FSCS

Cash ISA 2 - Terms & Conditions (closed account)

Specific Terms and Conditions for the Cash ISA 2 Account

  • 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.

1 -
ISA Regulations



1.1 Accounts are issued subject to the detailed rules contained in 'The Individual Savings Account Regulations 1998' and 'The Individual Savings Account (Amendment) Regulations 2007', and any subsequent amendments to these. ('The Regulations').



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



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 with the Society in the current tax year. Accounts cannot be held jointly. Accounts may be opened with a subscription, or by transfer from an existing Society ISA or from another ISA manager, subject to the investment limits.



3 - Investment Limits


The minimum investment is £10 for annual interest and £5,000 for monthly interest. 



4 - Further Investment


You may add to your savings at any time, just call into your local branch with your passbook and deposit. If it is more convenient you can post your deposit or save through a standing order from your bank account. You can also make regular credits by direct debit. We accept transfers of Cash ISA funds from other ISA managers, subject to the ISA regulations.



5 - Withdrawals


You can withdraw from your account provided you give 30 days written notice without loss of interest, or on demand subject to a penalty equal to 30 days loss of interest on the amount withdrawn. For the account to remain open, you must maintain a minimum balance of £10 for annual interest, or £5,000 for monthly interest. 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 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 at www.monbs.com. Online withdrawals using the 'My Accounts' system are subject to further terms and conditions which are available at www.monbs.com.

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.



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



6.2 Monthly Interest Option
Interest will be paid following the close of business on the last working day of each calendar month, and must be paid to a bank account or to another suitable Building Society account. 



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 You are also permitted to transfer your current tax year's Cash ISA subscriptions in whole to a Stocks and Shares ISA and / or Innovative Finance ISA and it will be treated as if you invested directly into the Stocks and Shares ISA and / or Innovative Finance ISA. This allows you to re-subscribe to a Cash ISA later in the same tax year, provided you have not already used up your annual ISA investment allowance.

7.3 You may transfer any previous tax year's subscriptions in whole or in part to another Cash ISA, Stocks and Shares ISA or Innovative ISA held with another ISA manager, without it affecting your annual ISA investment allowance for the current tax year.



7.4 We will make any transfers to another ISA manager within 30 days of receipt of your request, unless you indicate otherwise.



8 - Terms and Conditions


These Specific Terms and Conditions apply to this account in addition to our General Terms and 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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