Cash ISA - Terms & Conditions
Stakeholder is a set of voluntary standards for deposit products set by the Government. These products are designed as straightforward savings products which are simple, clear and fair and enable savers to feel confident about choosing them.
To be a stakeholder product an ISA must meet the following standards:
- The minimum amount which can be deposited is no more than £10;
- Deposits may be made by:
Cash
Cheque
Direct Debit
Standing Order
Direct Credit (Other than standing order)
Payments by credit card or debit card or any
combination including a payment by credit card
or debit card are excluded.
- Interest accrues daily at a rate no lower than one percentage point below the Bank of England base rate;
- When the Bank of England base rate increases the interest rate must be raised within one month of the date of that increase;
- No more than seven days' notice is needed for withdrawals and transfers;
- There is no limit on the frequency of withdrawals;
A Progressive cash ISA meets all of these standards.
Please note:
A Stakeholder product does not mean:
- That it is appropriate for every saver
- That performance is guaranteed
- That the product is Government approved
- That the favourable tax treatment of the product will be maintained in the future.
Opening an Account
You can do this in person at any of the Society's branches or agencies.
Progressive Branches & Agencies Locations
You will be given a passbook to help you keep a record of your transactions and to enable you to make payments into your account at any time.
In order to protect your interests, and to comply with legislation, formal identification such as a current driving licence or full passport will be required when opening a new account.
Identification Requirements
Withdrawals
There is no limit on the frequency of withdrawals.
Whenever you wish to make a withdrawal from your account it will be necessary to produce your passbook.
If you make a cash lodgement you can withdraw against it immediately. Funds lodged by cheque may not be withdrawn until 6 banking days after lodgement to the account. If you think that you may need access to the funds before this period you should speak to the branch staff before lodgement. It may be possible to make a special presenation, but there may be a charge which will be advised to you at the time of the request.
Providing you have sufficient funds you may withdraw up to £250 in cash or larger amounts by cheque at any time from any branch and from many of our agents.
All withdrawals are subject to branch and agency limits. Amounts exceeding these limits will be posted on to you by cheque. Withdrawals do not affect deposit limits. Once the limits have been reached for the tax year, investors may make no further subscriptions, regardless of withdrawals.
You may be asked to produce identification when making a withdrawal.
Transfers
The Society will accept the transfer of your existing cash ISA.
You may also transfer your cash ISA to another ISA manager.
For further information please contact your local branch.
Interest
Cash ISA has a tiered interest rate structure.
This means that when your balance rises into a higher tier, your entire balance earns interest at the rate payable on that tier. Alternatively, if a withdrawal takes your balance down into a lower tier, your entire balance earns interest at the lower rate.Interest tiers are reviewed annually and may be altered to maintain the profitability or relative competitiveness of the account.
Details of the balance tiers on your account are published in the local papers at each interest rate change. Alternatively, you can obtain the information, at any time, from your local branch. Details of interest rates (and tiers) paid on all account types during the Society's financial year are also sent to Members on an annual basis.
Interest is calculated daily from the day after the account is opened to the day before you withdraw your money. Interest paid is exempt from income tax.
Interest will be credited to your account as at close of business on 1st January or can be transferred to another Progressive account, the following banking day. If you opt to have your interest credited to your bank account you will receive this via BACS automated transfer 3 banking days after 1st January.
Changes in the Society's interest rates will tend to follow movements in the Bank of England repo rate (commonly known as Bank of England Base Rate) but there may be exceptions to this. An exception may arise, for example, due to a change in the competitiveness of a product or its underlying profitability.
If you change your mind
There is a 14-day cancellation period from the date of opening during which you can opt to close your account for any reason, subject to our normal cheque clearing requirements. We will return your original investment plus interest earned.
Our relationship with you will be governed by the Law of Northern Ireland. We will communicate with you in English.
