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Freehold ISA (Issue 1)

Freehold ISA (1) - Summary Box

Account NameFreehold ISA (Issue 1)
What is the interest rate?

£1,000 - £19,999          0.50% Tax-Free*/AER**
£20,000 - £49,999        0.60% Tax-Free/AER
£50,000 - £250,000      0.70% Tax-Free/AER

Interest is added to the account annually on 1 December or can be paid into another Ipswich Building Society account or direct to your bank account.

When your balance moves into the higher interest rate tier you will receive interest on the whole balance at that higher rate. If you make a withdrawal that takes you into a lower tier, the lower tier rate is paid on the whole balance.

Can the Society change the interest rate? The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-term future of the Society.
What would the estimated balance be after 12 months based on a £1,000 deposit? Based on the fixed rate of interest, if you deposited £1,000.00 into this account, after 12 months you would have £1,005.00.

(This figure is only an estimate, based on there being no additional deposits or withdrawals in that time with all interest being added to your account. This figure is for illustrative purposes only, and does not take into account your individual circumstances.)
How do I open and manage my account? To open this account:
  • You need to be aged 16 or over.
  • Provide an opening investment of £1,000 up to the maximum annual ISA limit set by HM Revenue & Customs (HMRC).
  • Be an existing member or a new member resident in postcode areas IP, NR, CO,CM, CB or PE.
  • Be a permanent UK resident.
  • Have a National Insurance number.

How do I manage my account?
You need to keep a minimum of £1,000 in the account. The overall maximum that can be held in this account is £250,000.You may invest up to the maximum annual ISA limit in a single tax year by cash, cheque or standing order.

The maximum annual ISA limit is set by HMRC. Please speak to a member of staff or refer to our website for the current ISA subscription limits.

Remember that you can only subscribe to one cash ISA with one provider in any tax year, however you can invest up to the maximum annual ISA limit across other types of ISAs.This is not a flexible ISA. Where the maximum subscriptions have been made in the tax year, no further deposits can be accepted. This applies even if you withdraw some of this money during the tax year.

Can I transfer in my ISA from another ISA Manager?

Yes, you can transfer in an ISA from another ISA Manager, provided you have not exercised any flexible option.

Can I withdraw money?

Withdrawals are subject to 90 days’ notice or 90 days’ interest penalty. This means that you can access your funds instantly where you accept the penalty.
The penalty will first be deducted from accrued interest. If there is insufficient accrued interest the penalty will be deducted from the balance in your account.If you’ve subscribed to your ISA, then closure of the account would mean that you areunable to open another cash ISA within the same tax year.

This is not a flexible ISA. Where the maximum subscriptions have been made in the tax
year, no further deposits can be accepted. This applies even if you withdraw some of this
money during the tax year.

Can I transfer out my ISA to another ISA Manager?
You can fully or partially transfer out your ISA with us subject to the conditions imposed
by your new ISA Manager.

Additional Information

This is a summary of the key features of this account. You will still need to read the Terms and Conditions.

Tax-Free* - Interest is free of Personal UK Income Tax, your Personal Savings Allowance and Capital Gains Tax

**AER (Annual Equivalent Rate) - A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once per year.

View previous rates
BalanceVariable Interest Previous AERVariable Interest Previous Gross
£1,000 - £19,999 0.85% TAX FREE 0.85% TAX FREE
£20,000 - £49,999 0.95% TAX FREE 0.95% TAX FREE
£50,000 - £250,000 1.05% TAX FREE 1.05% TAX FREE
 

I accept the Terms and Conditions
Eligibility: I am an existing member or a new applicant residing in the following postcode areas; IP, NR, CO, CM, CB, PE
I declare that I will print out, read and retain the Financial Services Compensation Scheme (FSCS) Information Sheet which is attached to the application form

Please note: for new members we can confirm your identity electronically, however if you are not on the electoral roll we will need further proof of your identity. Please click here for acceptable forms of identification.

Useful DownloadsDownload
ISA Application Form
Download the investment application form
Freehold ISA (1) - terms and conditions Download the investment application form
 

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