In order to calculate any growth in the Indices, a Start Date Price will be obtained for each Index upon the Start Tracking Date. This will then be used to compare against an Average Monthly End Price calculated for each Index.

Over the final 12 months of the investment closing index values will be taken on the first common Business Day of each month to calculate the Average Monthly End Price. The use of averaging protects you from the possibility of any significant negative fluctuations, providing a “smoothing effect” during this period.

The best performing Index will be used to calculate your return.

With any investment, you need to recognise any potential risks involved. You should be aware that:

• Although your Initial Investment is guaranteed, no growth in the Indices will mean that you will only receive your initial investment (plus any Early Bird Interest) at the end of the term. In this case inflation could erode the value of your investment over the term.
• Your funds will be tied up until the Maturity Date without generating a regular income.
• From the Closing Date you will not be allowed to make any further investments.
• Withdrawals are not permitted from the Direct Investment Bond. If for unforeseen reasons you need access to some of your funds we offer a loan back facility.
• Total withdrawals are permitted from the mini cash ISA option and are subject to an Exit Fee, which may be substantial.
• Past performance is no guide to future performance. An Index can go down as well as up.
• The Indices are outside the control of the Society. If an Extraordinary Event occurs the term of the bond or the Index used may be subject to change. Further details can be found in the ‘General Conditions’ section of this brochure.
• The use of averaging may reduce your return.
  

Should you choose a Direct Investment Bond any return will be paid on the Maturity Date and will be subject to income tax in that tax year. This could affect your tax status, so you may wish to seek independent tax advice.

Although you cannot make withdrawals from your Account we can lend back to you a proportion of your investment. The proportion we are able to lend will be based on your remaining investment term. For further details please call 0845 606 5522.

Any return will automatically be credited to the Account. The Direct Investment Bond will automatically transfer to our Nova Plus Account and Nova Plus Terms & Conditions will apply.

Details of this no notice, variable rate Account is available upon request.