Increased Flexibility for ISA Savers from 6th April 2016

6 April 2016

flexible isa monmouthshire

As a result of changes to ISA rules, from 6th April 2016, banks and building societies have the option to allow savers more flexibility to access their ISA savings without losing the tax-free benefits they have built up. From this date, ISA savers will be allowed to withdraw and replace money from their Cash ISA without it counting towards their annual ISA subscription, as long as the repayment of funds is made in the same tax year as the withdrawal.

Monmouthshire Building Society has chosen to adopt this feature from 6th April 2016 for all its Cash ISAs, except for the following accounts:

  • Junior Cash ISA (excluded from the rules)
  • Help to Buy: ISA (excluded from the rules)
  • Special Issue Fixed Rate ISAs Issues 10, 11, 12 and 13
  • 2 Year Stepped Fixed Rate ISA Bond (Issue 1)
The following term will therefore be added to the specific terms and conditions of the following accounts:

  • Cash ISA 1, Cash ISA 2, Cash ISA 3, Cash ISA 4, Cash ISA 5, Cash ISA 6, Cash ISA 7 and ISA Saver Account.
The new term reads as follows:

Withdrawals:

  • 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.

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