Cash ISA
| Balance: | Gross Interest Rate/AER: | Net Interest Rate: |
|---|---|---|
| £500+ | 1.70% | N/A |
| £9,000+ | 1.85% | N/A |
| £18,000+ | 2.00% | N/A |
| Summary Box Key Product Information for our Savings Accounts | |
|---|---|
| Account Name | Cash ISA Account |
| Interest Rates (AER) | Please see interest rates above |
| Tax Status | Gross without deduction of tax |
| Conditions of bonus payment | Not Applicable |
| Withdrawal arrangements | Immediate Access to one penalty free withdrawal per financial year. All other withdrawals are subject to a 30 day loss of interest on the amount withdrawn. |
| Access | Post/Branch |
| General Product Information | |
|---|---|
| Availability | Available nationwide for anyone aged 16 or over |
| Minimum Investment | To open a Cash Isa you need a minimum of £500, after which you may invest up to £3,600 being current H.M. Customs and Excise regulations for the tax year 2009/20010 |
| Interest | Interest added or paid on 5th April |
| Monthly Income | Providing your balance exceeds £5,000, the Cash ISA Account can produce a monthly income from the interest earned on your savings. The interest rate for this option will be slightly lower than the rate paid for annual interest being added to the account. Further details are available from the Society |
| New ISA subscription limits from 6 October 2009 | From 6 October 2009 the ISA subscription limit will increase to £10,200 for anyone eligible to invest in an ISA who was born on or before 5 April 1960 (that is, who will be aged 50 or over during the current tax year). Up to £5,100 of the new ISA allowance can be saved in a cash ISA with one provider. Although this Society does not have a stocks and shares ISA please note that the remainder of the £10,200 can be invested in a stocks and shares ISA with another provider. Alternatively the full £10,200 can be invested in a stocks and shares ISA with another provider. These higher limits will apply to all eligible ISA investors with effect from 6 April 2010.
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