Newbury Building Society

What type of ISA is Square Deal Cash ISA?

Square Deal Cash ISA is a cash ISA.

There is another type of ISA, called 'Stocks and Shares ISA'.

You may also have heard of a 'stakeholder ISA'. The 'stakeholder' mark was introduced by the Government to identify basic ISAs that are simple to operate, with clear and fair terms and conditions. Square Deal Cash ISA is not a stakeholder ISA because it has a notice period for withdrawals and its minimum opening balance is more than £10. Just because an ISA meets the stakeholder standards does not mean that ISA is appropriate for every saver, the performance is guaranteed or the ISA is Government-approved.

If you would like more general information about ISAs, click here.

What rate do you get?

As the interest rate for this account is variable, please simply click here to see the current Square Deal Cash ISA interest rate. Interest is calculated daily and paid annually into the account on the 31 October. You can have your interest paid into your bank account or another Newbury Building Society account.

Is it for you?

Consider our Square Deal Cash ISA if you:

• Are looking at a simple and effective way to build up your savings.

• Are looking to save money without paying tax on your interest.

• Are looking for an instant access account.

• Can open the account with £50 or more.

• Are looking to invest a maximum of £3,600 each tax year (6 April to 5 April).

• Are looking to open a new cash ISA for this tax year or transfer a cash ISA from another provider.

A key thing to consider is whether you will need access to your money. A general rule of ISAs is that if you withdraw money from your account, you cannot replace it in the same tax year. For example, if you invest £3,600 in your Square Deal Cash ISA on 10 January 2009 and then withdraw £500 on 15 February 2009, you will need to wait until the following tax year (6 April 2009) before you can add to your account.

Notice Cash ISA is available to anyone aged 16 or over who is resident and ordinarily resident in the UK for tax purposes. You can open the account in your own name, you cannot open an ISA in joint names.

What access can you have to your money?

If you can, it makes sense to keep your savings in Square Deal Cash ISA for as long as possible because, unlike any other type of account, ISAs offer tax-free interest. You can get instant access to your money on any withdrawals you wish to make.

Could the Government change the terms and conditions of ISAs?

Occasionally there are changes to the terms and conditions relating to ISAs. The Government has made no guarantees that the favourable tax treatment offered by ISAs will continue indefinitely.

Are there any other terms and conditions you need to be aware of?

Yes. Due to the favourable tax treatment of ISAs, there are a number of general ISA terms and conditions you need to be aware of. These apply to all ISAs, not just our Square Deal Cash ISA. Please click here for more details. You should also read our handy guide savings explained, which contains general terms and conditions relating to saving and investing with Newbury Building Society.

Are there any charges on this account?

There are no charges for the normal operation of the account. There are charges for one-off services you may require, for example if you need a duplicate savings statement or make a withdrawal by CHAPS (Clearing House Automated Payments System). Please click here for details.