Savings Accounts

Fairness Mini Cash ISA

Availability

Only available if opened in person at a branch office or agency where you live.

Investment Limits

The minimum investment is £1, but you can save any amount in your Fairness ISA up to a maximum of £3,000 in the current tax year and a maximum of £3,600 each tax year from 6th April 2008.

You cannot subscribe to both a Maxi ISA and a Mini ISA in the same year, but you can choose different options in different years if you wish.

Interest

Interest is added to your Fairness ISA on 5th April annually tax free and may be withdrawn without penalty or notice. The interest rate is variable.

Withdrawals and Closure

Withdrawals can be made without penalty.

Who can open an ISA?

To open a Fairness ISA you must be:

  • An individual aged 16 or over.
  • Resident and ordinarily resident in the UK (subject to an exception for certain Crown employees).
  • If you cease to meet the second condition you may not make further subscriptions to an ISA, but may keep the continuing benefit of the tax relief on the accumulated funds.

Other conditions

  • The ISA investment will be and must remain in the beneficial ownership of the investor and must not be used as security for a loan.
  • You can only open a Fairness ISA in your own name.
  • The account holder agrees to be bound by the rules of the Society (copies available upon request) and the terms and conditions stated on this website.

Transfers

On your instructions and within the time stipulated by you, an ISA with all rights and obligations shall be transferred to another ISA manager, subject to any notice conditions applicable to the account.

Cancellation Period

You may cancel your application to subscribe to a Fairness ISA during the first thirty days after the account is opened. Any such request must be in writing to our head office.

Interest will be paid to you gross during the cancellation period.

You may still subscribe to another ISA in the same year and for the full amount once your ISA has been cancelled.

Transactions

All Fairness ISA transactions must be either by cash or cheque.

Standards for Stakeholders cash deposit ISAs

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

THE STAKEHOLDER STANDARDS FOR CASH ISA'S ARE:

  • The minimum amount which can be deposited is no more than £10.
  • Deposits may be made in a variety of methods.
  • Interest accrues daily at a rate not lower than 1% below the Bank of England base rate.
  • When the Bank of England rate increases the interest rate on the account must be raised within 1 month.
  • No more than 7 days notice is needed for withdrawals.
  • No limit of frequency of withdrawal.

Should I always choose a Stakeholder cash deposit ISA?

Not necessarily - the standards are designed to identify a range of straight forward 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 ISA is appropriate for every saver.
  • that the performance of the ISA is guaranteed.
  • the Stakeholder cash deposit 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 Mini 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.

Charitable Assignment Scheme

All new savers opening share accounts must sign a declaration agreeing to assign any future windfall rights to the Charities Aid Foundation. For more information please telephone us on Freephone 0800 834312.