FSCS

Cash ISA 1 - Terms & Conditions (closed account)

Cash ISA 1 - account was previously known as:

• TESSA Only ISA I (1st Edition) 

• TESSA Only ISA II (2nd Edition) 

• Mini Cash ISA I (1st Edition)


  • Please note that from 6th April 2014, customers will not be able to invest additional money into this ISA account.  
  • Customers wishing to make ISA deposits from 6th April 2014, will need to make a new application for the Cash ISA available at the time.
Specific Terms and Conditions for the Cash ISA 1 Account

Mini Cash ISA Account


Accounts are issued subject to the detailed rules contained in 'The Individual Savings Account Regulations 1998’ and any subsequent amendments to these. ('The Regulations'). 



You must not have subscribed to a Cash ISA in the current tax year. 



Accounts cannot be held jointly. 



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 regulatons, your ISA has , or will become void.



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



You may transfer current year's subscription in whole, and/or previous years subscriptions in whole or in part to another ISA manager. We will make the transfer within the time stipulated by you wherever possible but, in any case within 15 business days of your request. 



At your request, and within the time stipulated by you, we will pay you all or part of the investment held in your ISA and any proceeds arising from that investment. 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.  



Provided the account complies with the 'Regulations' all interest and bonus arising will be free of UK taxation. Should you die then interest arising after the date of death will be subject to deduction of income tax. The taxation of ISAs can be changed by the Government at any time without notice. 




General


An account holder is a member of the Society and agrees to be bound by its rules.  



The Society may discontinue any account type and suspend further investments without notice. In accordance with our Rules, we will give you at least 30 days notice in writing before closing your account.



If we make changes to the terms and conditions of your account, we will give you at least 30 days notice by displays in our branch offices and in our website, before the change takes place. We will write to you if the change is clearly to your disadvantage. You will have 60 days from the date of our letter to transfer or close your account, without notice or penalty. (This does not apply to changes in interest rates). 



As an account holder you are a voting member of the Society provided you are an individual, aged 18 or over, and have £100 or more in your account. If you hold a joint account - only the first named account holder is entitled to vote. You may choose the order in which names appear on the account.



The Society must be notified immediately, should a passbook be lost or stolen. For security purposes, a duplicate passbook will be issued within ten working days. Please notify us immediately if your name, address or telephone number should change. 



If you act fraudulently, you will be responsible for all losses on your account. If you act without reasonable care, and this results in losses, you may be responsible for them.



If after opening an account you feel that it does not meet your requirements, let us know within fourteen days and we will, except for any amount credited by cheque which will be subject to the normal clearance period, without notice or penalty, transfer or refund your money plus interest. This facility does not apply to fixed interest rate investments. 



Please take care when sending your passbook or cheques to us by post. Cheques should be made payable to yourself, writing your a/c number and name on the reverse. 



Access to Your Money


The passbook must accompany any request for withdrawal. 


Withdrawals from our branch and agency offices are subject to limits and services from agencies may be restricted. Details are available on request.



Cheques payable to third parties cannot normally be cancelled or stopped. 



On the death of a sole account holder, we will pay the balance and accrued interest to the deceased's legal representative on production of the appropriate documentary proof of identity and of entitlement.

Flexible ISA:

Withdrawals from of 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. 



Interest



Cash and cheques paid into an account will earn interest from the first day following receipt. These specific Terms and Conditions apply to this account in addition to our General Terms  & Conditions for Savings Accounts.  Where there is any inconsistency between the General Terms and Conditions for Savings Accounts and the specific Terms and Conditions, the specific Terms and Conditions will apply.



Funds withdrawn from the account will earn interest up to, and including, the day preceding the withdrawal. 



Interest is variable and calculated daily on the balance in the account. Provided the account complies with the Regulations, all interest arising will be free of UK taxation.  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.









Maximum Investment Limits


The maximum investment per customer in the Society, whether in one or more accounts, is limited to £500,000. Larger amounts may be accepted by negotiation.



Account Use 


The Society's range of accounts are designed for Investment and Savings purposes. They are not suitable for high volumes of transactions, large quantities of cash in coins or as a substitute for a bank current account. The Society reserves the right to close, without notice, any account which, is being used contrary to this condition or in any manner which it deems inappropriate.

These specific Terms and Conditions apply to this account in addition to our General Terms & Conditions for Savings Accounts.  Where there is any inconsistency between the General Terms and Conditions for Savings Accounts and the specific Terms and Conditions, the specific Terms and Conditions will apply.

 
 


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