|
|
If you are looking for a Cash ISA which rewards you for giving notice to withdraw, the ISA 60 may be the account for you. Your interest is tax free and you can either give us notice that you need some of your money in the future or, in emergencies, you can have immediate access to your money, with a penalty. |
Is this account suitable for me?
This account is suitable for a UK resident aged 16 or over who is looking to receive tax free interest and can give 60 days notice of any withdrawal, and who is prepared to pay an interest penalty for instant access withdrawals. ISAs can only be held in the name of one individual.
How much can I invest?
The account must be opened with a minimum of £1,000; further deposits can be made up to a maximum of £5,340 each tax year. The minimum balance at any time is £1,000. Once you have reached the maximum limit for the particular tax year, no more deposits are allowed regardless of any withdrawals. For example, if you subscribe £5,340 to a Cash ISA on 1st May and withdraw £2,000 on 3rd June, you cannot make any further subscriptions to that Cash ISA during that tax year.
From 6 April 2011, the ISA subscription limit (previously £10,200) was increased to £10,680. Up to £5,340 of the ISA allowance can be saved in a cash ISA with one provider. The remainder of the £10,680 can be invested in a stocks and shares ISA, with either the same or another provider. Alternatively, the full £10,680 can be invested in a stocks and shares ISA with one provider.How can I pay money in?You can pay cash and cheques into your account at any of our branches or at our agency (listed here), you can post your passbook and a cheque to our Head Office address. Cheques must be made payable to the account holder and not to the Society. You can also transfer funds from another account with the Society by post or at a branch, and transfer from an account with a bank or another building society. To do this you will need our sort code 20-49-08 and our account number 70608386 and also your ISA 60 account number, which should be inserted in the roll or reference number field. Please note that certain banks do not automatically provide a roll or reference number field if you bank with them online. You may have to telephone them so that they can set up this information for you.Do I have access to my money?
Yes. ISA regulations require that "On the instructions of the investor and within the time stipulated by the investor, all or part of the investments held in the ISA and proceeds arising from those investments shall be transferred or paid to the investor". In fact, you have penalty-free access to your savings if you give the Society 60 days written notice. Shorter notice periods are also available, but a penalty equal to the gross interest for the remainder of the 60 day notice period will be charged on the amount you withdraw. For example, if you are able to give 20 days notice, a penalty equal to 40 days gross interest is applicable. Instant access is permitted at any time, but a penalty equal to the full 60 days gross interest will be charged on the amount you withdraw. ISAs cannot be transferred from one saver to another.Can I transfer my ISA to another ISA manager?
Yes. ISA regulations require that "On the instructions of the investor and within the time stipulated by the investor, an ISA, or part of an ISA, shall be transferred to another ISA manager". The Society may refuse to accept such a request where the time stipulated is less than fifteen working days. A penalty will be applied if you do not give the Society 60 days written notice. The penalty conditions will be the same as those for withdrawals (see Do I have access to my money?).Transfers from other ISA providersIf you would like to transfer funds into this account from an ISA that you hold with another provider, please telephone 01858 412250 for an application form.How can I access my account?In Branch - You can withdraw money from your account at any of our branches or at our agency (listed here). Passbook required.By Post - You can request a transfer to another Society account or a cheque withdrawal via the post. Simply send your passbook(s) and a signed covering letter, stating your withdrawal instructions, to our Head Office. Your cheque and passbook will be returned to your home address.Or Online - You can request a cheque made payable to yourself, or transfer money to another Society account or to your current account. Simply register for You-View, our online account service.
How much interest can I earn?See our Current Interest Rates. The interest rate for the ISA 60 is variable. Your money will start earning interest for you from the date of receipt of your payment.
How and when is interest paid?Interest is paid annually on 31st March. You can have the interest added to your ISA 60 account, paid into a bank account or transferred to another Society account (not applicable to all account types). If you choose to have your interest added to the account it will be subject to the same withdrawal conditions as the capital.Can I cancel my ISA?Yes, you can close your ISA 60 at any time subject to the withdrawal restrictions mentioned earlier. In addition, if you change your mind, you have the right to cancel the account within 30 days of opening. If this option is taken, assistance will be given by the Society in switching accounts or refunding all monies deposited together with interest (paid at our Instant Access Account rate). There are no charges incurred for cancelling in the 30 day period. If you wish to cancel, you must notify the Society in writing.Are there any other tax-efficient savings opportunities?The Society also offers an Instant Access ISA and, from time to time, other types of ISA account. In each tax year from 6 April 2011 you can also invest up to £5,340 into a Stocks and Shares ISA. You can choose a different financial provider for this. Alternatively you can take out a Stocks and Shares ISA for up to £10,680 with just one financial provider to look after your investment. These options exclude ISA investors who are under 18 years of age. By opening a Cash ISA you may limit the amount of investments in equities that you can make. Please ask if you would like further information about this type of investment.
|
Summary Box
Key Product Information for our Savings Account(s) |
| Account Name |
ISA 60 |
| Interest Rate (AERs) |
|
| Tax Status |
Tax Free* |
| Conditions for Bonus Payment |
N/A |
| Withdrawal Arrangements |
60 days written notice or a penalty applies |
| Access |
Branch, Post or Online |
ISA Regulations
Your ability to invest in this ISA and the favourable tax treatment you receive might not be sustained as it is subject to ISA rules which may be changed at any time. The Society's ISAs are not designed to meet the Government's stakeholder standards for deposit-based ISAs. Please note that you will be, and must remain in, beneficial ownership of the investment and it must not be used as security for a loan. The Society will notify you, if by reason of any failure to satisfy the provision of the ISA regulations, your ISA has, or will, become void. We will make sure 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.
Other Information
Should the balance fall below the minimum balance, we reserve the right to close your account and return your savings to you. The maximum investment in all accounts with the Society is £500,000 per person.
Withdrawal limits at Branch Offices are £500 cash and £5,000 by cheque per person, per day. Please ask for details of limits for our agency. Cheque withdrawals for larger amounts may require 24 hours notice.
How can I open an account?
To apply for an ISA 60 account by post please download, print and complete the application form using the link below. For your own benefit and protection you should read the Society's general Savings Account Terms and Conditions as well as the information shown above. If you do not understand any point, simply call us on 01858 412250 or email us at CustomersFirst@mhbs.co.uk
Please ensure you have your National Insurance Number clearly written on the application form.
|
To download our savings application forms you must have Adobe Acrobat Reader installed on your PC. |
ISA Account Application Form |
|
|
|
Please send your signed application form, together with your personal cheque for the opening deposit and evidence of identification to:Market Harborough Building Society, Welland House, The Square, Market Harborough, Leicestershire, LE16 7PDAlternatively please visit any of our branches or our agency (listed here) with the appropriate identification (please see the link above for further details) to open an account.
If I need more information what do I do?
We are always pleased to help. Please visit any of our branches or our agency, call us on 01858 412250, or email us at CustomersFirst@mhbs.co.uk
|
|
| |
| Product information is also available in Braille, Large Print and Audio format. |
| |
|
* Interest is paid exempt from UK tax.
his product may be withdrawn at any time and without notice. |
|
| Issue Date: 06 April 2011 |
| | |
|
 |
| |
Related Information
|
|
 | |