The Financial Services Authority is the independent financial services regulator. It requires us, Yorkshire Building Society trading as Barnsley Building Society, to give you this important information to help you decide whether our cash ISA account is right for you.
You may open a Fixed Rate Anniversary ISA account if you are aged 16 years or over. You must be resident in the UK and subject to UK tax. As ISA stands for Individual Savings Account, accounts cannot be opened for anyone else and joint accounts are not permitted.
The account is subject to a minimum initial investment of £100 and additional sums of any amount may be invested at any time up to the HMRC cash ISA limit each year. Account investments, interests, dividends, rights or other proceeds in respect of such investments or any cash, shall be transferred or paid to the account investor within such time as stipulated in their withdrawal instructions.
You can save as little as £100 or up to £5,340 in the 2011/2012 tax year. See ISAs explained for details.
You can make additional deposits during your anniversary month, e.g. if you opened your ISA on 1 May 2011, you can add more money up to 31 May 2011 subject to the annual cash ISA limit.
A new issue of the ISA is introduced each month. When you have opened your ISA, we will give you a passbook showing the amount you have invested.
The anniversary month is the same month as the initial investment was made, one year later. Please see below for further details on term dates, anniversary months and interest payment dates. Please note, March & April anniversary & term dates differ slightly to dates in other months, due to the dates of the tax year.
| Available from | Last date of investment term | Annual interest paid | Anniversary month | |
|---|---|---|---|---|
| January | 01 Jan - 31 Jan | 31 Jan 2010 | 31 Dec | 01 Jan - 31 Jan |
| February | 01 Feb - 28 Feb | 28 Feb 2010 | 31 Jan following year | 01 Feb - 28 Feb |
| March | 01 March - 05 April | 05 April 2010 | 28 Feb following year | 01 Mar - 05 Apr |
| April | 06 April - 30 April | 30 April 2010 | 05 Apr following year | 06 Apr - 30 Apr |
| May | 01 May - 31 May | 31 May 2010 | 30 Apr following year | 01 May - 30 May |
| June | 01 June - 30 June | 30 June 2010 | 31 May following year | 01 Jun - 30 Jun |
| July | 01 July - 31 July | 31 July 2010 | 30 Jun following year | 01 Jul - 21 Jul |
| August | 01 Aug - 31 Aug | 31 Aug 2010 | 31 Jul following year | 01 Aug - 31 Aug |
| September | 01 Sept - 30 Sept | 30 Sept 2010 | 31 Aug following year | 01 Sep - 30 Sep |
| October | 01 Oct - 31 Oct | 31 Oct 2010 | 30 Sep following year | 01 Oct - 31 Oct |
| November | 01 Nov - 30 Nov | 30 Nov 2010 | 31 Oct following year | 01 Nov - 30 Nov |
| December | 01 Dec - 31 Dec | 31 Dec 2010 | 30 Nov following year | 01 Dec - 31 Dec |
At the start of each month we will set the interest rate that will apply throughout the year to all Fixed Rate Anniversary ISAs opened during that month. A new fixed rate of interest will be set at the start of the following month. Of course, interest rates available in previous or subsequent months could be higher or lower than when your ISA is opened due to changing economic conditions.
Interest is calculated on a daily basis and will be added to your account on maturity. Alternatively you can choose to take a monthly income from your account. Monthly interest is paid on the last day of each month and must be paid to another YBS account, a bank or another building society account. Therefore, to maximise your tax-free savings you should choose to have annual interest added to your account. Monthly interest is available as some investors take an income from their savings and want their ISA to form part of their investment portfolio.
At the end of the fixed term you can choose to:
If you open and pay money into Fixed Rate Anniversary ISA in any tax year, you will not be able to open another Cash ISA in that tax year. You can, however, take out a Stocks and Shares ISA in that tax year.
Also, if you have taken out a Fixed Rate Anniversary ISA in one tax year and wish to pay money into it the following tax year, you will not be able to open another Cash ISA in that tax year.
See ISAs explained for more details.
You will be able to access or transfer your money during the anniversary month without loss of interest. You may access your ISA for withdrawals, transfers or closure during the rest of the term, but there will be a 45-day loss of interest on the amount withdrawn.
If you open an account it will be with Yorkshire Building Society (trading as Barnsley Building Society). Barnsley Building Society is operated under its own brand with its own products and as a trading name of Yorkshire Building Society.
Barnsley Building Society will communicate with you in English.
Full terms and conditions for this account are available by calling 0845 1669 206.
| Summary Box Key Product Information for our Savings Account | |
|---|---|
| Account Name | Fixed Rate Anniversary ISA |
| Interest rates (AERs) |
One year fixed rate paid annually or monthly,View interest rates. |
| Tax Status | Tax-free |
| Conditions for bonus payment | N/A |
| Withdrawal arrangements | Unlimited withdrawals and closure permitted during anniversary month without loss of interest. Any other withdrawals or closure subject to 45 days loss of interest on the amount withdrawn, including transfers to another provider. |
| Access | Branch |
Whether you can benefit from gross, net or tax free interest is dependent on your personal circumstances and tax status and so may be subject to change in the future.
Tax-free means that interest is not subject to income tax
| Balance £ | Interest type | Tax-free Rate P.A. % (fixed) | Net Rate P.A. % (fixed) | AER % (fixed) |
|---|---|---|---|---|
| £100 and above | Annual Interest | 2.00% | - | 2.00% |
| £100 and above | Monthly Interest | 1.98% | - | 2.00% |
AER stands for Annual Equivalent Rate and shows you what the interest rate would be if interest was paid and added each year. This will enable you to compare more easily the return you can expect from your savings over time.
Tax-free means that interest is not subject to income tax
Barnsley Building Society and the Barnsley are trading names of Yorkshire Building Society. Principal office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ.
Yorkshire Building Society is a member of the Building Societies Association and is authorised and regulated by the Financial Services Authority and are entered in the FSA register and our FSA registration number is 106085.
Get in touch with us:
This site is intended for UK Residents unless otherwise stated. All communications with us may be monitored/recorded to improve the quality of our service and for your protection and security.
