|Account Name||Cash ISA|
|What is the Interest Rate?||
|Can Swansea Building Society change the interest rate?||
|What would the estimated balance be after 12 months||
|How do I open and manage my account?||
|Can I withdraw money?||
|Specific Terms and Conditions for the Cash ISA Account||
1. ISA Regulations:
1.2 You must not have already subscribed to a Cash ISA in the current tax year other than by way of flexible ISA replacement subscriptions. Replacement subscriptions do not count as subscriptions for the purpose of determining whether the investor has subscribed to more than one ISA.
1.3 Your ISA investment must be and must remain in your beneficial ownership, it must not be used as security for a loan.
1.4 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.
1.5 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’.
1.6 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 and Investment Limits:
The minimum investment is £1. Please note that under ISA regulations, 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’.
The maximum balance that can be held across all Swansea Building Society savings accounts held is £85,000 in sole names and £170,000 in joint names where the customer became a member on or after 01 January 2017. Where the customer was a member prior to this, the maximum balance that can be held across all Swansea Building Society savings accounts held is £500,000.
3. Further Investment:
If a withdrawal reduces the balance to less than the minimum balance per account of £1, we may close your account by giving 30 days’ notice.
Closure of your Cash ISA account is permitted at any time without notice. If you close your Cash ISA account, it cannot be reinstated.
Withdrawals from your account can be re-deposited during the same tax year without counting towards your annual ISA subscription limits. Interest paid out to another account during the tax year is classed as a withdrawal and can be re-deposited during the same tax year without it counting towards the subscription limit. 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 year subscriptions.
Replacement of flexible ISA previous year funds must be made to the account from which the withdrawal was made, and in the same tax year.
Any money withdrawn and not replaced within the same tax year cannot be paid back in without it counting towards your annual ISA allowance.
Interest will be credited to the account following the close of business on March 31st annually.
An annual statement will be sent on March 31.
6. ISA Transfers Out:
You may transfer your current 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.
Where you transfer your current year subscriptions from one type of ISA to another the subscriptions are treated as if they were made to the receiving ISA manager. For example, if your current year’s Cash ISA subscriptions are transferred to a stocks and shares ISA, they are treated as if they were made to the stocks and shares ISA so you are able to subscribe to a Cash ISA following the transfer – subject to the annual subscription limit.
You may transfer any previous tax year’s subscriptions in whole or in part to a Cash ISA or another type of ISA held with another ISA manager, without it affecting your annual ISA investment allowance for the current tax year.
Partial withdrawals from this Cash ISA are permitted.
Cash ISA to Cash ISA transfers must take place within 15 business days of the transfer instruction being received by the new ISA manager unless the investor stipulates the 15 days starts on a later date
7. Terms and Conditions:
You can download any of our application forms or related documentation here. If you need any assistance, please contact your local branch where one of our team will be happy to help you. For details of how to contact your local branch, please see our ‘Contact Us’ page.