100 day notice cash ISA

A Cash ISA (Individual Savings Account) is an investment which enables annual sums to be saved and on which interest is paid free of tax. However, it is not possible to state that favourable tax treatment will be maintained indefinitely as it is the government and not the Society who is responsible for the tax treatment.

The ISA subscription limit from 6 April 2013 to 5 April 2014 is £11,520.  Up to £5,760 of the ISA allowance can be saved in a cash ISA with one provider.  The remainder of the £11,520 can be invested in a stocks and shares ISA with either the same provider or another provider.  Alternatively, the full £11,520 can be invested in a stocks and shares ISA with one provider.

holding a cash ISA

• You must be 16 years of age or over, investing in your sole name only
• You may subscribe to only one Cash ISA in any one tax year
• You must be resident and ordinarily resident in the UK (subject to an exception for certain Crown employees, their spouse or registered civil partner)
• You will be and must remain in beneficial ownership of the investment and it must not be used as security for a loan
• The Society will notify you, if by reason of any failure to satisfy the provisions of the ISA Regulations, your Cash ISA has, or will become void
• In the event of death, any interest due up to the date of death will qualify for income tax exemption, but not thereafter as the account will cease to be an ISA
• In the event of you opening a Cash ISA, the application remains valid for subscriptions made in the next and consecutive years. However where a break between subscriptions lasts for a whole tax year, we will need a fresh application before subscriptions can recommence.
  
  minimum investment
  
  You can open an account with a minimum investment of just £25, if you live in the counties of Leicestershire, Lincolnshire, Nottinghamshire or Rutland. For investors who do not live in the counties mentioned, the minimum amount to open an account is £1,000. The balance of the account must not fall below £1,000. If it does, the Society will give the requisite notice to close the account and repay the investment.
  
  Your Cash ISA begins from the date the subscription is made provided there is a valid application in place.
  
  investment limits
  
  You may invest up to the maximum Cash ISA limit in a single tax year. However, withdrawals have no effect on the subscription limits. This means that once the limit has been reached for the tax year you cannot make any further investments in that year regardless of any withdrawals made.
  
  Transfers in are not permitted.
  
  interest
  
  Interest based on the account balance is calculated on a daily basis, but added to the account annually on 31 March. The interest rates are variable.
  
  withdrawals
  
  On receipt of your instruction, and within the time stipulated by you, all or part of the investments held in your ISA and proceeds arising from those investments, shall be transferred or paid to you. Subject to a penalty of the loss of 100 days' interest, or following 100 days' notice being given when no interest penalty will be applied.

  On receipt of a transfer instruction from a new ISA manager, we will send the cash and accompanying information to the new manager within 5 business days of receipt. Subject to a penalty of the loss of 100 days' interest, or following 100 days' notice being given when no interest penalty will be applied.
  
  stakeholder standards
  
  We have decided not to apply the minimum standards for a deposit based stakeholder product so that we have the flexibility to adapt the account as required in the future.
  
  cooling off period
  
  If you are not happy with your savings account, you may cancel it within 14 days of:
  
  1.  the day the contract is entered into; or
  2.  the day on which you receive the contract terms and conditions and other information on paper or electronically
  
  whichever is later:
  
  We will help you switch to another of our accounts or we will give all your money back with any interest it has earned.  We will ignore any notice period and any extra charges.
  
  other information
  
  You can obtain further information on ISAs from the Building Societies Association leaflet 'Individual Savings Accounts and Building Societies' available from any of our branch offices.  Information on other investment accounts available from the Society is also available on request from any branch or agency of the Society and also from our website.
  
  complaints
  
  The Society has an internal complaints procedure and we are also a member of the Financial Ombudsman Service. Separate leaflets regarding these are available on request.
  
  compensation scheme
  
  The Society is a member of the Financial Services Compensation Scheme

balance	interest paid	gross interest	gross AER	net interest	net AER
from 1 Mar 2013
£25+	Annually	2.10	2.10	(tax free)	(tax free)