Cash ISA 90 (Issue 2)

The ISA (Individual Savings Account) was developed by the Government to encourage everyone to save long term, whether it be for pleasure or rainy day money. Anyone who pays tax either now or in the future should consider saving money in an ISA to help keep
their savings out of the taxman’s reach. 

There are only two types of ISA – Cash ISA and Stocks & Shares ISA.
Furness Building Society only offers Cash ISAs.
You as an investor can subscribe up to £11,280 in each tax year of
which up to £5,640 can be subscribed to a Cash ISA. Any amount
not invested in a Cash ISA can be invested in a Stocks & Shares ISA -
subject to the £11,280 overall limit.

You can hold each type of ISA with different providers or the same
provider. In each tax year ISA investors may subscribe to:
• One Cash ISA and/or
• One Stocks & Shares ISA
You cannot subscribe to two (or more) Cash ISAs or two (or more)
Stocks & Shares ISAs in the same tax year. You do not have to
save in both components and you do not have to save the full amount
allowed.

The minimum investment is £1000 and you can save any amount in your Furness Cash ISA 90 (Issue 2) up to a maximum of £5,640 in this tax year.

Tax free interest can be added to your Furness Cash ISA 90 (Issue 2) on 5th April annually or paid to another suitable Furness account, or
another bank account. Interest may be withdrawn without penalty or notice as one withdrawal within six months of being added. If the interest is withdrawn after this period you will need to serve 90 days notice, otherwise you will lose 90 days interest on the amount withdrawn.

You can withdraw from or close your Furness Cash ISA 90 (Issue 2) without penalty if you can give 90 days notice, otherwise you will lose 90 days interest on the amount withdrawn or the closing balance. The penalty will be charged against the accrued interest.

If the penalty is higher than the accrued interest, it will be applied against the remaining capital balance in the account with any
remainder being deducted from the amount withdrawn. If the notice period ends on a weekend or Bank Holiday, the notice
will be deemed to end on the last working day before the weekend or Bank Holiday, and the amount to be withdrawn will therefore be available from that date.

Notice withdrawals must be for specified amounts unless closure is requested and must only be given to withdraw cleared funds not
subject to an existing notice of withdrawal (i.e. notices may not run concurrently against the same funds). Only one notice must be
pending against the account at any one time. The Society will allow up to 28 days after the day the notice is due
for the transaction to be concluded. If the withdrawal is not made during this period of time, the notice will lapse and a further period of notice will be required to avoid incurring a penalty.

Notice of withdrawal may be given at your local branch or agency or alternatively by phone on 0800 83 43 12, e-mail on ask@furness-bs.co.uk or in writing to 51-55 Duke Street, Barrow in Furness, Cumbria LA14 1RT.

If you withdraw funds from your Cash ISA, you will not be able to subscribe an additional amount over the annual subscription limit in order to replace those funds, even where drawn in error.

On your instructions and within the time stipulated by you, all or part of the investments held in your Cash ISA and proceeds arising
from these investments shall be transferred or paid to you. Furness Cash ISA 90 (Issue 2) transactions can be made either by cash, cheque or standing order. Standing orders must be from your own personal bank account and not a 3rd Party.

A Furness Cash ISA 90 (Issue 2) may only be opened by an individual aged 16 or over who is resident or ordinarily resident in the UK (subject to exceptions for certain Crown employees). You must be 18 or over to open a Stocks & Shares ISA. If you cease to be resident in the UK you may not make any further contributions to a Cash ISA although it can remain open and accumulate tax free interest.

You can only open a Cash ISA in your own name. Throughout the time you hold your account, you must be the sole beneficial owner of the money invested in it. You must not change your account or give it as security to anyone else. You can open an ISA providing you have not subscribed to another ISA of the same type in that tax year (except where a Cash ISA is transferred to a Stocks & Shares ISA) and providing you have not exceeded the overall subscription limit. The account holder must not subscribe to more than one Cash ISA in one tax year. The application form must be completed and signed by the applicant.

The account will be operated in accordance with prevailing rules and regulations and legislation which may, of course, be varied from time to time, by the Government. The favourable tax treatment of ISAs may not be maintained and subscribers should note that it is the Government which is responsible for the tax treatment and not the Society.

The Furness Cash ISA 90 (Issue 2) is a share account which confers membership rights and is subject to the Rules of the Society. Copies of the Rules can be obtained from any branch or from our Head Office. Tax-free means the interest paid where interest is exempt from Income Tax.

Transfers out
Upon receipt of your instructions your Furness Cash ISA 90 (Issue 2) with all rights and obligations shall be transferred to another ISA manager. If you transfer your current year subscriptions to a Stocks & Shares ISA it will be as if your Cash ISA subscriptions were not made and you can subscribe to another Cash ISA the same tax year, subject to the overall subscription limits. You can transfer previous years’ Cash ISAs to a Stocks & Shares ISA (but not vice versa) without affecting your annual ISA allowance. Investors must complete a transfer application form where an ISA is to be transferred to a new
provider. On receipt of a transfer request from your new provider the funds and required information will be sent to the new provider within 5 working days.

Transfers in
On receipt of the transfer instruction and signed application form we will send the instruction and our confirmation that we will accept the transfer, to your existing ISA provider, within 5 working days. On receipt of the funds we will credit your account within 3 working days. When an ISA is transferred into the Society from another provider, we will commit to the industry standard and backdate the start date for interest accrual on the funds transferred to the date of the cheque/BACS payment received from the existing provider, providing the existing provider ensures the date of the cheque corresponds to the date of the closure of the existing ISA account, or back to day 16 of the transfer process, whichever is the earlier.

You may cancel your application to subscribe to a Cash ISA 90 (Issue 2) during the first 30 days after the account was opened. Any such request must be made in writing to our Head Office. Interest will be paid to you gross during the cancellation period.

You may still subscribe to another Cash ISA in the same year and for the full amount once your Cash ISA has been cancelled. If you do not exercise your right to cancel in the first 30 days the ISA will be treated as your Cash ISA for that tax year and you will not be able to subscribe to another Cash ISA in the that same tax year. You will also be bound by the terms and conditions detailed in these Key Features.

You do not have to pay into the same Cash ISA in every tax year. If for whatever reason you do not make a deposit into your Furness
Cash ISA 90 (Issue 2) in a particular tax year, no further deposits will be allowed until a new application form is completed. It is a
HM Revenue & Customs requirement that you complete this new application form.

We must supply a return containing details of your Cash ISA to the HM Revenue & Customs each year. We will also give the HM
Revenue & Customs any other information they are entitled to receive concerning your Cash ISA. HM Revenue & Customs will use the information we provide to identify investors who have broken the ISA rules by contributing to a disallowed combination of ISAs in a tax year.

The Society will notify the customer in writing if by reason of any failure to satisfy the provisions of the ISA regulations, the account has or will become void. Any corrective action will be taken within 30 days of notification.

If by mistake you over subscribe in a tax year you should contact the HMRC ISA helpline: 0845 604 1701 for advice.

Interest earned on a Cash ISA after the date of death of the investor is not exempt from tax. However, there is no loss of exemption on interest arising before the date of death.