We outline the differences between the two popular affordable housing schemes.
Did you know: you cannot roll over your ISA allowance from one tax year to another?
This means if you fail to use your capped £20,000 for 2019-20 by 5 April 2020, it’ll be gone for good.
Don’t worry. There is still plenty of time to open an ISA before the spring if you want to take advantage of tax free savings sooner rather than later.
All you need to do is find a bank or building society right for you. That’s where we come in.
Why should you open an ISA with Newbury Building Society?
You don’t need a large sum to start with
You don’t need a large lump of cash to open an ISA. In fact, our Easy Access Cash ISA can be opened in branch or by post with as little as £50 to start you off. You can then add to it as and when you can afford to do so.
All our ISA’s are cash ISA’s. This gives a guaranteed return on your money, depending on the interest rate. It’s less risky than a stocks and shares ISA as your money isn’t invested in equities which are traded on the stock market; this means the value of you investment might move up and down, resulting in getting back less than you paid in.
We are a mutual building society; we are owned by our members. This means instead of having shareholders, we have members who collectively own the business and are also customers. Due to this, we take direction from, and seek involvement from, those within the communities we serve.
Upon opening an account with a starting deposit of £100, you automatically become a member and you are entitled to attend and vote at our Annual General Meeting on issues such as the election of Directors.
Plenty of savers steer clear of ISAs because they think they have to lock their money up for the long-term. However, this is not the case. Our current ISA is an Easy Access Cash ISA. This means you can withdraw your money without any notice period or penalty. You can also replace any cash you withdraw without it affecting your annual ISA allowance. However, replacement money has to be paid into your ISA before close of business on 5 April following the withdrawal. Failure to do so would mean the deposit will go towards your next annual allowance.
People, not robots
When you deal with us, there is always a compassionate member of staff to talk to who takes the time to discuss your needs and options in a language you understand. We are not a programmed computer and we understand every customer is an individual and tailor our service to fit them.
Don’t just take our word for it. There are plenty of testimonials on independent review service, SmartMoneyPeople, submitted by many of our savers who are proud to be a member of Newbury Building Society.
Please note: our Easy Access Cash ISA is available to those within certain postcodes.