Key features

• Minimum investment of only £100. Maximum £5,340 in the 2011/2012 tax year. See ISAs explained
• Unlimited number of withdrawals, subject to daily limits
• Interest paid annually, tax-free, on 31 December
• Can be opened at any of our branches or by post
• Operated using a passbook

Deposits and withdrawals

1) Eligibility

You may open a Cash 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.

2) Investment limits

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.

3) Deposits and withdrawals

You may invest and withdraw from this account at any time, as it is designated as one offering instant access.

The Barnsley is happy to accept Cash ISA account transfers and all we need are the details of the ISA provider and the account number, plus your written instructions to request the transfer on your behalf. We will handle the rest of the transfer.

4) How to open your ISA Account

Accounts can be opened at any Barnsley branch or by post.

5) Interest Payments

Interest rates on this account are variable and can fluctuate over a period.

Your ISA will be credited with interest annually on 31st December. You may withdraw funds at any time without losing the tax-free status available with the accounts.

6) Cash ISA Rules

1. You must notify the Barnsley if you cease to be resident and ordinarily resident in the UK, or if not so resident, cease to perform duties as a Crown employee serving overseas or to be married to, or in a civil partnership with, a person who performs such duties which allow you to subscribe to a Cash ISA. The Cash ISA will continue to be exempt from UK tax, but no further subscriptions can be made until you meet the residency requirements again.
2. Investment in a Cash ISA will be, and must remain in the beneficial ownership of the investor and must not be used as security for a loan.
3. Your Cash ISA application ceases to be valid at the end of a tax year in which you do not make a subscription. Where this happens you must make a fresh application before subscriptions re-commence.
4. In the event of death whilst the Cash ISA remains open, interest to the date of death will remain free from tax, but interest arising after that date will be subject to tax. No further investments will be permitted in the Cash ISA.
5. If you are found to have breached the ISA rules governing subscription limits or the number of Cash ISAs which may be opened in any year, or your application is incorrect, your Cash ISA will cease to be exempt from tax and any interest earned in that year will be subject to tax. Full details of the Cash ISA scheme can be obtained by visiting the HM Revenue & Customer's website or by calling them on 0845 604 1701 (Monday to Thursday 8.30am - 5.00pm, Friday 8.30am - 4.30pm.
6. 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 those functions and responsibilities.
7. On receipt of a transfer instruction from the new manager, we will send the cash and accompanying information to the new manager within 5 business days of the date of receipt. Subject to withdrawal restrictions on your account.
   1. On receipt of a transfer instruction from you, we will send it to the old ISA manager – together with a confirmation that we will accept the transfer - within 5 business days of the date of receipt, and on receipt of the cash and accompanying information from the old manager, we will credit the cash to the ISA account within 3 business days of the date of receipt.
   2. We will transfer your Cash ISA with all rights and obligations, or part of your Cash ISA, to another ISA manager or pay to you all or part of the investments held in your Cash ISA and proceeds arising from those investments.
   3. Where a product term on your account requires a notice period for withdrawals or closure you will need to give the relevant number of days notice appropriate to your product, if you wish to transfer your Cash ISA to another ISA manager or if you want us to transfer or pay to you all or part of the investments held in your Cash ISA and proceeds arising from those investments, without losing any interest.
   4. Where a product term on your account requires a notice period for withdrawals or closure and you want to transfer all or part of your Cash ISA to another ISA Manager or you want to withdraw all or part, or close your Cash ISA without giving any notice, you will lose an amount of interest equivalent to the number of days notice that you should have given.
   5. Where a product term on your account only permits withdrawals or closure during a certain period (e.g. during an anniversary month) you will need to request that the transfer, withdrawal of all or part, or closure of your Cash ISA takes place in that period, if you want us to transfer your Cash ISA to another ISA manager or pay to you all or part of the investments held in your Cash ISA and proceeds arising from those investments without losing any interest.
8. 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.

The ISA Specific Product Terms are subject to change in response to the Government's statutory requirements regarding ISAs.

Summary Box

Interest rate

Interest rate

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.