Savings Accounts

TESSA Only ISA Access

Interest

Interest is added to your TESSA-Only ISA Access on 5th April annually tax free and maybe withdrawn without penalty or notice. The interest rate is variable.

Withdrawals and closure

You can withdraw from or close your TESSA-Only ISA Access without penalty.

Who can open an ISA?

  • An individual aged 18 or over.
  • A resident and ordinarily resident in the UK (subject to an exception for certain Crown employees).

Other conditions

  • The ISA investments 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 TESSA-Only ISA Access in you 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 without penalty, 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 transfer is 30 days.

Cancellation period

You may cancel your application to subscribe to a TESSA-Only ISA Access during the first thirty days after the account was 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 TESSA-Only ISA Access 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.