- The Banking Code
- Introduction
- 2nd Issue Fixed Rate Bond
- Chiltern Gold Tracker
- Chiltern Gold Notice
- Chiltern Gold Easy Access
- Junior Saver
- Mini cash ISA
- TESSA only ISA
- Company Tracker 30
- Companies Deposit
- Clubs & Societies
- Charities / Gross Rate
- Interest rates
- General Terms & Conditions
- Important Information
Our TESSA only ISA gives you the opportunity to continue earning tax free interest on your matured TESSA.
The TESSA only ISA is a tax free account operating within the Individual Saving Account (ISA) regulations, and can be held in addition to any other ISA - MAXI or MINI. Investments can only be made by transfer from a TESSA only ISA operated by another ISA manager.
Download an application form for a TESSA only ISA account
What are the minimum and maximum amounts that I can invest?
The minimum balance is £100 and this is also the minimum opening balance. The maximum opening balance is £9,000 of your original TESSA capital plus any accrued interest from your existing TESSA only ISA.
How do I gain access to my capital?
Quite simply. Withdrawals by cash or cheque can be made on production of the passbook at any time with no notice or loss of interest. The maximum cash withdrawal is £500 a day and £3,000 on three days notice. There is no loss of tax exemption following withdrawals or closure.
Will I benefit from a competitive rate of interest?
Interest rates are variable and are shown on our interest rate page. The Society reserves the right to amend the tiered structure and vary the interest rates at any time. There is no guaranteed linkage to any other investment or mortgage rate but the interest payable will be maintained at a competitive level.
When will the interest be paid?
Interest will be added to the account annually on 31st December.
Does this mean I won't have to pay any income tax at all on my TESSA only ISA?
Interest will be paid without deduction of tax provided that the ISA regulations have been fulfilled. Interest from the TESSA only ISA will not therefore have to be entered on your Tax Return.
Can I change my mind?
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.
Can I transfer to another ISA manager if I want to?
You may transfer to another ISA manager without penalty, provided you make your request in writing.
Will I become a member of the society?
Yes. Upon opening a TESSA only ISA you will automatically become a member, and be bound by the Society's rules, a copy of which is available upon request. In addition, this account is subject to the Account Terms and Conditions and the Society's General Investment Terms and Conditions, contained in the Important information page.
Will you require me to produce identification?
In line with International Banking Legislation, the Society will require proof of identity if you are not an existing member. Please refer to the Important information page for further details.
Charitable assignment
In general, all new savers opening share accounts must agree to assign any future windfall rights to the Charities Aid Foundation. Please refer to the Important information page for further details.
Stakeholder standards
This TESSA only ISA does not meet the minimum standards for the deposit based stakeholder product due to the minimum qualifying balance.
The society reserves the right to suspend or amend an issue of shares at any time and potential investors should check that the required issue is still available.
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