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 Savings Service Agreement.
If we are decreasing the interest rate we will notify you at least 14 days before the change takes effect.
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.
The account is available to existing Members and new customers resident in Northern Ireland only who are aged 16 years and over.
There is a minimum lodgement of £20 required to open this account.
You can save up to a maximum of the annual ISA allowance (£20,000 for the current tax year).
You must save between £20 and 1/12th of the annual ISA allowance each month the account is open.
Monthly payments can only be made by electronic transfer.
If you do not invest the maximum subscription each month, you can make additional deposits to this account from 1 March, up to the maximum ISA allowance.
You can miss one monthly payment per calendar year without loss of interest.
If you miss more than one monthly payment in the same calendar year the account will become an instant access Cash ISA account at the interest rate applicable at that time. We will provide you with 30 days notice of the change.
The account can be opened and operated at any of the Society’s branches, agencies or by post.
You can make one withdrawal per calendar year without loss of interest.
If you make more than one withdrawal in the same calendar year the account will become an instant access Cash ISA account at the interest rate applicable at that time. We will provide you with 30 days notice of the change.
You can withdraw up to £500 in cash in a branch and £250 in cash in an agency, larger amounts must be withdrawn by cheque.
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.
This is a tax free account which means the interest paid is exempt from income tax.
The interest rate is correct as of 1 May 2020.
For further information refer to the terms and conditions of the account and the terms and conditions contained within the Savings Service Agreement. 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, the account terms and conditions, Savings Service Agreement and FSCS Information Sheet 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:
We recommend that you download a copy of the documents and retain for your records.