Cash ISA
| Balance: | Gross Interest Rate/AER: | Net Interest Rate: |
|---|---|---|
| £500+ | 2.00% | N/A |
| £10,000+ | 2.25% | N/A |
| £35,000+ | 3.00% | N/A |
| Summary Box Key Product Information for our Savings Accounts | |
|---|---|
| Account Name | Cash ISA Account |
| Interest Rates (AER) | Please see variable 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 All other withdrawals are subject to 30 days notice or immediately with a 30 day loss of interest on the amount withdrawn.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 £5,340 being the current H.M. Revenue and Customs regulations for the tax year 2011/2012 |
| 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 April 2011 | From 6 April 2011 the ISA subscription limit will increase to £10,680 for anyone eligible to invest in an ISA Up to £5,340 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 £10,680 can be invested in a stocks and shares ISA with another provider. Alternatively the full £10,680 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 2011.
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