Cash ISA
|
Cash ISA |
|
Min Investment Amount |
Investment Amount
(Annual Interest) |
Tax-free p.a. (%) |
AER
(%) |
|
£1 |
£1 plus |
1.00 |
1.00 |
|
Previous Rates - Cash ISA |
|
Rates effective from 1st September 2010 |
Tax free savings
Our Cash ISA is a tax-free savings account which offers a flexible approach to tax-free savings.
Features
- Easy access to your savings with no penalties for withdrawals.
- Interest will be paid without the deduction of income tax provided that the ISA terms have been fully met.
- Customers can subscribe up to £5,100 in a Cash ISA in the 2010 - 2011 tax year.
Age restriction:
- Available to customers aged 16 or over.
Minimum initial investment required to open and operate the account:
- £1 for accounts operated in a Branch or Agency.
Minimum/Maximum deposit:
- £1 minimum for Branches and Agencies.
- £100 for accounts operated by telephone and post.
- £5,100 maximum each tax year.
Restrictions on deposits:
- Coins totalling less that £25 will be accepted if sorted and bagged in Branch or Agency only.
- Cash and coins not accepted by post.
- A maximum of £5,100 can be deposited each tax year.
- You can only invest in one Cash ISA each tax year provided you have not invested your full ISA allowance into a Stocks and Shares ISA.
- We will not accept applications from non-UK residents (except British Forces personnel overseas), nominees, minors (under 16 years of age), trustees, corporate bodies or registered charities.).
Withdrawals:
- No notice required.
- No loss of interest.
- Up to £500 cash at any Branch or Agency.
- Cheque withdrawals over £10 can be arranged at any Branch or Agency.
- For accounts operated by post and telephone the minimum withdrawal amount is £100. Withdrawal requests can be made by writing to us using our Freepost service or telephoning us with your request.
- Any cheques deposited must be cleared before a withdrawal can be made on them. After paying in a cheque, you will not be able to make a withdrawal against the deposit until the sixth banking day following receipt.
- Withdrawals do not affect ISA deposit limits. If you have subscribed the maximum permitted in the tax year, you cannot make any further deposits regardless of the withdrawals made.
Interest:
- Interest rates on this account are variable and interest is calculated on a daily basis.
- Credited annually to the account at midnight on 1st April.
Tax:
- Interest will be paid tax-free, that is, without the deduction of income tax provided that the ISA terms have been fully met.
Additional Information:
- On account opening choose to operate your account by Branch or Agency, or by telephone and post.
How do I apply for this account?
Summary of account:
|
Summary Box
Key Product Information for our Cash ISA |
|
Account name |
Cash ISA |
|
Interest rates (AERs) |
Current rates are listed above. Interest rates are variable. |
|
Tax status |
Tax free. |
|
Conditions for bonus payment |
Not applicable. |
| Withdrawal arrangements |
Easy access. |
| Access |
Branch, Agency, telephone or post. |
Interest rates are subject to change from time to time. Changes to our rates are published either in national newspapers or in writing, within 30 days of the effective date.
AER: stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.
Tax-Free: Cash ISAs allow you to save tax-free, so your interest is paid gross with no tax deducted.
GROSS: The gross rate is the contractual rate of interest before the deduction of tax.