Easy Access Cash ISA

We may change interest rates at any time if we reasonably believe that the change is needed, for any of the reasons outlined in the Savings Account Terms and Conditions booklet, Condition 7.

This account is not available to be opened.

Savers must be 18 or over 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 managed by post or at any of our branches and agencies.

The minimum balance required to maintain this account is £500, 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.

Withdrawals can be made without notice or penalty. The cash withdrawal limit is £500 per day. Cheque withdrawals can be made for any amount if you have sufficient cleared funds in your account.

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.

All withdrawals are subject to branch and agency limits. Withdrawals have no effect on subscription limits. Once the limit has been reached for the tax year, savers may make no further subscriptions regardless of withdrawals.

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

Interest is paid gross without tax deducted.

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

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

Additional terms and conditions

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.

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

The Society will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, your 90 Day Notice Cash ISA has, or will, become void.

At your request, your Easy Access  Cash ISA, with all rights and obligations, may be transferred in full or in part to another ISA manager. 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.

At your request, and within the number of days stipulated by you, all or part of the cash deposits held in your Easy Access Cash ISA, together with any interest earned, shall be transferred or paid to you. However, the period stipulated by you in your withdrawal instructions must not be less than 5 business days 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 a 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).

The minimum balance is £500. Because of this requirement the Hinckley & Rugby’s Easy Access Cash ISA does not meet the minimum standards for the deposit-based stakeholder product.