrawn following the withdrawal.Making Payments to your accountTo open an account you must send us a cheque payable to you from your nominated account. After that all payments must be made electronically to the account but they do not need to come from your nominated account. You could make payments by standing order, by Bank Transfer (BACS) etc. For example you could set up a regular standing order. The details you will need to send a payment electronically are:
Making withdrawals from your account The maximum amount you can withdraw is £100,000 per working day. Withdrawals can only be made via the Internet. If you are withdrawing more than £15,000 you will also need to confirm the withdrawal by phoning our Customer Relationship Team on 08456 002 004 during normal working hours. Withdrawals will be paid to your nominated Bank Account normally by Bank Transfer (BACS) and will take 3 working days. Alternatively you can request payments by CHAPS when the payment will be processed the same day if the request is received before 2.30pm - there is a fee of £30 for payment by CHAPS.
When you request a withdrawal it will appear online as a pending transaction until we have processed it. BACS transfers are normally processed at 3:30pm and CHAPS transfers up to 2:30pm each working day. Whilst a withdrawal is a pending transaction you can cancel or amend the amount you wish to withdraw up to the maximum withdrawal - but cannot make further withdrawals, or change your nominated account details.
Using Online Savings you are able to transfer money freely between your online accounts. It is not possible to transfer your money between your online and branch-based accounts (including postal accounts). Your entire balance may not be available for withdrawal (subject to the terms and conditions of your specific product) in circumstances where there are uncleared funds in your account.
Before we can act on your instructions to make payments or withdrawals, we will require your consent and may require proof of identification. How we obtain your consent may include, the use of passwords, PINs or encryption device(s).
When making payments, the following information is required from you about the company or person you are paying.
For automated payments as detailed in the table below, and CHAPS payments, the sort code, account number and, if applicable, reference. In addition, for CHAPS payments you must give us the bank’s name and address.
If you give us the wrong account details for a payment, we will try to recover the funds for you if you ask us to, but we may charge you for doing so.
The following table details when payments can be made, when they are received and how they can be cancelled.
If you are opening an account with a cheque or paying into an account with a cheque, the account name and/or account number must be on it. We regret we can no longer accept cheques without a name or account number in the payee line.
Unless otherwise stated in the account details or special conditions for the account the maximum amount you can invest is £1,000,000 per account or in total for any investor including all accounts held with us. For this limit and for some tax purposes, we treat joint account holders as being equally entitled to the amount invested.
You can check your accounts online. You will be able to see details of your balance, any pending transactions, payments in and withdrawals out for the last 13 months. You should check your account online regularly and we would encourage you to print off a copy for your records. If there is an entry which seems to be wrong, you should tell us as soon as possible so that we can sort it out. In some cases we will need further information or assistance from you to do this. Our current practice is to send one annual statement each year with details of all accounts you have with us. This covers the tax year and will include details of interest and tax (if we have deducted tax) to make it easier if you need to fill in tax forms or claim repayment of tax from H M Revenue & Customs. If we change our practice and believe this is likely to affect you adversely, we will try to let you know, generally by writing to you, before the change takes effect. You can also get information on our current interest rates by telephoning our Customer Relationship Team on 08456 002 004, or on our website at thederbyshire.co.uk
However you choose to apply to open an account, we will need to see some identification. When opening an online savings account, we will obtain proof of your identity and address. To do this, we will make searches about you at credit reference agencies that will supply us with information, including information from the Electoral Register. The searches will not be seen or used by lenders to assess your ability to obtain credit. If we are unable to verify your identity and address by this method, we will ask you to provide documentation instead. This needs to be two items, one to confirm your identity, such as a driving licence or passport, and one to confirm your address, such as a bank statement or utility bill. For more information please call our Customer Relationship Team on 08456 002 004
Please note the following charges (which we can change from time to time):
Stopped cheques - £20 This charge is payable when we agree, as an exception, to stop a cheque we have issued, at a customer’s request. If a cheque we have issued from your account becomes out of date (ie more than six months old) or, if you wish to stop payment on a cheque payable to a third party, we will not normally be able to recredit your account without the authority of the person in whose name the cheque was drawn or without the cheque itself.
CHAPS transfer - £30 CHAPS is a bank telegraphic transfer service which allows money to be transferred to another account quickly and conveniently. This charge will be payable when a withdrawal is made in this way. This facility is available only for transfers to UK banks.
Special presentation charge - £15 A charge of £15 is made if you need a cheque clearing quickly; this covers our administration costs and the bank charges we have to pay. This service is only available for cheques of £2,500 or more.
Returned cheques - £26 This covers the administration costs and bank charges when a cheque, paid into a Derbyshire account, is later returned unpaid. The amount of the returned cheque and the £26 charge will then be taken from the money in the account.
Account Information charges - £10 This covers the administration costs of providing you with a copy of your annual investor’s statement, a copy of any other statement, a breakdown of the transactions on your account, or an extra s975Tax Deduction Statement.
Overdrawn Account Charge - £20 You cannot make a withdrawal if the account would be overdrawn following the withdrawal. If you do we will write to you requesting that you pay sufficient money into the account to equal or exceed the minimum investment balance. We will charge you this fee where we send you a letter, or take similar action, about your account continuing to be overdrawn - this fee will be charged from and including the second letter.
Other charges This list does not include any charges we may make for items we consider to be outside the normal servicing of the account. These charges apply to all of our Savings Accounts. Please ask if you would like more information about charges.
Increases in charges If we increase any of these charges, or introduce new ones, the provisions of Investment Condition 22.5 – 22.8 will apply (meaning that we will give you at least 30 days prior personal notice) except where the change relates to Payment Services where the provisions of Investment Condition 22.9 – 22.10 will apply (meaning that we will give you 60 days prior personal notice). You can change, switch or close your account without notice or charge within 30 days of receiving our notice (60 days for Payment Services changes)
If, for any reason, you are not completely happy with the account you've chosen, just contact your local Branch or Customer Relationship Team on 08456 002 004 within 14 days of the day the account was opened. We will gladly change it for another or you can have your money back, including all the interest earned during that time.
If things go wrong, let us know and we’ll try and sort out the problem promptly. We have a complaints procedure and we are a member of the Financial Ombudsman Service. Details about our complaints procedure and the Financial Ombudsman Service are in a leaflet called “Our Commitment toComplaint Services”. Please call our Customer Relationship Team on 08456 002 004 if you would like a copy. Complaints we cannot settle may be referred to the Financial Ombudsman Service.
Important information about compensation arrangements
Derbyshire Building Society is a trading division of Nationwide Building Society. We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with the building society, including their share of any joint account, and not to each separate account.
Nationwide Building Society operates under the trading names of: - Cheshire Building Society, Derbyshire Building Society and Dunfermline Building Society. The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with all of the building society trading names including Nationwide. However, if you held share or deposit account relationships with two or more of Nationwide Building Society, Derbyshire Building Society, Cheshire Building Society or Dunfermline Building Society immediately prior to the date of their respective mergers or acquisition, you are covered up to a total of £50,000 for all your account holdings with each individual trading name until 30 December 2010. For further information about the scheme (including the amounts covered and eligibility to claim) please see the Online Account Terms or refer to the FSCS website www.FSCS.org.uk or call 020 7892 7300.
Charitable Assignment Conditions
Savers opening a share account will agree to the following declaration, unless they are exempt because they were a member of the Society on 2nd November 1997 and have continued to be a member since that date.
From time to time we may send you information, by letter, telephone, email or otherwise about our services and products or those of our subsidiaries (or other selected companies or organisations), which we believe may be of interest. If you don’t want to receive this information or if you would like a list of our associated companies please write to: Customer Services, Derbyshire Building Society, Duffield Hall, Duffield, Derby DE56 1AG.
We keep particulars of your account confidential and only disclose them without your consent if we are legally obliged to do so. Where financial institutions or others ask for references or similar items containing information about you or your account(s) we only give the information where it appears that you wish us to. Of course in certain instances we may have to disclose information, for example, under a court order.
If you would like more information about how we use the personal data we hold in our records, please ask for our leaflet “How We Use Your Personal Information”.
Under the Data Protection Act 1998 you have the right, upon request, to have the details of information which the Society holds about you in its records. Your request should be in writing and addressed to Member Services at Duffield Hall, Duffield, Derby DE56 1AG together with a cheque for £10 to cover the administration work involved.
This section contains details of steps you can take to look after your passbook or card & Personal Identification Number (PIN) in order to prevent fraud and to protect your account from being misused.
It is essential to take care of your cheques, passbook, card and PIN and other security information to help prevent fraud and protect your accounts. Please make sure that you follow the advice given below.
We recommend that you check your statement or passbook regularly. If there is an entry which seems to be wrong you should tell us immediately so that we can sort it out. In some cases we will need further information or assistance from you to do this. If you fail to receive a statement or any other expected financial information, you should contact us immediately.
When sending cheques through the post, it will help to prevent fraud if the cheque contains extra information about the person it is being paid to:
If you suspect or discover that someone else knows your Security Information please amend your Security Information on line as soon as possible. If you do not have access to the internet at that time please call us on 08456 002 004.
Account openingWe are not obliged to open an investment account, or to do so on the terms stated in any of our literature.Keeping us up to date Please make sure you let us know as soon as possible when you change your: • name • address • phone number • email address We will require evidence of your change of name and address. If we do not hold correct information we cannot communicate with you.