Cash ISA (Individual Savings Account)
All rates are variable
|Balance:||Gross Interest Rate/AER:||Net Interest Rate:|
|Key Product Information for our Savings Accounts|
|Account Name||Cash ISA Account|
|Interest Rates (AER)||Please see variable interest rates above|
|Tax Status||Gross without deduction of tax|
|Conditions of bonus payment||Not Applicable|
|Withdrawal arrangements||Immediate Access to one penalty free withdrawal per financial year. All other withdrawals are subject to 30 days notice or immediately with a 30 day loss of interest on the amount withdrawn.|
|General Product Information|
|Availability||Available nationwide for anyone aged 16 or over|
|Interest||Interest added or paid on 5th April|
|ISA subscription limits: 6 April 2014 to 5 April 2015||
Up to £5,940 of the current ISA allowance can be saved in a cash ISA with one provider up until 30th June 2014 when the allowance will increase by £9,060 to £15,000.
Although this Society does not offer a stocks and shares ISA please note that the remainder of the £11,880 can be invested in a stocks and shares ISA with another provider up until 30th June 2014.
From 1st July 2014 you will have the option to save your whole ISA allowance of £15,000 in cash, stocks and shares, or any combination of the two.
ISA Terms and Conditions are available from the Society upon request.
*Gross Rate – is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%).
*Net Rate – is the rate of interest which would be payable after allowing for the deduction of income tax at the specified rate.
*AER – stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
The tax treatment or the rate of interest payable depends on individual circumstances and may be subject to change in the future.
^ MONTHLY INCOME AVAILABLE ON ALL BALANCES OVER £5,000