30 Day Notice ISA
Information and Rates correct as at 1st July 2009. The 30 Day Notice ISA is a tax-free savings account which pays a bonus for the first 12 months your account is open. Summary Box Key Product Information for our 30 Day Notice ISA
Account Name Interest rates 30 Day Notice ISA Annual (variable) With Bonus (available for the first 12 months) AER % 1.70 Tax Status Conditions for bonus payment Tax Free 0.70% gross rate above the standard variable account rate for the first year your account is open. Gross % 1.70 Without Bonus (standard variable account rate) AER % 1.00 Gross % 1.00
AER: AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. GROSS: The gross rate is the contractual rate of interest before the deduction of tax at the appropriate rate specified by law. Interest will be paid gross to non-tax payers subject to completion of the required HM Revenue and Customs certification (R85).
Product Terms and Conditions These product terms and conditions should be read in conjunction with the General Terms and Conditions applicable to our savings accounts and the general terms and conditions applicable to ISAs. Investment > On account opening choose to operate your account by Branch or Agency, or by telephone and post. > £250 minimum investment. > Minimum additional deposit £1 for Branch or Agency operated accounts and £100 for telephone and postal operated accounts £3,600 maximum deposit can be made each tax year. If the account holder is 50 years old or older on the 6th October 2009, up to £5,100 can be invested in total from the 6th October 2009, in your Cash ISA in the 2009-2010 tax year. > Cash and coins not accepted by post. Restrictions on deposits > Coins totalling less than £25 will be accepted if sorted or bagged in Branch or Agency only. > A maximum of £3,600 can be deposited each tax year. £5,100 for over 50’s from the 6th October 2009. > You can only invest in one Cash ISA each tax year provided you have not invested your full ISA allowance into a Stocks and Shares ISA > We will not accept applications from non-UK residents (except British Forces personnel overseas, nominees, minors (under 16 years of age), trustees, corporate bodies or registered charities. Withdrawals > For penalty free withdrawals 30 days notice is required. Immediate withdrawals will incur a charge equivalent to 30 days gross interest on the amount withdrawn. > For Branch and Agency operated accounts up to £500 in cash can be withdrawn or for cheques any amount over £10. > If you choose to operate your account by post and telephone the minimum withdrawal amount is £100 and can be arranged by writing to us using our Freepost service or telephoning us with your request. > Any cheques deposited must be cleared before a withdrawal can be made on them. After paying in a cheque, you will not be able to make a withdrawal against the deposit until the sixth banking day following receipt. > Withdrawals do not affect ISA deposit limits. If you have subscribed the maximum permitted in the tax year, you cannot make any further deposits regardless of the withdrawals made. Withdrawals do not affect the subscription limits of the ISA.
Interest > Interest rates on this account are variable and interest is calculated on a daily basis > Interest is credited annually to the account on 1st April. > You earn interest for each full day your money is with us, i.e. from the day after cleared funds are invested, up to and including the day before funds are withdrawn or the account is closed. All cheques invested in your account start to earn interest on the second working day following receipt. For example, a cheque paid in on a Monday will begin to earn interest on a Wednesday. The Society’s own cheques are regarded as being ‘cleared’ immediately. This means that when you pay one of our cheques into your account, you can withdraw funds at once. Bank transfers (e.g. standing orders) start to earn interest from the first working day following receipt. Tax > Interest will be paid without the deduction of income tax provided that the ISA terms have been fully met. > The tax status of ISAs is dictated by Government who reserves the right to withdraw this favourable treatment. Deposit limits are also prescribed by the Government and may be subject to change. Additional Information > Accounts are available to customers aged 16 or over. > If you choose to operate your account by telephone and post, business cannot be conducted through any of our Branches or Agencies. > Once you have opened an account, you have 14 days after the contract is entered into (or, if later, 14 days from the day you first receive, on paper or electronically, these terms and conditions and other information relating to the account) to notify us in writing at our Head Office that you want to change your mind. If you notify us within this time, we will help you switch to another of our accounts or, assuming we have received cleared funds, give you back your money together with any interest it has earned. We will ignore any notice period and any extra charges. Please note that cheque investments must be cleared before the monies can be refunded.
General terms and conditions applicable to your 30 Day Notice ISA The following general terms and conditions and account specific terms and conditions must be read in conjunction with our General Terms and Conditions booklet. An ISA can only be held by an investor in his or her sole name. Joint accounts and trustees are not permitted. You must be at least 16 years old and permanently resident in the United Kingdom to open and operate an ISA. You must be resident and ordinarily resident in the United Kingdom for tax purposes or, if not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or you are married to, or in a civil partnership with, a person who performs such duties. You will inform the Stroud & Swindon Building Society if you cease to be so resident and ordinarily resident or to perform such duties or be married to, or in a civil partnership with, a person who performs such duties. An ISA cannot be transferred from one individual Investor to another, nor can it be used as a security for a loan or mortgage. The start date of your ISA is the date of the first deposit. Interest will be paid without the deduction of Income tax provided that the ISA terms have been fully met. In the event of death, interest will be paid gross up to that date. Thereafter interest will be paid with tax deducted. ISA Transfers You may only open and subscribe to one cash ISA in any tax year. You may transfer the total proceeds of your ISA to another eligible ISA operator without charge, subject to the ISA account specific terms and conditions. Once the applicable notice period has taken place or, if applicable, an interest charge has been made, this will be done within seven days (to allow for completion of the necessary transfer documentation). Partial transfers are not permitted. Transfers are allowed from other Stroud and Swindon accounts, subject to the terms and conditions (and any relevant restrictions) of each relevant account, except where stated. If you do not pay into your cash ISA for a whole tax year, it is a HM Revenue & Customs requirement that a new application form is completed prior to resuming your investment in the account. We will notify you in writing if, by reason of any failure to satisfy the provisions of the ISA rules, your account has, or will, become void. We may change or add to these terms and conditions but we will give you at least 30 days’ notice. You will be advised of any changes in writing. In addition to this, we reserve the right to withdraw the ISA at any time and to suspend additional investment. In this case you will be notified and your account transferred to another eligible ISA operator. The ISA Manager will satisfy himself/herself that any person to whom he/she delegates any of his/her functions or responsibilities under the terms agreed with the investor is competent to carry out those functions and responsibilities. The interest rate payable on the 30 Day Notice ISA is variable and subject to change. Details regarding the various reasons for amending interest rates are outlined in our ‘general terms and conditions for savings accounts’ booklet. Notification of rate changes will appear in Branches, two national newspapers and the Society’s website. If you choose to operate your account by telephone and post we will also write to you with details of the rate change. Information will also be available via the Customer Contact Centre 08457 25 24 23. Interest is credited to your account annually at midnight on 1 April and on closure. Alternatively, you can arrange for the interest to be paid to another account with the Society, or to a nominated bank or building society account.
Compensation Scheme Stroud and Swindon Building Society is a participant of the Financial Services Compensation Scheme. You may be entitled to compensation from this Scheme if we cannot meet our obligations. Payments under the Scheme are limited to a maximum of 100% of the first £50,000 invested. Most investors are covered, including individuals and small firms. The Scheme does not provide cover for deposits made by large companies, large partnerships or large mutual associations. A small number of categories of shares and deposits are not covered, for example deferred shares/permanent interest bearing shares. Although most shares and deposits are denominated in sterling, all other currencies are covered. Statements A statement will be sent to you in April each year, detailing the interest that has been paid on your account We will not accept applications from non-UK residents (except British Forces Personnel Overseas), corporate bodies or registered charities. These accounts stated in this booklet are share accounts, which confer membership rights and are subject to the rules of the Stroud and Swindon Building Society. Copies of the rules can be obtained from any Branch, Agency or the Society’s Head Office. The Society operates a charitable assignment scheme, full details of which are set out on the savings application form. Certain categories of investors are exempt, including those customers who were existing shareholding members on 21st April 1999 who have continuously maintained their shareholding account with the Society. We reserve the right to withdraw the account at any time without prior notice and to refuse any investment at any time. We accept no liability for any losses or delays whatsoever sustained by reasons beyond our control, e.g. industrial disputes, failure of power supplies, telecommunications, other equipment or any other causes. Withdrawals Withdrawals can be made by post or by telephoning us with your request. Any withdrawals you make will be transferred via BACS (Bank Automated Clearing System) direct to a bank or building society account in the same name as the account holder. If payments are to be made to a building society account, we will need to know your building society’s bank details in order to process the transaction. We can only make one transaction per day from your account. However, we can alter a transaction provided we receive your instruction before 5pm. Your money will arrive in your bank or building society account 2 working days following your instruction. Telephone instructions received by 5pm Monday to Friday will be processed the same day. Any post or call received after 5pm or on a Saturday will be treated as a next working day transaction. Instructions received by post will be processed on the day of receipt. For joint accounts, both account holders must sign the declaration form, but only one signature/ authority is necessary for withdrawals and other transactions. If we have reason to believe there is a dispute between the account holders we may (but will not be obliged to) require the signatures of all account holders. Change of details If any of your details change, for example you move house, you should notify us in writing. For security reasons we cannot accept instructions over the telephone. Closing your account If you wish to close your account, you will need to write or telephone our Customer Contact Centre with your instruction. We will then close the account and transfer the outstanding balance (including any accrued interest) to your designated bank or building society account.
Member of the Building Societies Association and subscriber to the Banking Code. The Society is authorised and regulated by the Financial Services Authority (Registration number 164588) Head Office Stroud & Swindon, Rowcroft, Stroud, Gloucestershire GL5 3BG.