Deposits & withdrawals
Your first deposit can be made by cheque or by transfer from another Direct Access Account or ISA in your plan. All future deposits must be arranged by Direct Debit from your nominated external account.
This can be as a one-off or regular payment, arranged at your convenience.
The funds begin earning interest from the day we receive them – usually three working days after the instruction is given to arrange a Direct Debit collection or the cheque/Bank Giro Credit is presented.
Withdrawals are arranged by transferring the funds directly into your own nominated current account on your telephone instruction. The funds will continue to earn interest with Direct Line for the duration of the three working days it should take for the funds to be credited to you current account.
Attractive interest rate
As Direct Line does not have an expensive branch network to maintain, the account offers rates of interest higher than those available at many established high street banks and building societies. (Details available on request.)
We will pay interest on the funds paid into your account from the day we receive them. Interest is calculated daily. You can choose to have interest paid annually at the close of business on the third Monday in March, or monthly at the close of business on the third Monday of each month.
The rate of interest paid on your Account is variable. Full details of the current rate are available on request.
Communications
You will receive a statement confirming receipt of your initial deposit when the account is first opened. Subsequent statements will be sent every quarter.
In addition, you can request an extra statement at any time at no charge or cost to yourself.
Furthermore, you may request a Tax Deduction Certificate, showing the interest accrued and tax deducted on your account for the past tax year. If you request it, this will be issued prior to the end of the tax year, again at no charge to yourself.
Easy access
No notice is required to make withdrawals, funds are transferred directly into your nominated current account at your bank or building society in three working days.
Instructions can be given over the telephone during our opening hours of 8.00am – 9.00pm Monday – Friday, 9.00am – 5.00pm Saturday and 11.00am – 5.00pm on Sunday.
No charges are made for arranging transactions or operating your account.
SPECIAL KEY FEATURES OF DIRECT ACCESS SAVINGS ACCOUNT
Pooling facility
The Direct Access account offers the revolutionary facility to attain higher rates of interest by "pooling" your savings with those of family or friends. The funds are kept in separate accounts, but the combined balance of all the accounts determines the interest rate applied.
Minimum & maximum investments
The Direct Access account can be opened with as little as £1, while there is no maximum limit to what you can invest.
SPECIAL KEY FEATURES OF THE CASH MINI ISA
Mini-ISA
The Direct Line Cash Mini-ISA can form part of an overall tax-free portfolio along with another Mini-ISAs offering stocks and shares, which can be with a different manager.
Maxi-ISAs restrict you to placing all your investments with one manager, although they do offer the customer the facility to concentrate their entire annual investments in equities, up to the full annual investment limit.
If you take out a Mini-ISA in a tax year you cannot also take out a Maxi-ISA.
Tax-free
ISAs have been guaranteed by the Government, completely free of UK income and capital gains tax from 6 April 1999 until the 5th April 2010.
Pooling facility
You can use our revolutionary facility to attain a higher rate of return by "pooling" as ISA with other savings or those of family members or friends. The total balance of all the accounts determines the rate of interest applied to the Direct Access Savings Account. Where the plan balance attracts a rate of return higher than that available to the ISA, the rate applicable to the balance will apply to the ISA.
Investment limits
Up to £3,000 can be deposited in each tax year up to April 2010.
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