Additional information

Type of ISA
Cash ISA

Minimum opening balance
£50

Minimum operating balance
£50. If the balance falls below the minimum operating balance a nominal interest rate applies (see Current interest rates for more details).

New investors
Yes. 
If you wish to move an existing Cash ISA to us, complete a Cash ISA transfer request form and return to your local branch.

Age requirements
Available to those aged 16 years and over.

Transfers from existing Newbury Building Society accounts
Yes, investors can transfer funds from another Newbury Building Society account (notice periods must be adhered to).

ISA transfers from other organisations
Yes, investors can transfer funds from another ISA provider.

Restricted deposit
You can save in a Cash ISA with one provider per tax year (6 April to 5 April). Subscriptions to Cash ISAs count towards the total annual ISA allowance. The remainder of the annual ISA allowance can be invested in a Stocks and Shares ISA with either the same or another provider. Alternatively, the full ISA allowance can be invested in a Stocks and Shares ISA with one provider.
Withdrawals have no affect on subscription limits. Once you have invested the full subscription for the year, you cannot make additional investments, regardless of withdrawals made during the tax year or the balance of the account.

Annual ISA allowance

Tax year	Cash ISA allowance	Total ISA allowance (Cash ISA and Stocks and shares ISA)
6 April 2010 - 5 April 2011	Up to £5,100	Up to £10,200
6 April 2011 - 5 April 2012	Up to £5,340	Up to £10,680

Charges
Not for the normal operation of the account (see our General Investment terms and conditions PDF for more details).

Additional benefits

• Annual savings review.     
• Member Loyalty Card enabling discounts and special offers from local traders who participate in our scheme.

Similar products
Notice Cash ISA
Suitable if you are aged 16 or over, are able to give 60 days’ notice before making a withdrawal and have not subscribed to a Cash ISA in the current tax year.
Senior monthly Cash ISA
Suitable if you are aged 55 or over, require easy access to your savings and have not subscribed to a Cash ISA in the current tax year. Interest is paid monthly.

Important information
Stakeholder products meet Government standards on charges, access and terms. Our ISA is not a stakeholder product because the minimum opening balance is more than £10. The ‘stakeholder’ label is designed to identify a range of straightforward savings products which are simple, clear and fair so that savers should feel confident about choosing them. However, just because an ISA meets the stakeholder standards does not mean that the ISA is appropriate for every saver, the performance of the ISA is guaranteed, or the ISA is government approved. Stakeholder products are not necessarily better.


General ISA terms and Conditions

• An ISA may only be held by an investor in his or her sole name. Joint accounts are not allowed. You must be at least 16 years of age to invest in an ISA.
• All ISA investments will be and must remain in the beneficial ownership of the investor.  Any rights in respect of your ISA may not be assigned and those rights may not be used as security for a loan.
• An ISA may not be transferred from one investor to another.
• You must be resident and ordinarily resident in the United Kingdom for tax purposes or, if not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or you must be married to, or in a civil partnership with, a person who performs such duties. You must inform Newbury Building Society if you cease to be so resident and ordinarily resident or to perform such duties or be married to, or in a civil partnership with, a person who performs such duties.
• The start date for your ISA is the date of the first deposit.
• On the instructions of the investor and within the time stipulated by the investor (subject to a minimum period of 5 working days), an ISA with all rights and obligations shall be transferred to another ISA manager. Partial transfers are not permitted.
• On the instructions of the investor and within the time stipulated by the investor (subject to a minimum period of 5 working days), all the investments held in the ISA and proceeds arising from those investments shall be transferred or paid to the investor.
• You must not subscribe more than the overall subscription amount in total to a Cash ISA and Stocks and Shares ISA in the same tax year. Withdrawals have no affect on the subscription limits. Once the limit has been reached for the tax year you cannot make further subscriptions, regardless of withdrawals.
• The ISA must cease on the date of death of the investor.  Interest will be paid gross up to and including the date of death. The account will be transferred into an interest bearing account in the names of the personal representatives.  Interest arising after the date of death will be subject to deduction of income tax at the appropriate rate.
• You do not have to pay income tax on the interest paid in each of the years that you have your ISA provided all the ISA terms and conditions have been followed.
• If you do not subscribe (make any investments) to your ISA in any one tax year, under Her Majesty’s Revenue and Customs (HMRC) rules, you will be required to complete a new application form should you wish to continue to invest in subsequent years.
• You may invest in one Cash ISA and one Stocks and Shares ISA within the same tax year. You can subscribe to either or both types.
• For a period of 30 days after opening your ISA, you may instruct us that you have changed your mind and we will return your deposit to you, subject to cheque clearance, with any accrued interest (tax will not be deducted). Alternatively, we can help you switch to another savings account with us (conditions allowing). The 30 day cancellation period starts on the day you open your Cash ISA and ends at close of business on the 30th calendar day. To cancel your ISA agreement with us, you can either visit or write to your local branch, enclosing your passbook. No administration charges will be made.
• Newbury Building Society will notify the investor if, by reason of failure to satisfy the provisions of the ISA regulations, an ISA has, or will, become void.
• Newbury Building Society will satisfy themselves that any person to whom it delegates any of its functions or responsibilities under the terms agreed with the investor is competent to carry out those functions and responsibilities.

 
Tax free is the contractual rate of interest payable where 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 compounded once each year.

WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE