This Cash ISA Tax Free 90 day Notice Savings Account is designed specifically for customers who are aged 18 or over who are looking for tax free returns and the ability to deposit monies giving 90 days notice to their monies. (Please note that the Society is currently accepting ISA transfers-in to its Cash ISA accounts).
Our Savings products are only available to new applicants residing in Wales or existing members (living in the United Kingdom).
Are you taking advantage of your ISA allowance of £20,000 in the current tax year?
A Cash ISA (Individual Savings Account) is a category of savings account that allows you to earn tax free interest on the funds you have saved.
If you are 18 or over and looking for tax-free savings, a Swansea Building Society ISA could be the account for you.
Our 90 day Notice Cash ISA means that you can access your savings by giving 90 days notice without having to pay any penalty charges.
Cash ISAs are much the same as standard savings accounts, the primary difference is that you can earn tax free interest on your ISA savings.
There is additionally a £20,000 savings limit on the amount you can save in your ISA in any single tax year.
To get a Cash ISA with Swansea Building Society, you are required to meet the following eligibility criteria. For example:
· You must be aged 18 or over.
· Only one account per person is allowed. No joint accounts are allowed. · Only one SBS Cash ISA account can be opened in the same tax year to receive current years subscriptions – (This is due to Society system constraints and not due to ISA regulations – other ISA providers may allow for multiple Cash ISA accounts to be open to receive current years subscriptions.)
· You must be resident in Wales.
· The minimum investment is £1. The maximum investment is determined by ISA regulations in force at the time.
· The maximum balance across all accounts held with the Society is £1m or £85k for a single customer or £170k for joint customers where the customer first opened an account with the Society on or after 1 March, 2023.
Simply call at one of our branches or complete an application form and post it to us with appropriate identification (see our Proving Your Identity leaflet for further details available from branch offices or online at www.swansea-bs.co.uk) together with a cheque made payable to (your name)'.
Once open, you can manage your account in branch, email, post or online via secure message (subject to Swansea Online Account eligibility criteria, available when you click ‘Register Now’).
The annual ISA allowance is £20,000 for the current tax year. Funds you deposit into an ISA will count towards your annual allowance.
Any unused savings allowance will not carry over to the next tax year and will be lost. If you have savings in an ISA from previous tax year and wish to transfer it to a new ISA, then that amount does not count towards the current tax year allowance.
Only one SBS Cash ISA account can be used to receive current years subscriptions – (This is due to Society system constraints and not due to ISA regulations – other ISA providers may allow for multiple Cash ISA accounts to be open to receive current years subscriptions.)
Account Name | Cash ISA 90 day Notice savings Account | ||
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Specific Terms and Conditions for the Cash ISA Account |
1. ISA Regulations: 1.1 Accounts are issued subject to the detailed rules contained in ‘The Individual Savings Account Regulations 1998’, ‘The Individual Savings Account (Amendment) Regulations 2007’, The Individual Savings Account (Amendment No. 2) Regulations 2010 and any subsequent amendments thereto. (‘The Regulations’). 1.2 You must not have already subscribed to another Society Cash ISA in the current tax year other than by way of flexible ISA replacement subscriptions - (This is due to Society system constraints and not due to ISA regulations – other ISA providers may allow for multiple Cash ISA accounts to be open to receive current years subscriptions.). Replacement subscriptions do not count as subscriptions for the purpose of determining whether the investor has subscribed to more than one ISA. You may make multiple subscriptions to multiple ISAs of the same type (except LISA) within the tax year at other providers providing their T&Cs allow this. All subscriptions must remain within the overall ISA limit of £20,000. Replacement subscriptions do not count as subscriptions. 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.
This Cash ISA is available to new and existing ISA customers. We currently accept ISA transfers in (however the Society reserves the right to change this at any time without notice). You can subscribe to only one Society Cash ISA account using current years subscriptions in the current tax year unless you are making flexible ISA replacement subscriptions - (This is due to Society system constraints and not due to ISA regulations – other ISA providers may allow for multiple Cash ISA accounts to be open to receive current years subscriptions.). ISA accounts cannot be held jointly. ISA accounts may be opened with a subscription (for eligible customers aged 18 and over) subject to the investment limits. You may make multiple subscriptions to multiple ISAs of the same type (except LISA) within the tax year at other providers providing their T&Cs allow this. Replacement subscriptions do not count as subscriptions. To open an account, the applicant(s) need to be aged 18 and over. The minimum investment is £1. Please note that under ISA regulations, the maximum investment you can make to single / multiple Cash ISA accounts held in any one tax year must not exceed the annual Cash limit specified in the ‘Regulations’. (Please note you can only pay current years subscriptions into one Cash ISA account at the Society in the current tax year. The maximum balance that can be held across all accounts held with the Society is £1m*, or £500k where the customer first opened an account with the Society on or after 01.03.23. *Please note that where an existing customer(s) who opened an account on or before 28.02.23 has an aggregate savings balance in excess of £500k, they will not be allowed to deposit further monies where their combined balances are in excess of these amounts.
You may add to your savings at any time, just call into your local branch with your deposit. If it is more convenient you can post the deposit, make a payment via electronic bank transfer or save through a standing order from a UK bank or building society account. *Please note that where an existing customer(s) who opened an account on or before 28.02.23 has an aggregate savings balance in excess of £500k, they will not be allowed to deposit further monies where their combined balances are in excess of these amounts.
You can withdraw from your account by giving 90 days notice subject to Society limits. Details of our cash, cheque and electronic payment withdrawal limits are displayed in our branch offices and on our web-site. 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 by giving 90 days notice. If you close your Cash ISA account, it cannot be reinstated. Flexible ISA: 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 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 at any time without notice. Interest will be credited to the account following the close of business on March 31st annually. An annual statement will be sent on March 31st.
On your instruction your ISA, or part of your ISA, can be transferred to another Society Cash ISA or another ISA manager in accordance with the ISA Regulations relating to transfers. You may transfer your current year’s Cash ISA subscriptions in whole or part to another Cash ISA with the Society or another ISA manager subject to the appropriate notice period. Where you transfer your current year subscriptions in whole or part from one type of ISA to another, the subscriptions amount transferred 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.
These specific Product 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 Product Terms and Conditions, the specific Product Terms and Conditions will apply. |
The information provided is a summary of the key features of the savings account and is not intended to be a substitute for reading the Terms and Conditions that apply to the account.
Hard copy - If you would prefer to print off or save the information on this page you can download a PDF here.
Need help - If you would like to speak to one of our friendly team about opening an account and / or to answer any questions you may have, please click here to request a call back or go to our ‘Contact Us’ page for details of how to contact your local branch.
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.
Carmarthen Branch
13-14 Lammas Street,
Carmarthen SA31 3AQ
Tel: 01267 611950
Fax: 01267 611951
Cowbridge Branch
75 High Street,
Cowbridge CF71 7AF
Tel: 01446 506000
Fax: 01446 506001
Mumbles Branch
496 Mumbles Road,
Swansea SA3 4BX
Tel: 01792 739200
Fax: 01792 739201
Swansea Branch
1-4 Portland Street,
Swansea SA1 3DH
Tel: 01792 739100
Fax: 01792 739101
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