Clockwork Regular ISA Saver Issue 1

Interest rate 1.50% Gross/AER

The interest is paid annually.

Can the interest rate change? Yes, the interest rate is variable. We can increase or decrease the interest rate as described in our Terms and Conditions of the account.

If we are decreasing the interest rate we will notify you before the reduction but within 14 days before the change takes effect.

Estimated balance after 12 months based on £1,000 deposit £12,098.34

This is an example based on the account being opened on 2 January with an initial deposit of £1,000 and 11 monthly lodgements of £1,000 at the start of each month and assumes the interest rate does not vary during the 12 month period.

How do I open or manage my account? The account is available to existing Members and new customers resident in Northern Ireland only who are aged 16 years and over.

The account can be opened and operated at any of the Society’s branches, agencies or by post.

There is a minimum lodgement of £20 required to open this account and a maximum monthly lodgement of 1/12 of the annual ISA allowance from the current tax year is allowed.

Can I withdraw money? Yes, this is an instant access account.

You can make one withdrawal per calendar year.

You can withdraw up to £250 in cash and larger amounts must be withdrawn by cheque.

Additional Information

  • This is a passbook operated account. The passbook must be produced when transacting on the account.
  • You can only subscribe to one Cash ISA in the same tax year, although over 18s may also invest in a Stocks and Shares ISA and an Innovative Finance ISA. At Progressive we only offer the Cash ISA.
  • You can save up to a maximum of the annual ISA allowance (currently £20,000 for tax year 2017 – 2018).
  • To invest the maximum ISA allowance of £20,000 over 12 months you will need to make 11 deposits of £1,666.66 and 1 of £1,666.74
  • This is a tax free account which means the interest paid 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. The AER allows you to easily compare the interest rate on savings accounts. The higher the AER, the better the return on your savings.
  • Gross rate quoted is the taxable rate of interest without deduction of income tax.
  • The information provided is a summary of the key features of the savings account and it is not intended to be a substitute for reading the Terms and Conditions that apply to the account.
  • For further information refer to the Terms and Conditions of the account contained within the Cash ISA Savings booklet and the Society’s Savings Service Agreement.
  • The interest rate is correct as at 1 September 2016.

Before you apply, please make sure you read the Summary Box, the account Terms and Conditions and the Savings Service Agreement in full. You can save or print a copy of the PDFs for future reference.

If you open your account in one of our branches we will use an electronic verification system to verify your identity and address. We cannot do this for postal applications, for applicants under 18 or if you are not registered on the electoral roll. In these instances you will be required to provide full identification documentation and these can be found in our leaflet Proving your identity.

You can view any charges that relate to our investment accounts in our Tariff of charges leaflet.

It is important that you read the account Terms and Conditions, Savings Service Agreement and review the account Summary Box carefully as these contain the details of your agreement with us for this account and we will rely on them for our relationship with you.

Branch application

Visit your local branch to open this account.

Find your nearest Progressive branch

Postal application

To open this account by post:

  • review the Summary Box on the previous tab;
  • read the account Terms and Conditions and the Savings Service Agreement;
  • review the FSCS leaflet for further information or visit;
  • download the application form;
  • return the completed form with your cheque to the branch you want your account opened in.

We recommend that you download a copy of the documents and retain for your records.

Application form  Terms and Conditions  Savings Service Agreement FSCS Information