The interest is paid annually and will be credited to your account after close of business on 1 January.
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 at least 14 days before the change takes effect.
This is an example based on a deposit of £1,000 made on account opening for the term of the bond, assumes no further deposits are made while the issue is open and the interest rate does not vary during the term of the bond.
The ISA Bond is available to existing Members and new customers resident in the UK who are aged 16 years and older.
There is a minimum lodgement of £500 required to open an ISA bond.
You can save up to a maximum of the annual ISA allowance (£20,000 for the current tax year).
The bond can be opened and operated at any of the Society’s branches, agencies or by post.
Withdrawals should not be made during the term of the bond, however, should you need to make a withdrawal, the bond will need to be closed (see account terms and conditions overleaf).
You can close the ISA bond or transfer the balance to another ISA provider before the maturity date subject to a loss of interest equivalent to 180 days gross interest on the amount withdrawn.
There is no loss of interest if you cancel your account within 14 days of opening it.
We will write to you in good time before your ISA Bond matures to advise you of the options available to you for the closing balance of your ISA bond.
If we do not receive written instructions from you, the quoted fixed rate of interest will cease to apply on the date of maturity and the balance of your ISA bond will be rolled over into a variable rate instant access Cash ISA at the interest rate applicable at that time.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. This will enable you to compare more easily the return you can expect from your savings over time.
Gross rate quoted is the taxable rate of interest without deduction of income tax.
You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please visit HM Revenue & Customs (HMRC) website hmrc.gov.uk.
We reserve the right not to renew your bond at the end of the fixed term, but will give you 30 day’s notice before the bond maturity date should we intend to exercise this right.
The interest rate is correct as of 15th January 2024.
For further information refer to the terms and conditions of the account and the terms and conditions contained within the Savings General Terms and Conditions. You can obtain a copy of these documents in the 'Useful Information' section below.
Before you apply, please make sure you read the Summary Box, account terms and conditions, Savings Service Agreement and FSCS Information in full. You can save or print a copy of the PDFs for future reference. These documents contain details of your agreement with us for this account and we will rely on them for our relationship with you.
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 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.
Visit your local branch to open this account.Find your nearest branch
To open this account by post: