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Specific Terms for Fixed Rate ISA (137) 30.11.2022
The Saving Accounts Terms and Conditions in force and as updated from time to time and these Specific Terms both apply to this Fixed Rate ISA (137) 30.11.2022. Where there is any inconsistency, the Specific Terms will apply.
In these Specific Terms:
'AER' stands for Annual Equivalent Rate;
'Cancellation Period' means the period of 14 calendar days following the opening of your account during which you may cancel your ISA;
'Current Tax Year' means the tax year 2021/2022;
'Current Tax Year Subscriptions' means deposits made in the Current Tax Year that count towards the annual ISA subscription limit;
'ISA Manager' means a reference to another ISA provider;
'ISA Regulations' means any applicable legislation which governs ISAs and in particular, the Individual Savings Account Regulations 1998 (as amended or replaced from time to time);
'Named Bank Account' means a UK bank or building society account that you've nominated for closure payments and on which you are named as an account holder; and
'Previous Tax Year Subscriptions' means deposits made in tax years 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 in accordance with the ISA Regulations.
1.3 We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities in respect of this account is competent to carry out those functions and responsibilities.
1.4 This account is not a flexible ISA.
1.5 You may operate this account in branch, by post, by telephone or online.
2. Eligibility
2.1 This account can only be held in a sole name. To be eligible to open and make Current Tax Year Subscriptions to this account, the following qualifications must be satisfied:
(a) you must be an individual;
(b) you must be aged 16 years or over;
(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) except as permitted by the ISA Regulations, you must not have paid in Current Tax Year Subscriptions to another cash ISA in the same tax year; and
(e) you must not have exceeded your overall annual ISA subscription limit.
2.2. If, at any point, you no longer satisfy any of the qualifications set out above, you must notify 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.
3.3 You must provide us with a Named Bank Account at account opening if you wish it to be registered for the purposes of Condition 9.3(b).
3.4 You may only hold one Fixed Rate ISA (137) 30.11.2022 at any one time.
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 Economic House, PO Box 9, High Street, Coventry CV1 5QN.
4.2 Where you instruct us to close this account within the Cancellation Period, you will not incur any charge. We will arrange for your funds, together with any interest accrued during the period it was open, to be returned to you.
4.3 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 make a Current Tax Year Subscription into another cash ISA during the same tax year. If the closure is made outside the Cancellation Period, you will not be able to make a Current Tax Year Subscription into another cash ISA during the same tax year, except as permitted by the ISA Regulations.
4.4 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 balance
5.1 The minimum balance of this account is £1.
6. Interest
6.1 Until this account matures at the end of 30 November 2022, annual interest will be fixed at 0.85% tax-free p.a./AER.
6.2 Interest will be paid at the end of 30 November each year.
6.3 Annual interest can be added to this account or paid into a non-ISA account with us. It can also be paid to another UK bank/building society. If you would like access to your annual interest, you should request that it is paid electronically to another account.
7. Deposit timescales
7.1 If any Current Tax Year Subscriptions (Condition 8) are being added, and/or you are transferring in an ISA (Condition 10.2 and 10.3), we must receive the subscriptions and/or transfer instructions within 14 calendar days of your account being opened, or while the account is still open to new investors - whichever period is the longer.
7.2 To find out if the account is still open to new investors visit us at a branch, telephone our Customer Service Centre, or visit our website. We will not contact you to inform you when the account is no longer available to new investors.
8. Current Tax Year Subscriptions
8.1 You may pay in part/all of your annual ISA subscription limit to this account in the Current Tax Year. All Current Tax Year Subscriptions must be received within the period described in Condition 7.1. 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 can be made by:
(a) cash at a branch;
(b) cheque at a branch or by post to our central processing centre;
(c) internal transfer from an account with us; or
(d) electronic payment from an account with another bank/building society.
8.3 If you make a Current Tax Year Subscription to this account, you may not make a Current Tax Year Subscription into another cash ISA in the same tax year, except as permitted by the ISA Regulations.
8.4 Any interest payments from other accounts that are paid into this account will count towards your annual ISA subscription limit.
8.5 You will not be permitted to make subscriptions into this account in tax years after the Current Tax Year.
8.6 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/closure
9.1 Partial withdrawals are not permitted.
9.2 After the Cancellation Period, the total amount can only be withdrawn (and this account closed) subject to a charge equal to 120 calendar days' interest on the balance in this account at the time of the closure. The charge will be deducted from the balance in this account at the time of the closure.
9.3 The account can be closed by:
(a) internal transfer to an account with us;
(b) one-off electronic payment to your Named Bank Account; or
(c) ISA transfer to another ISA manager or another ISA held with us in accordance with Condition 10.4 or Condition 10.5.
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 from or to another ISA. Previous Tax Year Subscriptions can be transferred in full, or, where permitted in the terms for that ISA, in part. Please note that, after the Cancellation Period, we do not permit part transfers of Previous Tax Year Subscriptions from this account.
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, in accordance with ISA Regulations, this can be done by contacting us, and:
(a) on receipt of 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 prescribed within the ISA Regulations;
(b) on receipt of the relevant subscriptions and accompanying information from the existing ISA Manager, we will credit the subscriptions to this account within the timescales prescribed within the ISA Regulations; and
(c) you must ensure that we receive the completed ISA transfer instruction from you within the period described in Condition 7.1.
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. On receipt of a completed internal ISA transfer instruction from you, which meets the requirements of the ISA Regulations, and subject to the terms of the other ISA we will transfer the relevant subscriptions to this account. You must ensure that we receive the completed internal ISA transfer instruction from you within the period described in Condition 7.1.
TRANSFERRING TO AN ISA WITH ANOTHER ISA MANAGER
10.4 You can close your account and transfer all of the funds held in this account (including interest) to another ISA Manager without loss of tax-free status, provided the transfer is in accordance with ISA Regulations. On receipt of a valid transfer request from your new ISA Manager, 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 such transfer outside of the Cancellation Period will be subject to a charge of 120 calendar days' interest (Condition 9.2) which will be deducted before the balance is transferred to the new ISA Manager.
TRANSFERRING TO ANOTHER CASH ISA WITH US
10.5 You can close your account and transfer all of the funds held in this account (including interest) to another cash ISA held with us, without loss of tax free status, provided the transfer is in accordance with ISA Regulations. If you would like to do this you will need to provide us with a valid transfer instruction. Any such transfer outside of the Cancellation Period will be subject to a charge of 120 calendar days' interest (Condition 9.2) which will be deducted before the balance is transferred to the new cash ISA.
11. Maturity
11.1 This account will mature at the end of 30 November 2022. We will contact you in writing at least 14 calendar days prior to the maturity date with details of your re-investment and withdrawal options.
11.2 Unless you instruct us otherwise prior to maturity, and subject to any changes in ISA Regulations, the funds in this account at maturity will automatically be re-invested into another cash ISA ('re-investment ISA').
11.3 The duration of the re-investment ISA will either be shorter, the same or no more than six months longer than the duration of this account. The withdrawal rights and notice periods that apply to the re-investment ISA, where applicable, will be no less favourable than the equivalent conditions of this account.
11.4 Unless you instruct us otherwise, the frequency of interest payments for the re-investment ISA, the account to which interest is paid and the Named Bank Account that will be registered for the re-investment ISA will be the same as for this account.
11.5 You will be able to operate your re-investment ISA in branch, by post, by telephone or online, in the same way as this account.
11.6 If your funds are re-invested into a re-investment ISA on maturity, then we will contact you within 7 business days following the maturity date to confirm your re-investment. You will have the option to withdraw from, close, or transfer your account without incurring any charge, within 21 calendar days following the maturity date (i.e. by 21 December 2022).
12. Tax
12.1 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.
12.2 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.
12.3 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 is the earliest.