1 Year Fixed Rate Cash ISA

Further terms and conditions for the 1 Year Fixed Rate Cash ISA

1. A 1 Year Skipton Fixed Rate Cash ISA may only be opened by an individual aged 16 or over who is resident or ordinarily resident in the UK for tax purposes or, if not so resident, performs duties which by virtue of Section 28 of the Income Tax (Earnings and Pensions) Act 2003 (Crown Employees serving overseas) are treated as performed in the UK, or is married to, or in a civil partnership with, a person who performs such duties.
2. The account must not be a joint account or held on behalf of a person other than the account holder.
3. The account holder must not subscribe to more than one cash ISA in any one tax year.
4. The minimum operating balance of the 1 Year Fixed Rate Cash ISA is £500
5. The account will be operated in accordance with prevailing ISA rules and regulations and legislation which may, of course, be varied from time to time,by the Government.
6. The maximum overall subscription in the 2012/2013 tax year is £11,280. Up to £5,640 can be invested in a cash ISA. Up to £11,280 can be invested in a Stocks and Shares ISA. Any amount not invested in a cash ISA can be invested in a Stocks and Shares ISA, subject to the maximum £11,280 overall limit.
7. The commencement date of your Fixed Rate Cash ISA will be the date shown on your Certificate of Investment.
8. Subsequent payments into your account can be made by cash (branch only), debit card, electronic payment, cheque or transfer for a minimum of £1. Payments which do not comply with the minimum or maximum Investment limits will be returned to their source automatically. Once opened, you can invest your 2012/2013 tax year allowance of £5,640 until the product becomes closed to investments, which may be at any time and at short notice.
9. You cannot invest in subsequent tax years unless the product has not become closed to investments. Where you do not invest your full Cash ISA allowance of £5,640 and the product becomes closed to new investments, the only way you will be able to utilise your full ISA allowance will be to transfer your cash ISA to another ISA manager, incurring the loss of interest explained in Condition 15.
10. In accordance with ISA regulations, investments in any tax year are limited to the amount permitted by HM Revenue and Customs (currently up to £5,640 can be invested in a cash ISA) regardless of the level of withdrawals made.
11. Transfers in from other cash ISAs are allowed. We must have your transfer application form duly signed and completed before the product becomes closed to investments. You then have 30 days for your current ISA provider to send us the funds. On receipt of your transfer instruction we will send it to your current ISA manager, together with confirmation that we will accept the transfer, within five business days of the date of receipt. On receipt of the funds and accompanying information from your current ISA manager, we will credit the funds to your ISA account within three business days of the date of receipt.
12. Transfers to and from other Skipton accounts (where applicable) are subject to the terms and conditions of those other accounts and in particular any notice period or other restrictions on withdrawals and payments in.
13. (i) For the annual interest option, interest will be credited to the account or paid into a bank account or other suitable Skipton Building Society account at midnight 12 June 2013.
    (ii) For the monthly interest option, the interest will accrue on a daily basis and can be paid into a bank account or other suitable Skipton Building Society account on the first working day following the 12th of each month or be capitalised.
14. Full balance withdrawal transactions require no notice and must be made by cheque or transfer. On receiving instructions to close your account and subject to the loss of 180 days’ interest, all funds, together with interest earned will be paid to you within the time stipulated by you or within 15 days of receiving your request, whichever is the longer. If there is insufficient interest accrued on the account, the loss of interest will be taken from the capital invested which means you may get back less than you invested.
15. Subject to any restrictions on withdrawal, if you wish to transfer all your ISA to another ISA Manager, we will transfer the account, within the time stipulated by you, with all rights and obligations, in accordance with ISA regulations relating to transfers. On receipt of your transfer instruction from your new ISA manager, we will send your funds and accompanying information to them within five business days of the date of receipt. Transfers to other ISA managers are subject to the loss of 180 days' interest. If there is insufficient interest accrued on the account, the loss of interest will be taken from the capital invested which means you may get back less than you invested.
16. Partial withdrawals and transfers out to another ISA are not permitted.
17. You will have 14 days from receipt of your ISA acknowledgment letter in which to change your mind and request cancellation of your investment in writing only. Your cancelled ISA will not count as an ISA subscription. Interest will be paid gross during the cancellation period. The cancellation period does not apply to transfers from existing Skipton Cash ISAs.
18. In the event of you breaching the rules, regulations or legislation for a 1 Year Fixed Rate ISA, or any of the terms and conditions of this 1 Year Fixed Rate ISA, the Society will immediately transfer the account to an easy access account backdated to when the account was opened and deduct tax at the appropriate rate. You will be advised of the rates and terms of the easy access account applicable at the time of transfer. The account will be debited to recover any tax payable on the gross interest that has already been credited and this may involve withdrawals from interest that has been capitalised. The Society will also transfer the account in this way if the account holder becomes bankrupt.
19. The ISA investment will be, and must remain in, the beneficial ownership of the investor and must not be used as security for a loan.
20. We will notify you if, by reason of any failure to satisfy the provisions of the ISA regulations, your Cash ISA has, or will become void.
21. We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities under the terms agreed with you is competent to carry out any of those functions and responsibilities.
22. In the event of death, gross interest up to the date of death will be paid into the account. The account will become an access account from the date of death with tax deducted at the appropriate rate. In this event we will advise of the new terms of the account and any alternatives available at the time.
23. The Skipton 1 Year Fixed Rate Cash ISA is a share account which confers membership rights and is subject to the Rules of the Society. Copies of the Rules can be obtained from any branch or from our Principal Office.
24. This account is not a Payment Account for the purposes of the Payment Services Regulations 2009. Because your account is not a Payment Account, the provisions relating to changes to interest rates stated to apply to Payment Accounts, which appear in Part F of our Investment Account Terms and Conditions, will not apply to your account.
25. When your fixed rate ISA matures, or any further ISA you continue your investment in, we will follow the maturity process as set out in the green box below. Products may be withdrawn with little or no notice.

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