30 Month Fixed Rate Cash ISA – Issue 8

Interest is paid annually on 5 April or on closure.

The interest rate is fixed at 4.20% Tax Free*/AER** for 30 months from the date the account is opened.

At the end of the fixed rate term, your account will automatically become a 7 Day Notice Cash ISA and the interest rate will be variable. (You can find the current rate payable on this account on our website hrbs.co.uk/saving-info/savings-rates/)

The interest rate is fixed and cannot be changed during the 30 month term.

Based on an initial deposit of £1,000.00 with interest added annually, the estimated balance would be £1,108.56 at expiry of the fixed rate term.

These figures are provided for illustrative purposes only. They do not take into account your individual circumstances.

Savers must be 18 or over to open a Cash ISA and must be resident in the UK for tax purposes. The account cannot be a joint account nor can it be held on behalf of a person other than the account holder.

This account can be opened and managed by post or at any of our branches and agencies. Complete the application form and the declarations and consents. Take the completed documents and your deposit to one of our branches or agencies, or post them to us at the address in this document. Please make cheques payable to the account holder.

Please note: This is a lump sum account so you can’t add more money to the account once it has been opened***. We must receive the funds into the account within 5 working days of the account being opened. If you fail to do so, you will be required to restart the application process.

The minimum opening deposit is £500. At the time of opening you may deposit up to your annual ISA allowance of £20,000 for the tax year 6 April 2024-5 April 2025, depending on any deposits you may have paid into a Cash ISA elsewhere, a Stocks and Shares ISA, an innovative Finance ISA or a Lifetime ISA. ***You can also transfer in current and/or previous years’ ISA savings held in an existing ISA account with us or Cash ISA account with another provider using an ISA transfer, as long as the terms and conditions of your existing account allow. If you’re transferring in your current year’s savings then you must transfer all of it. We only accept ISA transfers from Cash
ISA accounts.

Any ISA transfer funds must be received within 21 calendar days of us accepting your transfer request.

During the fixed rate term, you may withdraw all or part of your savings (this includes an ISA transfer to another organisation), but if you do so you will lose a sum equivalent to 180 days’ gross interest on the amount withdrawn.

From maturity of the fixed rate term your account will become a 7 Day Notice Cash ISA, unless you tell us otherwise – you will have 14 days to change your mind.

The 7 Day Notice Cash ISA offers penalty free access to your savings, subject to a 7 day notice period. You will be required to give notice in writing, by telephone or at a branch or agency. Withdrawals must then be made within 14 days of the notice period becoming effective. Should you need immediate access to your funds, a withdrawal can be made subject to 7 days’ loss of interest on the amount withdrawn.

Subject to the conditions set out above, money can be paid out against a cheque from the start of the sixth business day following the day of deposit. Business day means a day other than a Saturday, Sunday or Bank Holiday. Funds are available for immediate withdrawal for all other types of deposit. Withdrawals have no effect on subscription limits.

Subject to ISA terms and conditions you may close your ISA at any time without loss of tax exemptions.

We will write to you within 14 days before your maturity to let you know that your Fixed Rate ISA is coming to an end and will automatically become a 7 Day Notice Cash ISA Account.

* Tax Free Savings – contractual rate of interest payable when the interest is exempt from income tax.

** AER – stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once a year.

1. The account must be in your own name and not be held for the benefit of anyone else, including being used as security for a loan.

2. The Society will satisfy ourselves that anyone we delegate our functions and responsibilities to under the terms agreed is competent to carry them out.

3. An ISA begins from the date the subscription is made, provided there is a valid application in place. This means that applications may be accepted before the tax year in which subscriptions can be made.

4. You may decide not to proceed with the ISA contract within 14 calendar days (excluding public holidays) of the receipt by the Society of the application to open this ISA account. Any decision to close your account within this period should be notified to us in writing to our Head Office. In these circumstances we will return the full amount of your outstanding capital together with any interest earned with no additional charges incurred. You will then be free to subscribe to another ISA in the same tax year.

5. The application to open a 30 Month Fixed Rate Cash ISA account remains valid for subscriptions made in the next and consecutive years (where further subscriptions are allowed by the Society).

6. The Society will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, your 30 Month Fixed Rate Cash ISA has, or will, become void.

7. At your request, your 30 Month Fixed Rate Cash ISA, with all rights and obligations, may be transferred in full or part to another ISA provider, however if you do so you will lose a sum equivalent to 180 days’ gross interest on the amount withdrawn. After the fixed rate term you will have 14 days to transfer your ISA to another ISA provider penalty free, thereafter transfers will be subject to 7 days notice period. You must make a Transfer Application to the new ISA manager and the Society will send the funds and accompanying information to the new ISA manager within 5 business days of receipt of both the transfer instructions and the consent notice from the new ISA manager. Business day means a day other than a Saturday, Sunday or Bank Holiday.

8. At your request, and within the number of days stipulated by you, all or part of the cash deposits held in your 30 Month Fixed Rate Cash ISA, together with any interest earned, shall be transferred or paid to you subject to the loss of 180 days’ interest during the fixed rate term. However, the period stipulated by you in your withdrawal instructions must not be less than 5 business days in order to allow the Society a reasonable period for practical implementation of your withdrawal request. We will normally process withdrawal instructions on the day we receive them but we guarantee that they will be processed within 5 business days. The Society will endeavour to conduct all transactions promptly and all correspondence is sent by first class post. In unforeseen circumstances, such as postal delays, the Society cannot be held responsible.

This is a Cash ISA. You must not subscribe more than £20,000 in total to a Cash ISA, a Stocks and Shares ISA, an Innovative Finance ISA or a Lifetime ISA in the same tax year.

You must not subscribe to more than one Hinckley & Rugby Cash ISA in the same tax year.

Where current year subscriptions are being transferred from a Cash ISA to another Cash ISA, Stocks and Shares ISA, an Innovative Finance ISA or a Lifetime ISA, the current year subscriptions are transferred in whole (in the case of a transfer to a Lifetime ISA, subscriptions must not exceed the payment limit). This means that you are regarded as never having subscribed to the Cash ISA. Within the overall subscription limit, therefore, you may subscribe to a Cash ISA later in the current year (with the same or a different ISA manager).

We ask for a deposit of at least £500. Because of this requirement the Hinckley & Rugby’s 30 Month Fixed Rate Cash ISA does not meet the minimum standards for the deposit-based stakeholder product.