Account details
2.10%
Tax-free p.a.^ / AER*
- All your interest will be tax-free^ - great if you’re a taxpayer
- An ideal introduction to tax-free saving as you can still access your money if you need to
- A perfect way to save for the medium to long term
- Invest up to £5,640 this tax year plus unlimited transfers of previous ISA savings
See how much interest you could earn
Use our calculator to see how much interest you can earn per year with this account.
Summary of key account details
| Account name |
Access ISA |
Interest rates
(AERs) |
Interest rates are variable. Click here to see our current rates of interest. |
| Tax status |
Tax-free^
|
| Conditions for bonus payments |
No bonus payable |
| Withdrawal arrangements |
You can withdraw your money by giving us 60 days’ written notice. You can have instant access to your money in an emergency, but you’ll be charged 60 days’ interest on the amount you withdraw |
| Access |
Branch |
Your interest
We will pay your annual tax-free^ interest into your Access ISA account on 5 April each year. Every April, we’ll send you a statement telling you how much interest you’ve earned, the rates that have applied to your account over the last year and the current rate of interest.
Paying money in
The minimum amount to open an account is £10. You can pay up to £5,640 in new ISA subscriptions this tax year. You can also pay in any previous ISA savings whether from an existing Nottingham Building Society ISA or an ISA with another bank or building society. If you transfer money from a previous tax years’ ISA, it won’t affect your ISA limit for the current tax year.
To transfer funds from another ISA provider, all you need to do is complete an ISA transfer authority form. There’s no need to tell your current ISA provider that you are moving your money, we’ll do that for you and arrange the transfer.
You will start to earn interest on the amount you transfer from the second working day after we receive the transfer cheque from your current ISA provider. Under the HMRC (HM Revenue and Customs) guidelines your current ISA provider is obliged to complete the transfer within 15 days of receiving the request from us.
If you would like to use your maximum ISA allowance (£11,280) by investing in a stocks and shares ISA too, we can offer this through our
financial planning service.
Please note that with a stocks and shares ISA, their value can fall as well as rise
Taking money out
You can withdraw your money by giving us 60 days’ written notice. You can have instant access to your money in an emergency, but you’ll be charged 60 days interest on the amount you withdraw.
While you can make as many withdrawals from this account as you wish, there is an important rule to remember about cash ISAs, once you have invested up to the maximum allowed for the tax year, you can’t add any more to your ISA even if you make a withdrawal. For example, if you invest your maximum allowance on 6 April 2012 and withdraw £500 on 6 December 2012, you would not be able to add any more to your account until 6 April 2013. However you can transfer your funds to a stocks and shares ISA and reinvest in a cash ISA as long as you don’t exceed the annual limit.
You must keep at least this £10 in your account at all times.
How to open an Access ISA account
Opening an Access ISA account is easy. Just call in to your
local branch and speak to one of our advisers. We’ll have a friendly chat to make sure that Access ISA is the right account for you. Then you’ll need to fill in an application form and provide proof of your identity and permanent address.
You must be a UK resident aged 16 or over to open an account.
Current interest rates from 6 April 2010
| Balance |
Tax-free p.a.^ / AER* |
Net rate+ |
| £10 +
|
2.10 |
Tax-free |
^Interest will be paid free of UK income tax. The value of tax benefits depends on individual circumstances. The tax treatment of ISAs may change.
*AER stands for Annual Equivalent Rate. It shows what the interest rate would be if the interest was reinvested in the account each year.
+The net rate assumes income tax at the lower rate of 20% has been taken off. This does not apply to ISA accounts as they are tax-free.