ISA Saver - Terms & Conditions (closed account)
Specific Terms and Conditions for the ISA Saver Account
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'
2 - Account Opening
You can subscribe to only one Cash ISA with the Society in the current tax year. Accounts cannot be held jointly.
3 - Investment Limits
The minimum investment is £20 per month. The maximum investment must not exceed the annual cash limit specified in the ISA regulations.
4 - Further Investment
Monthly payments are made automatically by direct debit on a day of your choice up to the 24th of each month. Simply choose a fixed amount to save in line with permitted amounts as detailed in the regulations. You can change your monthly subscription at any time by giving us written notice of the new amount. It is not possible to make any payments in addition to your regular monthly amount except for one additional payment between 1st March and 5th April each year to enable you to make the maximum subscription permissible under the ISA rules before the end of the end of the tax year. If you miss any of your monthly payments you will lose the bonus for that year (ending 31 March).
5 - Withdrawals
You can withdraw from your account without giving notice subject to the limits of the branch or agency you use. However, if you make more than one withdrawal during the year (ending 31 March), you will lose the bonus. 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. 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.
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 and Bonus
Interest is variable and calculated on a daily basis on the balance in the account. Interest must be credited to the account annually following the close of business on 31 March each year. Provided the account complies with the 'Regulations' all interest arising will be free of UK taxation. The taxation of ISAs can be changed at any by the Government without notice. You will qualify for an attractive bonus (fixed at 1% gross/AER per annum) at the year end (31 March) provided your account remains open, you have made all the monthly payments and have made no more than one withdrawal. Once interest and bonus have been added to the account they form part of the balance and count towards your one withdrawal.
7 - ISA Transfers
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 ISA and it will be treated as if you invested directly into the Stocks and Shares ISA and / or Innovative 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 15 business days of receipt of your request, unless you indicate otherwise.
7.5 Transfers into the ISA Saver account from either the Society's other ISA products or any other ISA Manager are not permitted.
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.