Double Access Cash ISA (2nd issue)

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 four types of ISA
• Cash ISA
• Stocks and Shares ISA
• Innovative Finance ISA
• Lifetime 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 annual limit is not exceeded.

The new tax year starts on 6 April and finishes on 5 April in the following year.

Investors under the age of 18 are eligible for a Junior ISA.

Can I transfer my ISA to another ISA Manager?

Yes. Funds in an ISA may be transferred from one ISA Manager to another. The transfer must be arranged by the new ISA Manager directly with us.

Funds in an ISA from previous year’s 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 The Individual Savings Account (Amendment) Regulations 2024.

•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 The 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.

1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added to each year. AERs on the Monthly Income accounts 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 you won’t pay UK tax on any income or capital gains your ISA makes.

Our savings accounts are exclusively available to UK Residents only.

These account details apply to personal investors only unless stated in the detailed information.