Easy Access Cash ISA (issue 1)
|What is the interest rate?||
The current interest rate is 0.75% Tax Free.
Tax free means the interest you earn is exempt from UK Income Tax & Capital Gains Tax. Interest is variable, calculated on a daily basis and is paid annually on 5 April.
Interest can be added to your Easy Access Cash ISA (Issue 1), paid to another suitable Furness account or an external bank/building society account.
|Can Furness Building Society change the interest rate?||
As the interest rate is variable, we may change the rate if we reasonably believe that the change is needed.
If we increase the rate we will tell you within 30 days of the change. If we reduce the rate we will tell you no less than 14 days before we make the change.
For full details on how and why we will change the interest rate on your account, please refer to Section 7 of the General Investment Terms and Conditions.
|What would the estimated balance be after 12 months based on a £1,000 deposit?||
Based on the current rate of interest, if you deposited £1,000 in this account, after 12 months you would have £1,007.50.
This figure is for illustration purposes and is based on no additional deposits, withdrawals or changes in interest rate within the 12 month period.
|How do I open and manage my account?||
Opening your account
• An Easy Access Cash ISA (Issue 1) 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). 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 must notify the Society if you cease to meet the residence qualification.
• 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 charge your account or use it as security for a loan.
• You can open an ISA providing you have not subscribed to another ISA of the same type in that tax year. You 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 Easy Access Cash ISA (Issue 1) 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.
Simply call into your local Furness branch or agency, call Furness Direct on 0800 834 312 or access the application form below. You will need to provide some identification when you open your account and details of our requirements can be obtained from your local branch or agency, by contacting Furness Direct or on our
Savings limits and additional investments
You may cancel your application to subscribe to a Easy Access Cash ISA (Issue 1) 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.
We will write to acknowledge your cancellation and notify you that the cancelled subscription does not count as a subscription to an ISA.
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 that same tax year. You will also be bound by the terms and conditions detailed in this Key Features Document.
Payments can be made by faster payment, standing order or by cash or cheque at your local branch or agency. You may also send a cheque through the post. Please ensure that cheques are made payable to yourself and quote the account number on the payee line. These payments must be from your own funds and not from a third party.
|Can I withdraw money?||
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.
On the instructions of the account investor and within such time as is stipulated by the account investor in the withdrawal instructions, all the investments held in the ISA and proceeds arising from these investments shall be transferred or paid to the account investor. Please refer to the Transfers out section for more information.
If you open an Easy Access Cash ISA (Issue 1) using part of your current tax year’s ISA allowance and then close the Easy Access Cash ISA (Issue 1) account in the same tax year, you cannot then open another Cash ISA in the same tax year.
• Tax-Free Savings
• Penalty free access to your savings
• Variable interest rate
What is an ISA?
The ISA (Individual Savings Account) was developed by the Government to encourage everyone to save long term, whether it is 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. The purpose of this Key Features Document is to provide balanced information so that you can make an informed choice about how to save.
General information about our ISAs
If you are an adult, then in any tax year you can pay into one Cash ISA, one Stocks and Shares ISA, one Innovative Finance ISA and one Lifetime ISA (age restrictions apply to the Lifetime ISA). Furness Building Society only offers Cash ISAs. From 6 April 2017 you as an investor can subscribe up to £20,000 of which up to £20,000 can be subscribed to a Cash ISA. Any amount not invested in a Cash ISA can be invested in a Stocks & Shares ISA, Innovative Finance ISA or Lifetime ISA - subject to the £20,000 overall limit.
You cannot subscribe to two (or more) Cash ISAs, two (or more) Stocks & Shares ISAs, two (or more) Innovative Finance ISAs or two (or more) Lifetime ISAs in the same tax year. You do not have to save in all components and you do not have to save the full amount allowed.
Upon receipt of your instructions and within the time stipulated by you, your Easy Access Cash ISA (Issue 1), in full or part with all rights and obligations shall be transferred to another ISA manager. You should contact them and ask them to arrange the transfer. If you transfer your current year subscriptions to a Stocks & Shares ISA, Innovative Finance ISA or Lifetime ISA it will be as if your Cash ISA subscriptions were not made and you can subscribe to another Cash ISA in the same tax year, subject to the overall subscription limits. You can transfer previous years’ ISA subscriptions without affecting your annual ISA allowance.
You can transfer your Easy Access Cash ISA (Issue 1) to a Cash ISA with another ISA provider or to a Stocks & Shares ISA, Innovative Finance ISA or Lifetime ISA with another ISA provider. Investors must complete a transfer application form where an ISA is to be transferred to a new provider. Upon receipt of your transfer request from the new ISA provider we will transfer your Easy Access Cash ISA (Issue 1) to them within 5 working days. However, we will require your passbook before we do so.
If you want to transfer another Cash ISA to your Easy Access Cash ISA (Issue 1) you should contact us to ask us to arrange the transfer. On receipt of the documentation we require to arrange the transfer, we will forward your transfer request to your current ISA provider within 5 working days.
On receipt of the funds from your existing ISA provider we will credit your account within 3 working days. However please refer to the important note in the “Savings limits and additional investments” section for conditions relating to additional investments.
We will backdate the start date for interest accrual on the funds transferred to us to the date on the existing provider’s cheque.
The Society does not accept transfers in from Stocks and Shares ISAs, Innovative Finance ISAs or Lifetime ISAs.
Breaks in Deposits to your Cash ISA account
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.
HM Revenue & Customs Return
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.
Death of the investor
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.
If we don’t get it right – how to make a complaint
At the Furness, we always try to provide a first-class service. Occasionally, however, things can go wrong and if they do, we’ll make every effort to put them right.
Ways to contact us
If you have a complaint, you need to contact to someone who understands your concerns. You should contact the relevant branch or agency or Head Office department by calling Furness Direct on 0800 83 43 12 or 01229 824560. You can also e-mail us at email@example.com or write to us at 51-55 Duke St, Barrow-in-Furness, Cumbria LA14 1RT. The Society has a complaints handling procedure and a copy is available on request.
What happens next?
We will record your complaint and work hard to resolve it within 3 days, starting from the day after we received it. If it is possible to resolve your complaint within this timescale, we will send you a letter to confirm this. Please note that in most cases we will contact you by telephone to discuss your complaint so it’s important to note that our call will not display a phone number, it may display e.g. No Caller ID. Some complaints take longer to resolve and under the rules which govern how we handle complaints, we have 56 days (around 8 weeks) to complete the process, however, we are committed to resolving complaints as soon as possible. We will write to you to acknowledge that we’ve received your complaint, confirm the next steps and provide you with the contact details of the person handling it. When we have completed our thorough investigation, we will write to you with a final response that will include what we have looked at, what we have found out and our decision.
Financial Ombudsman Service
We hope that the final decision you receive will provide you with sufficient information to explain the investigation and how we came to our decision, however, if you are not satisfied with the outcome, you can refer it to the Financial Ombudsman Service (FOS) and ask them to look into it for you. We will send you a leaflet that explains the FOS procedure with our final response. If you decide to refer your complaint to FOS, you must do so within 6 months of our final response. The contact details of the Financial Ombudsman Service are: The Financial Ombudsman Service, Exchange Tower, London E14 9SR. Telephone: 0800 023 4 567 or 0300 123 9 123 Website: www.financial-ombudsman.org.uk
Financial Services Compensation Scheme
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.
An eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the building society, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.FSCS.org.uk or call 020 7892 7300 or 0800 678 1100.
A deposit is excluded from protection if:
1. The holder and any beneficiary owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, building society or credit union
2. The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering
3. It is a deposit made by a depositor which is one of the following:
• Credit Institution
For further information about exclusions, refer to the FSCS website at www.fscs.org.uk
* Deposits by personal pension scheme, stakeholder pension schemes and occupational pension scheme of micro, small and medium sized enterprises are not excluded.
The Financial Conduct Authority is the independent financial services regulator. It requires us, Furness Building Society, to give you this important information to help you decide whether our Easy Access Cash ISA (Issue 1) is right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference.
For more information or details of our interest rates call in at your local branch or agency, ring Furness Direct free on 0800 83 43 12, visit our website www.furnessbs.co.uk or email firstname.lastname@example.org
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest is paid and added to your account each year. From 6 April 2016, if you’re a basic rate tax payer you’ll be able to earn up to £1,000 in savings income tax free. Higher rate tax payers will be able to earn up to £500. Additional rate tax payers will not receive any allowance. This is called the Personal Savings Allowance. This means that most people will no longer pay tax on savings interest. Banks and building societies will stop deducting tax from your account interest.
|Investment Bands||AER||Gross p.a.|
|£1 and over||0.75||0.75|
Please confirm you have read the important information below. Only when you have read the information and fully understand how the account works should you click to download the application form. We recommend that you print a copy of the documents for your records and keep them in a safe place.