Changes to our ISA Accounts

3 January 2014

                

From 1st March 2014, the Society will no longer accept transfers-in to existing ISA accounts. In addition, from 6th April 2014, customers will not be able to invest additional money into an existing 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 that time.

Apart from these changes, customers can continue to operate their ISA accounts as normal. Subject to the specific terms and conditions of their Society ISA account, customers can still make withdrawals and transfers-out, any notice periods remain the same and annual and monthly interest will be paid in accordance with current instructions.

Please note that all customers affected will be personally notified by letter.

Why is the Society doing this?

Our ISA accounts currently pay a very competitive rate of interest and continue to prove very popular with customers resulting in large inflows of savings funds to the Society. The Society must always balance the needs of both its savings and borrowing members, and therefore at various times we need to reduce the amount of money we take in from savers, to better match what we lend to our borrowers.

However, rather than reduce interest rates further on existing ISA balances, we have decided to stop receiving funds into these accounts. A new Cash ISA will still be available from 6th April 2014 and members should enquire nearer the time at any Branch or Agency office, or visit our website.

Now in our 145th year of business, the Society continues to go from strength to strength. Our position as one of the best performing institutions across the UK financial services sector was again reinforced with outstanding growth of 8.1% in the year to April 2013.

Our longevity and performance is testament to the strength and security we offer as a financial services provider, coupled with our commitment to quality products and customer service.

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