Cash ISA 3 - (Monthly Option Available)
The Financial Services Authority is the independent financial services regulator. It requires us, Monmouthshire Building Society, to give you this important information to help you decide whether our Cash ISA 3 is right for you. You should read this page carefully so that you understand what you are buying.
What is the purpose of this page?
The purpose of this Key Features page is to describe the key features of our Cash ISA 3 product and provide a balanced summary, so that you can make an informed and confident choice about how to save.
Monmouthshire Building Society ISAs
Our Cash ISA 3 is an ideal way to make the most of your tax-free privilege, plus they’re simple to open and allow you to earn an attractive rate of interest.
The Aims
• To help you save up to the annual maximum tax free allowance for a Cash ISA. The amount is governed by HM Revenue & Customs.
• To receive an attractive rate of tax free interest.
Your Commitment
- To maintain a minimum balance in accordance with the Terms & Conditions of the account.
- To invest lump sum(s) and / or regular amounts (dependent upon the Terms and Conditions and the interest option chosen) up to the maximum annual cash limit in each tax year.
Risk Factors
- The interest rate payable could go down as well as up, depending on general market interest rates and the Bank of England Base Rate.
- The taxation of ISAs can be changed at any time by the Government without notice.
Your Questions Answered
What is an ISA?
ISA stands for Individual Savings Account. It allows your savings to grow tax-efficiently. There are two types of ISA account available:
- Cash ISA
- Stocks & Shares ISA
Monmouthshire Building Society only offers a Cash ISA.
Can I open an ISA?
>> You are permitted to open a Cash ISA if you are:
- aged 16 or over and
- ordinarily resident in the United Kingdom, or perform duties as a crown employee overseas or are in a marriage or civil partnership with such a person.
>> Accounts can only be opened in a sole name. Joint accounts are not permitted for ISAs.
What are the tax advantages?
- Any interest on your Cash ISA will be free of personal UK Income Tax and Capital Gains Tax.
- You are not required to declare any interest on your Cash ISA on your Tax Return.
What type of Cash ISA does the Monmouthshire Building Society offer?
The Society offers a Cash ISA 3 account – a variable rate ISA with annual and monthly interest options. Transfers-in from other providers are restricted.
What is a Stakeholder ISA?
A stakeholder ISA is an ISA that meets a set of standards defined by the Government to help customers identify simple and low-cost savings e.g. a minimum opening deposit of £10 and unlimited withdrawals.
Monmouthshire Building Society have elected that our Cash ISA 3 account will not follow the Governments Stakeholder Standards for this type of product, because we want to operate with more flexibility in our endeavours to pay and maintain a competitive rate of interest.
How much can I save?
Please click here to view the current annual ISA subscription limits.
Please Note:
- Monmouthshire Independent Financial Advisers Limited, a subsidiary company of Monmouthshire Building Society, can provide independent financial advice to customers interested in Stocks and Shares ISAs.
- The above explanation is intended as a brief overview of ISAs. More detailed information is contained in the ISA Factsheet available from any tax office or online at www.hmrc.gov.uk
