Cash ISA


A Cash ISA (Individual Savings Account) is an investment which allows annual sums to be saved where the interest is paid free of tax. There is no guarantee that the Government will maintain favourable tax treatment.

 

 

Summary Box

Key Product Information

What is the interest rate ?

  • 1.00% gross   1.00% AER

  • Interest is calculated on a daily basis and will be credited to the account annually on 31st December. Alternatively, interest can be transferred into another Bath Building Society account, or paid by faster payment into a nominated account if preferred.

Can Bath Building Society change the interest rate?

  • The interest rate is variable, which means we reserve the right to change it to reflect market conditions, to comply with legal or regulatory guidelines or for any reason we deem to be appropriate.

  • We will give you 30 days’ notice in writing before any reduction to the rate is applied.

  • Full details of the reasons why we may change your interest rate can be found in the General Terms and Conditions leaflet, under Section 7.

What would the estimated balance be after 12 months based on a £1,000 deposit?

  • Based on the current rate of interest, if you deposited £1,000 in this account, after 12 months you would have £1,010.

  • This figure is only an estimate, based on there being no additional deposits, withdrawals or rate changes in that time with all interest being added to your account. This figure is for illustrative purposes only.

How do I open and manage my account?

  • You must be 16 years old and resident in the UK or a Crown Employee serving overseas, or married to a civil partner of such a person.

  • Investments must be in a sole name only.

  • To open an account, simply complete an application form, available from any Branch, Agency Office, or by contacting our Customer Support Department. Alternatively, this can be  downloaded  from our website.

  • Minimum opening and operating balance £1. 

  • Customers are only allowed to pay in up to the maximum annual allowance each year. The overall ISA subscription limit for 2017-2018 is £20,000. Subscriptions can be split in any proportion between Cash and Stocks and Shares ISAs, but a saver can only pay into a maximum of one Cash ISA and one Stocks and Shares ISA each year.

  • Transfers in of ISA funds are NOT permitted.

  • A passbook is issued with this account.

  • It is also possible to view all the accounts you hold with Bath Building Society by registering through our website www.bathbuildingsociety.co.uk

Can I withdraw money?

  • This is an instant access account, which means that you can make withdrawals from your account without notice or penalty by visiting a Branch, Agency Office or by written instruction to our Customer Support Department.

  • This account is not a “flexible” ISA, and therefore withdrawals have no effect on the subscription limit. Once this limit has been reached for the tax year you cannot make any further investments in that year regardless of any withdrawals made.

  • Maximum cash withdrawal on demand £500 per day.

  • Maximum cheque withdrawal on demand is £50,000 at a Branch and £15,000 through an Agency Office.

  • Alternatively, withdrawals can be made direct to a designated UK bank account by next day faster payment.

Additional Information

  • Applicants are asked to confirm that they have read the FSCS information and exclusion sheets.

  • This account can be withdrawn without notice.

  • This is a summary of the key features of the account. You should read both the Savings Accounts and General Terms and Conditions leaflets to ensure you fully understand how your account works.

  • Please note, that on death of an investor, beneficial ownership can be transferred to the spouse/civil partner under the additional permitted subscriptions scheme.

 

Version: January 2017

 

Further Information