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Monthly Saver ISA (Issue 3)

Monthly Saver ISA (3) - Summary Box

Account NameMonthly Saver ISA (Issue 3)
What is the interest rate?

2.00% Tax-Free* /AER**

Interest is added to the account annually on 5 April.

Can the Society change the interest rate?

The interest rate is fixed until the maturity date on 5 April 2021.

What would the estimated balance be after 12 months based on a £1,200 deposit?

Based on the fixed rate of interest, if you deposited £1,200 into this account, after 12 months you would have £1,221.19.

(This figure is only an estimate, based on £100 per month being deposited on the 1st of each month for 12 months. 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 £10 up to £1666.66. Transfers from other Ipswich Building Society accounts are not allowed.

  • 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 must make at least one payment per calendar month, which you can vary between £10 and £1666.66. This amount can increase if the annual ISA limit set by HM Revenue & Customs increases. Please speak to a member of staff or refer to our website for the current ISA subscription limits.

Subscriptions of £1666.66 do not total the full £20,000 allowance and therefore 1 additional subscripton of £0.08 will be allowed. Payments can be made by cash, cheque or standing order but internal transfers from other Ipswich Building Society accounts are not allowed.

Remember that you can only subscribe to one Cash ISA with one provider in any tax year. The overall maximum that can be held in this account is £50,000, subject to Cash ISA limits. From 1 March to 5 April each year, you can deposit up to your remaining annual ISA allowance, if any. Please refer to our website for current ISA subscription limits.

What happens if I miss making a monthly subscription?

The Society will transfer your account into the on-sale issue of its instant access ISA. The terms and conditions and interest rate applicable to that new account at that time will apply.

Please complete the appropriate application form and send or take it to any of our branches with your opening investment. To open an ISA, you will be asked to provide proof of identity.

This is to reduce the risk of fraud and is in line with anti-money laundering legislation. Acceptable forms of identification are detailed in our ‘Proving your name and address’ leaflet. Alternatively our staff will give you full details.

If you change your mind:
If you are not happy with your chosen ISA within 14 days of opening it, we will help you switch accounts or return your savings with interest.

Can I withdraw money?

You cannot make partial withdrawals.However your ISA can be closed at any time subject to a penalty equivalent to 120 days’ interest. The loss of interest will be taken from the capital invested if there is insufficient accrued interest on the account.

You cannot open another ISA in the same tax year in which you have subscribed to this ISA.

What happens at the end of the fixed rate period?
The final interest will be added to your account on 5 April 2021. The Society will transfer your account into the on-sale issue of its instant access ISA. The terms and conditions and interest rate applicable to that new account at that time will apply.

Additional Information

This is a summary of the key features of this account. You will still need to read the savings 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
BalanceFixed Interest Previous Rate
No Previous Rates
 

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.

More information and applyDownload
ISA Application form and FSCS Information Sheet
Download the investment application form
ISA Keyfacts leaflet Download the investment application form
Monthly Saver ISA (3) - terms and conditions Download the investment application form
 

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