Cash ISA (Issue 2)
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Cash ISA (Issue 2)
A Cash ISA is an individual savings account. The main difference between this and other forms of savings accounts is that the interest you earn with an ISA is tax-free, whereas you may have to pay tax on other savings accounts.
It’s a great way to save and you can start with as little as £1!
Summary Box
| Account name | Cash ISA (Issue 2) |
|---|---|
| What is the interest rate? |
2.25% Tax-free PA / AER*. (This rate will reduce to 2.00% effective from 26th November 2024). Interest is calculated on a daily basis and added to your account annually on 5th April. |
| Can Harpenden Building Society change the interest rate? |
Yes, we have the right to vary the rate of interest. If we decrease the interest rate, we will notify you 14 days in advance of the change. Please refer to Condition 7 of our General Terms and Conditions for Retail Savings Accounts (available in our branches and our website) which sets out the reasons for which we may change the rate and the procedure for doing so |
| What would the estimated balance be after 12 months based on a £1,000 deposit? |
The estimated balance after 12 months based on an initial deposit of £1,000 at the new 2.00% rate of interest would be £1,020.00. This projection is provided as an example only and doesn’t take into account your individual circumstances. We have worked this out assuming a £1,000 deposit is made on account opening and no further deposits or withdrawals are made throughout the year. |
| How do I open and manage my account? |
You must be at least 18 years old and a UK resident and hold a valid National Insurance number to open a cash ISA. This account can be opened on Harpenden Online via our website, in one of our branches or by post. Minimum balance: £1+ Maximum balance: None Maximum yearly deposit limit: Current HMRC tax year allowance. If you have an existing cash ISA with the Society, this can be transferred to this account without affecting your annual ISA allowance. We accept full and partial ISA transfers from both previous and current tax years into this account. Once your annual ISA allowance has been reached no further deposits will be allowed, regardless of how much is withdrawn. Any increases in ISA subscription limits will be applied in each applicable tax year. Please note that you must fund the account with the minimum balance of £1 within 30 days of account opening, otherwise your application may be cancelled. Please follow the guidance in our ‘Identification Requirements’ document available in branch and online. You can manage this account in our branches, by post or online (subject to the terms and conditions of Harpenden Online). By Branch or Post: Deposits can be made by cash (up to £3,000 per day) and cheque or by bank transfer. By Online: Deposits can be made by bank transfer only. If you currently have an existing Harpenden Building Society account it may be possible to transfer your funds, subject to your existing product terms and conditions and the product terms and conditions of this account. Please check with us to see whether this is possible. |
| Can I withdraw money? |
Yes, you do not have to give notice to make a withdrawal or close your account. Withdrawals can be made in our branches and by post, by cash (up to £500 per day), by cheque, or via faster payment into a nominated bank account (up to £100,000, or above that amount via CHAPS). Withdrawals can also be requested using Harpenden Online which allows a maximum £50,000 via faster payment into a nominated bank account per day and must be submitted by 3.00pm. Payment requests received after this time will be processed the following working day. |
| Additional information |
This account is tax free. Any tax treatment and/or reliefs referred to are those applying under current legislation, which may change, and their availability will depend on your individual circumstances. The favourable tax treatment of Cash ISAs may not be maintained. |
* The gross rate (PA) is the rate before deducting tax at the rate applicable to savings income. The annual equivalent rate (AER) is a notional rate which illustrates what the gross interest rate would be if the interest was paid and added to the account annually
The information contained in this table forms part of the terms and conditions of the account and should be read in conjunction with our Cash ISA Terms and Conditions.
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