| Summary Box | |||||||
| Account Name | Easy Access Cash ISA (3rd issue) | ||||||
| What is the interest rate? |
Interest is calculated daily on the balance of the account. Interest payable annually on 5 April |
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| Can Mansfield Building Society change the interest rate? | This is a variable rate savings account and we have the right to vary the interest rate at any time. The interest rate may go down as well as up. If we change interest rates to your disadvantage on a variable rate account we will notify you in writing at least 14 days prior to the interest rate change. For more information on changing interest rates, please see Section 7 of our General Account Terms and Conditions. |
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| What would the estimated balance be after 12 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 12 months. The projected balance is based on the annual rate (AER1). |
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| How do I open and manage my account? | Available to savers aged 18 years or over, providing the investor has not added to another Cash ISA in the same tax year with us, or reached the £20,000 overall subscription limit for Cash ISAs. An ISA account may not be held on behalf of a person other than the account holder. Investments are wholly owned by the ISA subscriber. Simply complete an ISA application form and send it to us or take it to your local branch. If you have a Cash ISA with another provider and want to transfer funds across to this one, we can accept Cash ISA transfers from other ISA Managers, via cheque. The cheque request process could take up to 15 days. Any delay by the transferring ISA Manager could result in a loss of interest. A minimum of £1 must be deposited in order to open the account. A maximum amount of £20,000 may be deposited in accordance with the annual ISA subscription limit in the 2024/25 tax year. You can only pay into one Cash ISA in the same tax year with us, although you may operate separate Cash ISAs with alternative providers while retaining your ISA with us, subject to the overall £20,000 ISA subscription limit in the current tax year. Once you have invested the maximum ISA limit of £20,000 in any tax year, no further deposits will be allowed, regardless of how much has been withdrawn. If you fail to subscribe to your ISA in any tax year you must complete a new ISA application form if you wish to continue investing in your ISA in subsequent years. The account can be added to subject to:
You can manage your account in branch or through the post. |
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| Can I withdraw money? | Withdrawals or closure can be made without notice and can be by cash (in branch only) and/or cheque (either in branch or by post). Transfers to another account with us can be made without notice. Cash withdrawals are subject to a maximum limit of £500 per day. This is not a flexible ISA meaning any amount withdrawn cannot be replaced and will count towards your yearly ISA limit. Withdrawals do not affect the tax free status of the account. |
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| Additional information | A tax free variable rate account. All income and gains from ISA investments are exempt from UK Income tax and capital gains tax. 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. |
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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
• 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.
Our General Account Terms and Conditions, which is available to download from our website, 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 to help guard against financial crime. These requirements apply to every individual and to all named account holders.
Please see the You and Your Savings Account leaflet for details of the documents that can be provided.
If you change your mind about your choice of account, you may cancel it within 14 days of the day the account is opened or the day on which you receive the terms and conditions of the account 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 penalties relating to withdrawals or closure of the account.
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 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.
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: 23/04/2024 10:16:32 pm
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