|Account Name||2 Year Fixed Rate Cash ISA (13th issue)|
|What is the interest rate?||
Interest is calculated on the daily balance of the account.
|Can Mansfield Building Society change the interest rate?||
No, the interest rate on this account is fixed for the term of the ISA and cannot be changed.
|What would the estimated balance be after 24 months based on a £1,000 deposit?||
This projection is provided for illustrative purposes only and does not take into account your individual circumstances. This assumes that the account is opened on 6 April with a £1,000 cash deposit and that no further deposits or withdrawals are made during the first 24 months. The projected balance is based on the annual rate.
|How do I open and manage my account?||
Available to United Kingdom residents aged 16 years or over, providing the investor has not subscribed to a Cash ISA in the same tax year.
An ISA account may not be held on behalf of a person other than the account holder – investments will be, and must remain in, the beneficial ownership of the ISA subscriber.
Simply complete an application form and send it to us or take it to your local branch.
We accept Cash ISA transfers from other ISA Managers.
A minimum of £500 must be deposited in order to open the account.
A maximum amount of £20,000 may be deposited in the account in accordance with the annual ISA subscription limit in the 2022/23 tax year.
Once the maximum amount has been subscribed in any tax year no further subscriptions will be allowed regardless of how much is withdrawn.
For new deposits, the account can be added to until 5 April 2023 and is subject to annual subscription limits and your total savings with us do not exceed £400,000 regardless of whether the account is held in single or joint names.
You can manage your account in branch or through the post.
|Can I withdraw money?||
No withdrawals allowed. If you want to take money out, the account must be closed in branch or by post and all funds are then paid to you by cheque. Early closure is subject to 180 days loss of interest on the closing balance. Transfers to another account with us or to another ISA Manager will be subject to the loss of 180 days interest on the amount transferred.
At the end of the term, you can choose to reinvest your money with us, withdraw it in the form of a cheque, or transfer the money to another provider. We will contact you shortly before maturity to ask which you prefer, but if we receive no instructions your money will be transferred to our Easy Access Cash ISA.
A tax free fixed rate account. All income and gains from ISA investments are exempt from UK Income tax and capital gains tax in the hands of the investor. Information about ISAs do not have to be declared on your tax return.
We calculate interest on a sum deposited in cash from and including the day we receive it. Interest on a sum deposited by cheque is calculated from and including the day after we receive it. We calculate interest on a sum withdrawn up to and including the day before withdrawal.
Interest can be added to your account, credited to another account with the Society, or sent direct to your bank account.
Individual Savings Accounts (ISAs) were designed by the Government and are exempt from UK income tax and capital gains tax.
The information presented is based on our understanding of current law and HM Revenue & Customs practice at the time of publication. There are no guarantees that the favourable tax treatment on this account will be maintained. The Government is responsible for the tax treatment. Future changes in legislation and tax practice could affect this information. If you require further information about ISAs you can obtain a fact sheet from the Building Societies Association (BSA) website www.bsa.org.uk called ‘Individual Savings Accounts, incorporating New ISAs’.
What ISAs are available?
There are two types of ISA
• Cash ISA
• Stocks and Shares ISA
Please note: Mansfield Building Society only offers Cash ISAs.
You can subscribe to both a Cash ISA and a Stocks and Shares ISA in the same year, and you can choose different options in different years if you wish. However, the extent to which you might wish to invest in stocks and shares will be determined by a number of factors including your attitude to risk and the level of the stock market. For example, are you prepared for the value of your investments to go down as well as up? Also, if you are not a higher rate taxpayer, or likely to make significant capital gains chargeable to tax, there are no tax benefits from holding UK equity shares within a ISA.
You can have a different ISA Manager for each component. By opening a Cash ISA you will limit your eligibility for savings in equities through Stocks and Shares ISAs.
The overall ISA allowance can be split in any proportion between Cash ISAs and Stocks and Shares ISAs as long as the overall limit is not exceeded.
You can only pay into one Cash ISA and one Stocks and Shares ISA each year. The tax year starts on 6 April in one year and finishes on 5 April in the next year.
Investors under the age of 18 cannot open a Stocks and Shares ISA. However, investors over the age of 16 can make an investment up to the annual subscription limit into a Cash ISA in addition to any amounts that have been paid into their Cash Junior ISA (if applicable).
Can I transfer my ISA to another ISA Manager?
Yes. Funds in a ISA may be transferred from one ISA Manager to another. The transfer must be arranged by the new ISA Manager directly with us.
If the transfer is to be of current years subscriptions, the whole of those subscriptions must be transferred. Funds in a ISA from previous years investments may be transferred from one Manager to another in whole or in part.
ISA Managers are not obliged to accept transfers. If you wish to make a transfer, you will need to complete a transfer application with the new ISA Manager.
You cannot transfer your ISA by closing one ISA and opening another one. This has to be done by your ISA Manager(s), otherwise you risk losing some of your ISA entitlement.
The funds and information will be sent to the new Manager within 5 working days. This will be calculated from the date we receive the transfer request. Interest will be calculated up to the day before the date of the transfer.
New Individual Savings Accounts (ISAs) are a scheme of tax-free investment managed in accordance with the Individual Savings Account Regulations 1998 (SI 1998 No 1870) as amended by the Individual Savings Account (Amendment No.2) Regulations 2014.
• The account must at all times be managed in accordance with the above Individual Savings Account Regulations by an account manager and under terms agreed in a recorded form between the account manager and the account investor.
• The account opening date will be the date on which both the correctly completed application form and initial subscription are accepted by the Society.
• The account may not be held on behalf of another person other than the account holder.
• The ISA manager will satisfy himself that any person to whom he delegates any of his functions or responsibilities under the terms agreed with the investor is competent to carry out those functions and responsibilities.
• The ISA manager must notify the investor if, by reason of any failure to satisfy the provisions of the ISA Regulations, an ISA has, or will, become void.
• The account holder must be resident in the United Kingdom for tax purposes or, if not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or married to, or in a civil partnership with a person who performs such duties. The account holder must inform Mansfield Building Society if they cease to be so resident or perform such duties or be married to, or in a civil partnership with, a person who performs such duties.
Before applying for one of our savings products, please read this in conjunction with our General Account Terms and Conditions, which provides full details of the terms and conditions applied to this and other accounts offered by us.
Where there is a conflict between information displayed on the product and the General Account Terms and Conditions, the terms of the product will apply.
The General Account Terms and Conditions are provided to all new account holders and are also available on request.
You can send your application form through the post or visit one of our branches to speak to a member of staff who will be able to talk you through the application process.
In common with other financial organisations we will need evidence of identification and proof of residency. Please see the You and Your Savings Account leaflet for details.
If you are not happy about your choice of account, you may cancel it within 14 days of: the day you enter into the contract, or the day on which you receive the contract terms and conditions and other information on paper or electronically, whichever is later.
We will help you switch to another of our accounts or we will give you all your money back with any interest it has earned. We will ignore any notice period and any extra charges.
All new customers opening a savings account will be required to sign a declaration agreeing to assign any windfall conversion benefits to the Charities Aid Foundation. This assignment will apply for the first 5 years of membership. Existing members with continuous membership prior to the effective date are not affected. Our Charitable Assignment Scheme leaflet provides full details.
1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. AERs on the Monthly Income account assume interest is added to the account each month although in practice the option to have interest added in this way is not available.
2. The gross rate is the contractual rate of interest payable without tax taken off.
If separate AER/Gross rates are not quoted, both rates are identical.
^Tax free means exempt from UK income and capital gains tax in the hands of the investor.
Our savings accounts are exclusively available to UK Residents only.
These account details apply to personal investors only unless stated in the detailed information.
The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049. Member of the Building Societies Association.
Date printed: 14/08/2022 01:28:18 pm
Page last updated: 25/07/2022 03:45:36 pm
Page last updated: 25/07/2022 03:45:36 pm