If you like the idea of being able to save tax-free and you want the reassurance of a fixed rate of interest, our Fixed Rate Cash ISAs are well worth a second look. We have made these additions to our range of Skipton Cash ISAs for a limited period - so act quickly so you don't miss out.
Features of our Fixed Rate Cash ISAs include:
- A minimum opening and operating balance of just £500 by cash (branch only), debit card, cheque or transfer from another provider.
- Once opened, you can invest your 2011/2012 tax year allowance of £5,340 until the product becomes closed to investments, which may be at any time and at short notice.
- You can only invest in subsequent tax years where the product has not become closed to investments.
- Payments into your account can be made by debit card, cheque, internal transfer from an existing SBS account or external transfer from another bank or building society. Annual subscriptions must always be transferred in full for the current tax year.
- Transfers in from other cash ISAs are allowed. We must have your transfer application form before the product is closed to investments. You then have up to 30 days for your current ISA provider to send us the funds.
- Full balance withdrawals, and subsequent closure of your account can be made subject to the loss of 180 (240 for the 5 Year Fixed Rate Cash ISA) days interest. If you close or transfer your ISA account, the 180 (240 for the 5 Year Fixed Rate Cash ISA) day interest penalty will be taken from the capital invested if there is insufficient accrued interest on the account. This means that you may get back less than you paid in. Full balance transfers to other ISA providers are subject to 180 (240 for the 5 Year Fixed Rate Cash ISA) days loss of interest.
- Partial withdrawals and transfers out are not permitted.
Choose how your interest is paid
The interest you earn on a daily basis can, at your request, be paid into your account. Alternatively, you can have your interest paid into another suitable Skipton account, or other bank account.
What happens on maturity of your ISA*?
We will contact you with your maturity notice at least 14 days prior to the maturity date of your ISA to explain the options open to you.
These will include:
- Continue your investment in a new 1 Year Fixed Rate ISA* (the 'do-nothing' option);
- Transfer your investment into an alternative Fixed Rate ISA;
- Transfer to an easy access ISA;
- Add extra funds to the above three options;
- Withdraw your funds (in full or in part).
If you 'do-nothing' we will add any interest due to your account and we will contact you within seven days of your bond maturity to confirm your investment. You will have 21 days from maturity to cancel this investment.
Our 'do-nothing' option is a new feature. Previously our fixed rate ISA customers who did not respond to the maturity notice transferred to an easy access account with a lower rate of interest.
Where our 'do-nothing' option applies your investment will continue in a 1 Year Fixed Rate ISA. No partial withdrawals are permitted. You can withdraw or transfer out the full balance and close your account subject to 180 days’ loss of interest. If you decide to close your ISA you will lose your ISA allowance on the funds invested. If you do require access to your savings during the fixed rate term please contact us to discuss other ISAs and savings products which may better suit your needs.
If the 'do-nothing' option applies, the Further terms and conditions shall continue to apply, as well as the general Investment Account Terms and Conditions except that the rate of interest, the date that interest will be applied to your account and the minimum and maximum investment limits may differ. Should your investment balance on maturity fall outside the minimum or maximum investment limits, you will be able to continue your existing investment. Any new transactions will be subject to these limits.
* The exact maturity date of the 1 Year Fixed Rate ISA will be confirmed in your maturity notice.
Your tax treatment will depend on your individual circumstances and may be subject to change in future.