Cash ISA (Individual Savings Account)
|Summary Box - Key Product Information|
|Account Name||Cash ISA|
|What is the interest rate?||
Interest is calculated daily and added annually on 5th April at close of business.
Monthly interest option is available for balances in excess of £5000. The interest rate is reduced by 0.05%. Monthly interest must be credited to a nominated account other than this Cash ISA. The monthly interest is credited on the last working day of each month.
|Can Beverley Building Society change the interest rate?||
Yes, all of our interest rates are variable.
|What would the estimated balance be after 12 months based on a £1,000 deposit?||
|How do I open and manage my account?||
Available to UK Residents and UK Tax Residents aged over 16.
Complete the application form, relevant declaration(s) and provide necessary identification then forward together with the initial deposit (payable to the account holder) to the Society's office. Contact the Society about the transfer of funds to or from another provider.
The minimum opening investment is £1, and the maximum annual subscription limit for the 2020/21 Tax Year is £20,000 as set annually by HM Revenue and Customs.
This account can be managed via post and branch.
Please contact the Society for information regarding Third Party Assistance.
|Can I withdraw money?||
Yes, notice and penalty free withdrawals are permitted. As this is not a flexible ISA any amount withdrawn cannot be replaced and will count towards your annual subscription limit.
You can normally make a withdrawal on demand of cash up to £500 and any amount by cheque or Faster Payment, subject to adequate cleared balance and written instruction signed by the relevant signatory(ies).
*Gross rate – the contractual rate of interest to be paid on a savings account without any deduction being made in respect of personal Income Tax liability**AER - stands for Annual Equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once each year