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Cash ISA
ISA’s
ISA’s are tax-free investment schemes introduced in 1999 to replace TESSA’s and PEPs. With effect from the 6 April 2008 you can invest up to £3600 per tax year in a Cash ISA.
Check the current interest rates.
Tax relief
All interest paid by the Society on an ISA investment is payable without deduction of income tax at source. Subject to the terms and conditions of the Catholic Building Society ISAs you may make withdrawals from or close ISAs without loss of tax exemption (Favourable tax terms of this investment may not be maintained.)
Annual subscription limits
The current limits is £3,600
Savings limits for future years will be determined by the Government.
Withdrawals
Withdrawals from a Cash ISA have no effect on the subscription limit. For example if you invest £3600 in a Cash ISA on 1 May 2008 and withdraw £2000 on the 5 August 2008 you cannot make any further subscriptions to that Cash ISA during the 2008-2009 tax year as the annual subscription has already been reached.
Summary
Key Product Information for our Savings Accounts
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Cash ISA
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| Interest Rates ( AERs ) |
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| Tax Status |
- Interest is paid tax free
- Customers need to be resident and ordinarily resident in the UK
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| Conditions for Bonus Payment |
- No bonus payment applies to this account
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| Withdrawal Arrangements |
- Two Withdrawals per year thereafter payment of penalty equivalent to 28 days interest on the amount withdrawn.
- You can currently subscribe up to £3600 per tax year into a Cash ISA.
- If you have fully subscribed to your Cash ISA in any tax year, any amount withdrawn cannot be subscribed again until the next tax year.
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| Access |
- Come in and see us at our Westminster office
- Call 020 7222 6736
- Post to: 7 Strutton Ground, Westminster, London, SW1P 2HY
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Opening your Cash ISA
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Please Download and print the application form below
Cash ISA Application Form - PDF document 88k
Please complete your personal details and sign the declaration.
Cash ISA Transfer IN Form - PDF document 30k
Cash ISA Transfer OUT Form - PDF document 30k
Cash ISA Transfer Notes - PDF document 25k
Proving Your Identity
To comply with UK Money Laundering Regulations we have to verify the identity of any person who wishes to open a savings account with us; we use an electronic verification system to do this. In some cases, for instance if you have recently moved house or you are not listed on the electoral role, we may need to ask you for additional proof.
The documents that we may ask you to provide are:
Proof of who you are
- Current signed passport
- Current UK photocard driving licence
- Current full UK (old style) driving licence
- Evidence of entitlement to state benefit, pension, tax credit, etc
Proof of where you live
- Council tax bill for the current year
- Recent utility bill – the bill/statement must be no more than 3 months
- Bank statement – old and must not be printed off the internet.
- Credit card statement - Mobile phone bills are not acceptable.
- Recent mortgage statement
- Current UK photocard driving licence *
- Current full UK (old style) driving licence*
- Evidence of entitlement to state benefit, pension, tax credit*
* If you use these documents to prove who you are, they cannot also be used to verify where you live.
Please note
We can only accept original documents.
Choose which ever method suits you best, let us have your form and cheque (made payable to Catholic Building Society, please also quote your surname on the payee line) and we will do the rest.
Catholic Building Society
FREEPOST
London
SW1P 2YZ
Or you are welcome to make a personal call at our Westminster Office.
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 To find out more about ISAs read the Inland Revenue's IR2008 ISAs publication pdf document 240k
Terms and Conditions
- Operation of ISAs
These ISAs are offered in accordance with the Treasury Regulations in force for the time being, which may be amended from time to time.
- Eligibility
You may open a Cash ISA if:
- You are aged 16 years or over
- The Cash ISA is held by you solely on your behalf
- You are not subscribing to a Cash ISA with another institution during the the tax year.
- Initial Investment
The initial investment must be for £100 or more, subject to the current annual subscription limit.
- Further Investment
Additional funds may be deposited into the Cash ISA at any time, subject to the current annual subscription limit. - Payment of interest
- Interest is calculated on a daily basis, and is at a variable rate. It will be credited to your account after the close of business on 31 December each year.
- Interest must be credited to your account
- All deposits will earn interest immediately, upon receipt.
- Withdrawals
You may make up to two withdrawals per tax year from the ISA.
- Transfers
- You may transfer your Cash ISA to another eligible Cash ISA operator by giving us 28 days prior written notice and subject to clearing and settlement of any outstanding transactions.
- A transfer charge of £30 will apply if you are unable to give us 28 days notice. This charge may vary from time to time.
- Variation of Terms
Catholic Building Society may remove, change or add to the Terms and Conditions at any time. You will be notified of any such change in writing prior to the change taking place.
- Compensation Scheme
The Society is a member of the Financial Services Compensation Scheme.
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