Specific Terms for Four Access ISA
The Saving Accounts Terms and Conditions in force and as updated from time to time and these Specific Terms both apply to this Four Access ISA. If there is any inconsistency between the Saving Accounts Terms and Conditions and these Specific Terms, the Specific Terms will apply.
In these Specific Terms:
'Cancellation Period' means the period of 14 calendar days after you make your first payment into the account, during which you may cancel your ISA;
'Current Tax Year Subscriptions' means deposits made in the current Tax Year that count towards the annual ISA subscription limit;
'Tax Year' is the period used by HM Revenue and Customs for assessing personal taxes that usually starts on 6 April each year and ends on 5 April the following year.
'Flexible ISA Replacement Subscriptions' means deposits made to this account that replace Current Tax Year Subscriptions and/or Previous Tax Year Subscriptions that have been withdrawn from this account within the same tax year;
'ISA Manager' means a reference to another ISA provider;
'ISA Regulations' means any legal requirements which apply to ISAs and in particular, the Individual Savings Account Regulations 1998 (as amended or replaced from time to time);
'Named Bank Account' is an account you choose to send money to and/or interest payments. It must be in your name and with us or another UK bank or building society; and
'Previous Tax Year Subscriptions' means deposits made to this account prior to the current Tax Year that counted towards the annual ISA subscription limit for the Tax Year in which the deposit was made.
1. The account
1.1 This account is a Savings Account.
1.2 This account is a cash ISA which we manage according to the ISA Regulations.
1.3 We will ensure any person we ask to carry out our functions or responsibilities in relation to your account is able to carry out those functions and responsibilities.
1.4 There is a passbook-based version and a statement-based version of this account.
1.5 We describe accounts that have passbooks as ‘passbook-based’. A passbook-based account may be operated in branch, by post, by telephone or online.
1.6 We describe accounts which do not have passbooks as ‘statement-based’. A statement-based account may be operated by post, by telephone or online.
1.7 You may only hold one Four Access ISA account at any one time.
2. Eligibility
2.1 This account can only be held in a sole name. To apply to open this account, you must meet the following conditions:
(a) you must be an individual;
(b) you must be at least 16 years old to apply to open this account on or before 5 April 2024. To apply to open this account on or after 6 April 2024 you must be at least 18 years old;
(c) you must be resident in the UK (excluding the Isle of Man and the Channel Islands) or a Crown employee serving overseas and paid out of the public revenue of the United Kingdom or married to, or the civil partner of, such a person;
(d) you must not have paid in Current Tax Year Subscriptions to another cash ISA with us in the same Tax Year; and
(e) you must not have exceeded your overall annual ISA subscription limit.
2.2 If, at any point, including after we have opened the Four Access ISA account you no longer meet the conditions set out above, you must tell us immediately.
3. Account opening
3.1 The date of opening will be the date on which both the initial deposit and completed application are received and accepted by us.
3.2 Your National Insurance number, date of birth and permanent residential address (including postcode) must be provided when applying for an ISA. You must let us know if this or other information you provide to us changes.
4. Cancellation
4.1 You can cancel your ISA during the Cancellation Period. You can do this by calling the Customer Service Centre, visiting a branch or by writing to us at Oakfield House, PO Box 600, Binley, Coventry, CV3 9YR. Where you tell us to close this account we will arrange for your funds, together with any interest accrued during the period it was open, to be returned to you.
4.2 If you make a Current Tax Year Subscription and close your account within the Cancellation Period, you will be treated as if you have not made a Current Tax Year Subscription and you will be able to pay into another cash ISA with us during the same Tax Year. If the closure is made outside the Cancellation Period, you will not be able to pay into another cash ISA with us during the same Tax Year.
4.3 If you do not cancel your account within the Cancellation Period, your account will continue in accordance with the Saving Accounts Terms and Conditions, in force and as updated from time to time, and these Specific Terms.
5. Minimum & maximum balances
5.1 The minimum balance of this account is £1.
5.2 The maximum balance of this account is £250,000.
5.3 The minimum and maximum balances in these Specific Terms do not affect any cash ISA subscription limits that apply each Tax Year under the ISA Regulations.
6. Interest
6.1 The interest rate for this account can change. You can find out the current interest rate from our website (www.coventrybuildingsociety.co.uk), calling our Customer Service Centre or asking in one of our branches. Further details about how interest rates can change are in our Saving Accounts Terms and Conditions.
6.2 If paid annually, interest will be paid on the anniversary of the date that you opened the account.
6.3 If paid monthly, interest will be paid at the end of the last day of each month.
6.4 You may choose to have interest added to this Four Access ISA account or paid into a non-ISA account with us. It can also be paid to another UK bank or building society.
7. Flexible ISA
7.1 This ISA is a flexible ISA. This means if you withdraw money from this account, as outlined in Condition 9, you are entitled to replace it without it counting further towards your annual ISA subscription limit. You must make any Flexible ISA Replacement Subscriptions to this account and they must be made in the same Tax Year as the withdrawal is made.
7.2 Where you make a withdrawal, the withdrawal will be applied:
(a) first, against any Current Tax Year Subscriptions which you have made; and
(b) second, against Previous Tax Year Subscriptions.
7.3 If you wish to make Flexible ISA Replacement Subscriptions, then any replacements will replace:
(a) first, Previous Tax Year Subscriptions; and
(b) second, Current Tax Year Subscriptions.
Where you have replaced both Previous Tax Year Subscriptions and Current Tax Year Subscriptions, any further money which you deposit will count towards your annual ISA subscription limit.
7.4 If you cease to be a UK resident you can continue to withdraw money from your ISA, and replace it in line with the Flexible ISA Replacement Subscription rules contained in the ISA Regulations. Please contact us if you would like further information on these rules.
7.5 If you close your account, you will not be able to make any further Flexible ISA Replacement Subscriptions.
8. Subscriptions
8.1 You may pay in part/all of your annual ISA subscription limit to this account each Tax Year. If you make a Current Tax Year Subscription to this account, you may not make a Current Tax Year Subscription to another cash ISA with us in the same Tax Year. The annual ISA subscription limit is set by the Government. Please contact us for details of the current annual ISA subscription limit.
8.2 Current Tax Year Subscriptions and Flexible ISA Replacement Subscriptions can be made by:
(a) cash at a branch;
(b) cheque paid in at a branch or posted to our central processing centre;
(c) transferring your money from an account you already have with us; or
(d) making an electronic payment from an account with another bank or building society.
8.3 You can continue to make Current Tax Year Subscriptions to this account for multiple tax years without having to complete a new application each year. If an entire tax year elapses between Current Tax Year Subscriptions, then we are unable to accept further Current Tax Year Subscriptions into this account until you have agreed to an ISA reactivation declaration. Any Flexible ISA Replacement Subscriptions which you make will not be taken into account when assessing whether this ISA has lapsed.
8.4 Any interest payments from other accounts that are paid into this account will count towards your annual ISA subscription limit.
8.5 All money invested in this account must be, and remain, in your beneficial ownership and must not be used as security for any loan or any type of borrowing.
9. Withdrawals and closing your account
9.1 In this condition 9:
(a) "a year" begins on the date that your account is opened. A new year will start on the anniversary of the account opening date each year thereafter
(b) "a withdrawal" includes the closure of the account by you; and
(c) "a withdrawal" includes withdrawals of interest by you, unless you have arranged for interest payments to be paid out of the account automatically in accordance with Condition 6.4.
9.2 You may make up to 4 withdrawals each year without charge or loss of interest on any remaining amount.
9.3 If you make 5 or more withdrawals in a year, you will be charged an amount equivalent to 50 days' interest on the amount withdrawn on the 5th and subsequent withdrawals. The charge will be deducted from the balance of the account, at the time of the withdrawal.
9.4 Interest will be charged in accordance with Condition 9.3 at the variable rate which applies on the date the money leaves your account.
9.5 If you have a passbook-based account, withdrawals or closure can be made by:
(a) requesting cash at a branch;
(b) requesting a cheque at a branch or by post from our central processing centre;
(c) transferring your money to another account you hold with us;
(d) making a one-off electronic payment to another UK bank or building society account; or
(e) ISA transfer (see below).
9.6 If you have a statement-based account, withdrawals or closure can be made by:
(a) requesting a cheque by post from our central processing centre;
(b) transferring your money to another account you hold with us;
(c) making a one-off electronic payment to your Named Bank Account; or
(d) ISA transfer (see below).
9.7 The maximum amounts you can transfer from this Savings Account using Online Services are set out in our Savings Accounts Terms and Conditions.
10. ISA transfers
10.1 Current Tax Year Subscriptions can only be transferred in full, which means it is not possible to transfer only some of your Current Tax Year Subscriptions to or from another ISA. Previous Tax Year Subscriptions can be transferred in full, or, where permitted in the terms for that ISA, in part.
Transferring from another ISA Manager
10.2 If you wish to transfer your Current Tax Year Subscriptions in full and/or Previous Tax Year Subscriptions in full or in part from an ISA held with another ISA Manager to this account, according to the ISA Regulations, this can be done by contacting us. You cannot transfer part of your Current Tax Year Subscriptions. When we receive:
(a) a completed transfer instruction from you, we will send it (together with confirmation that we will accept the transfer) to the existing ISA Manager within the timescales in the ISA Regulations; and
(b) the relevant subscriptions and accompanying information from the existing ISA Manager, we will credit the subscriptions to this account within the timescales in the ISA Regulations.
Transferring from another cash ISA with us
10.3 If you wish to transfer your Current Tax Year Subscriptions in full and/or Previous Tax Year Subscriptions in full or in part from a cash ISA held with us to this account, this can be done by contacting us. You cannot transfer part of your Current Tax Year Subscriptions. When we receive a completed internal ISA transfer instruction from you, which meets the requirements of the ISA Regulations, and subject to the Specific Terms of the other ISA we will transfer the relevant subscriptions to this account.
Transferring to an ISA with another ISA Manager
10.4 You can transfer your Current Tax Year Subscriptions in full (including interest) and/or Previous Tax Year Subscriptions in full or in part (including interest) to another ISA Manager without losing your tax-free status, as long as the transfer is according to ISA regulations. You cannot transfer part of your Current Tax Year Subscriptions. When we receive a valid transfer instruction from your new ISA Manager and within the time specified by you, but not exceeding 30 days, we will process the request by sending the funds requested and accompanying information to the new ISA Manager within five business days of the date of receipt (the full transfer process may take up to 15 business days). Any closure/transfer outside of this process will lose its tax-free status.
10.5 If you are transferring Previous Tax Year Subscriptions to another ISA Manager, and you have made withdrawals that relate to those subscriptions, you will not be able to replace those with the new ISA Manager without them counting towards your annual ISA subscription limit. In addition, if you have chosen to have interest paid out to you, rather than kept in the account, those withdrawals cannot be replaced with the new ISA Manager without them counting towards your annual ISA subscription limit. Remember that outside the Cancellation Period, you may make up to 4 withdrawals each year without charge or loss of interest.
Transferring to another cash ISA with us
10.6 You can transfer your Current Tax Year Subscriptions in full (including interest) and/or Previous Tax Year Subscriptions in full or in part (including interest) to another suitable cash ISA held with us, without losing your tax-free status. You cannot transfer part of your Current Tax Year Subscriptions. If you would like to make a transfer you will need to provide us with a valid transfer instruction. Remember that outside the Cancellation Period, you may make up to 4 withdrawals each year without charge or loss of interest.
11. Tax
11.1 We will notify you in writing if this account becomes or will become invalid because of a failure to satisfy the provisions of the ISA Regulations.
11.2 ISAs are a savings scheme initiated by the Government and, as such, are subject to change by them. For example, the favourable tax treatment may not be maintained and it is dependent on the ISA holder's individual circumstances.
11.3 If the holder of this ISA dies, interest will be paid tax-free, up until either the completion of the administration of their estate, the date this ISA is closed or on the third anniversary of their death, whichever happens first.
