Savings Accounts

ISA 90 (Issue 2)

Investment Limits

The minimum investment is £1000, but you can save 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Interest is added to your ISA 90 (Issue 2) on 5th April annually tax free and may be withdrawn without penalty or notice within 6 months from the date of credit.. The interest rate is variable.

Withdrawals and Closure

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ISA 90 (Issue 2) without penalty if you can give 90 days notice, otherwise you will lose 90 days interest on the amount withdrawn or the closing balance.

Who can open an ISA?

To open an ISA 90 (Issue 2) 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 ISA 90 (Issue 2) 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. The minimum period which may be stipulated to allow for the Society to implement an ISA 90 (Issue 2) transfer is 30 days. Transfers to other ISA providers are subject to the 90 day notice period otherwise you will lose 90days' interest on the balance.

Cancellation Period

You may cancel your application to subscribe to an ISA 90 (Issue 2) 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 ISA 90 (Issue2) transactions must be either by cash or cheque.

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.