Buckinghamshire Building Society
Cash ISA Terms & Conditions

Cash ISA Terms and Conditions

These Terms and Conditions govern the opening, operation, use and closure of a cash ISA. They should be read in conjunction with the Important Information and General Terms and Conditions pages. This cash ISA operates within the ISA Regulations 2008 as amended from time to time and any other applicable regulation and statement. In case of conflict, the ISA Regulations 2008 prevail.

ISA means Individual Saving Account
Account means the cash ISA
Society means the Buckinghamshire Building Society

1.
These are cash ISAs. You have an annual ISA investment allowance of £7,200. Up to £3,600 of that allowance can be saved in a cash ISA with one provider. The remainder of the £7,200 can be invested in a stocks and shares ISA. The annual limits are fixed by law. You can hold a cash ISA and a stocks and shares ISA in the same tax year.
2.
You must be 16 years of age or over to open a cash ISA.
3.
The account may not be operated as a joint account. It must be held in your sole name and you must be, and must remain, the sole beneficial owner of the funds in the account.
4.
You must be resident in the UK (subject to an exception for certain Crown Employees as specified in the application form).
5.
This cash ISA does not meet the minimum qualifying standards set by the Government for deposit based stakeholder products because of the minimum qualifying balance of £100. For an ISA to be opened, the Society must be in possession of a valid signed application form and a valid subscription. The opening date is the date of the first subscription.
6.
The application to open a cash ISA remains valid for subscriptions made in the next and consecutive tax year. Where a break between subscriptions lasts for a whole tax year then a fresh application must be made before subscriptions recommence.
7.
For a period of 14 days after the receipt of your first subscription into the account, you may instruct the Society that you have changed your mind and your subscription will be returned to you with any accrued interest. No fee or penalty charges will be made during this time. You will then be free to subscribe to another ISA in the same tax year.
8.
Interest is variable and is calculated on a daily basis from the day after the investment, up to and including the day before the withdrawal. It can be credited to the account annually on 31st December, at the end of each month or paid to another bank account.
9.
You will not have to pay income tax on the interest paid in each year provided all the ISA Regulations have been followed.
10.
You may transfer current year’s subscription in whole, and/or previous years’ subscriptions in whole or in part to another ISA manager, provided you make your transfer request in writing. We will make the transfer within the time stipulated by you wherever possible, but in any case within 14 days of your request.
11.
The Society may refuse to accept a transfer from any other ISA manager without giving a reason.
12.
An ISA account may not be transferred from one investor to another.
13.
You may not assign the ISA or use it as security for a loan.
14.
Once a year you will be informed of your obligations under the terms of the account.
15.
The Society will notify you if, by reason of any failure to satisfy the provisions of the ISA regulations, the account has or will become void. If the account becomes void, it will be transferred to another Buckinghamshire Building Society account. Subsequent interest will be paid after deduction of Income Tax.
16.
You can withdraw cleared funds from the account or close the account without loss of tax relief, as long as you provide written authority for withdrawals, the account passbook and any proof of identity required.
17.
Should the holder of the account die, the account ceases to be an ISA from the date of death but interest credited or accrued up to that date will be paid gross.
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