Paying money in
The minimum amount to open an account is £1. You can pay up to £15,240 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 one 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 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 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 (£15,240) 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 30 days’ notice. You can have instant access to your money in an emergency, but you’ll be charged 30 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 2016 and withdraw £500 on 6 December 2016, you would not be able to add any more to your account until 6 April 2017. 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 £1 in your account at all times.