Cash ISA 9 - Terms and Conditions

Specific Terms and Conditions:

1 - ISA Regulations
1.1 Accounts are issued subject to the detailed rules contained in 'The Individual Savings Account Regulations 1998', 'The Individual Savings Account (Amendment) Regulations 2007', The Individual Savings Account (Amendment No. 2) Regulations 2010 and any subsequent amendments thereto. ('The Regulations').

1.2 You must not have already subscribed to a Cash ISA in the current tax year otherwise than by way of flexible ISA replacement subscriptions. Replacement subscriptions do not count as subscriptions for the purpose of determining whether the investor has subscribed to more than one ISA.  

1.3 Your ISA investment must be and must remain in your beneficial ownership, it must not be used as security for a loan. We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, your ISA has, or will, become void.

1.4 The maximum investment you can make to your Cash ISA in any one tax year must not exceed the annual cash limit specified in the 'Regulations'.

1.5 We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities.

2 - Account Opening
You can subscribe to only one Cash ISA in the current tax year unless you are making flexible ISA replacement subscriptions. Accounts cannot be held jointly. Accounts may be opened with a subscription (for eligible customers over 16) subject to the investment limits. Transfers-in are not permitted.  

3 - Investment Limits
The minimum investment is £10. The maximum annual subscription must not exceed the annual cash limit specified in the ISA regulations.

4 - Further Investment
You may add to your savings at any time, just call into your local branch or agency with your passbook and deposit. If it is more convenient you can post the deposit or save through a standing order from your bank account. We do not accept transfers of ISA funds from other ISA managers.

5 - Withdrawals
All withdrawals are subject to 30 days’ notice or 30 days loss of interest on the amount withdrawn. For the account to remain open, you must maintain a minimum balance of £10. If the balance on the account falls below the minimum required balance, the saver will have 30 days from the date we issue a notice to the saver, to bring the balance back to the minimum. If after the notice period has lapsed the balance remains below the minimum, we may close the account without further notice.  

Withdrawals are subject to the limits of the branch or agency office you use. Details of our current withdrawal limits are displayed in branches, available from our website or our Head Office.

You can also make withdrawals by electronic transfer using the 'My Accounts' system. Online withdrawals using the 'My Accounts' system are subject to further terms and conditions.

These terms also apply to closure and transfers out to other ISA providers.

Flexible ISA:
Withdrawals from your account can be re-deposited during the same tax year without counting towards your ISA subscriptions.  Interest paid out during the tax year is classed as a withdrawal and can be re-deposited during the same tax year. Withdrawals are deemed to be firstly of current years subscriptions, and secondly of previous years funds. Replacement deposits are deemed to be firstly of previous years funds and secondly of current years subscriptions.  

6 - Interest

Interest is variable and calculated on a daily basis on the balance in the account.  Provided the account complies with the 'Regulations' all interest arising will be free of UK taxation. The taxation of ISAs can be changed by the Government at any time without notice

Interest can be credited to your account or paid annually into a suitable bank or building society account (or other suitable Monmouthshire Society account) following the close of business on March 31 each year.  

7 - ISA Transfers Out

7.1 You may transfer your current tax year’s Cash ISA subscriptions in whole to another Cash ISA with another ISA manager. The transfer must be the whole amount saved in your Cash ISA, in that tax year, up to the day of the transfer.

7.2 Where you transfer your current years subscriptions from one type of ISA to another the subscriptions are treated as if they were made to the receiving ISA. For example, if current year cash ISA subscriptions are transferred to a stocks and shares ISA, they are treated as if they were made to the stocks and shares ISA so you are free to subscribe to a cash ISA following the transfer – subject to the overall subscription limit.


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