Fairness Cash ISA

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 £1 and you can save any amount in your Fairness Cash ISA up to a maximum of your annual allowance. The “General Information about our ISAs” section provides details of the maximum annual allowance.

Tax free interest can be added to your Fairness Cash ISA on 5th April annually or paid to another suitable Furness account, or another bank account. Interest may be withdrawn without penalty or notice. You can find out about our interest rates by asking at your local branch or agency for a Current Interest Rate leaflet or by visiting our website.

Withdrawals can be made without penalty however 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. However if you transfer your Cash ISA to a Stocks & Shares ISA, you can then open a new Cash ISA in the same year and make further subscriptions subject to the overall subscription limit.

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. Fairness ISA 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 Fairness Cash ISA 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 Fairness Cash ISA in your own name. 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. 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.

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 Fairness Cash ISA 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

The Government has issued minimum standards for Cash ISAs so that you can be sure that a Stakeholder Cash ISA has reasonable charges, easy access and fair terms.

The following table shows you the Stakeholder standards for Cash ISAs and how our Fairness Cash ISA meets them.
 

Not necessarily – the standards are designed to identify a range of straightforward savings products which are simple, clear and fair so that savers should feel confident about choosing them. However, these minimum standards do NOT mean:

• that the Cash ISA is appropriate for every saver
• that the performance of the Cash ISA is guaranteed
• that the Stakeholder Cash ISAs are Government approved

An ISA which does not meet the Stakeholder criteria might be well suited to the needs of many savers. For example, you might find that a Cash ISA which does not meet these minimum standards because it restricts the number of withdrawals you can make, offers a better rate of interest in return.

You can find out about our interest rates by asking at your local branch or agency for a Current Interest Rate leaflet, by visiting our website or by calling us on 0800 834312

Upon receipt of your instructions your Fairness Cash ISA 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.

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 Fairness Cash ISA 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 this Key Features Document.

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 Cash ISA 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.