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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 a Cash ISA in the current tax year other than by way of flexible ISA replacement subscriptions. Replacement subscriptions do not count as subscriptions for the purpose of determining whether the investor has subscribed to more than one ISA.
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.
2. Account opening and Investment Limits:
This Cash ISA is available to new and existing ISA customers. Transfers-in from other ISA providers are not permitted.
You can subscribe to only one Cash ISA in the current tax year unless you are making flexible ISA replacement subscriptions. ISA accounts cannot be held jointly. ISA accounts may be opened with a subscription (for eligible customers aged 16 and over) subject to the investment limits.
To open an account, the applicant(s) need to be aged 16 and over.
The minimum investment is £1. Please note that under ISA regulations, 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’.
The maximum balance that can be held across all Swansea Building Society savings accounts held is £85,000 in sole names and £170,000 in joint names where the customer became a member on or after 01 January 2017. Where the customer was a member prior to this, the maximum balance that can be held across all Swansea Building Society savings accounts held is £500,000.
3. Further Investment:
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 or save through a standing order from a UK bank or building society account.
We do not accept transfers-in of Cash ISA funds from other ISA Managers.
4. Withdrawals/Closure:
You can withdraw from your account without giving 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 at any time without 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.
5. Interest:
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 31.
6. ISA Transfers Out:
On your instruction your ISA, or part of your ISA, can be transferred to another ISA manager in accordance with the ISA Regulations relating to transfers.
You may transfer your current year’s Cash ISA subscriptions in whole to another Cash ISA with another ISA manager. The transfer must be the whole amount saved in your Cash ISA, in that tax year, up to the day of the transfer.
Where you transfer your current year subscriptions from one type of ISA to another the subscriptions 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 unless the investor stipulates the 15 days starts on a later date
7. Terms and Conditions:
These specific Product Terms and Conditions apply to this account in addition to our General Terms & Conditions for Savings Accounts. Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the specific Product Terms and Conditions, the specific Product Terms and Conditions will apply.
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