Easy Access Cash ISA (3 Withdrawals)

This product can be managed in branch, by post, and via Chorley Online where you are able to view transactions, check your balance and check your interest rates. Please refer to the Society’s Savings Accounts General Terms and Conditions and Chorley Online Terms and Conditions.

Please note the Society only offers Cash ISA products.

Eligibility Criteria

• The account can only be held in a single name. The account must not be a joint account or held on behalf of a person other than the investor.
• Available to eligible UK residents over the age of 18 only who:
• Are resident in the United Kingdom or, if not resident, be performing duties as Crown employee serving overseas and paid out of the public revenue of the United Kingdom (typically a serving member of the armed forces, or a diplomat), or be married to, or in a civil partnership with, such a person; and
• Have not exceeded the overall ISA subscription limit. New ISA rules apply from 6 April 2024. If, at the 5 April 2024, you are aged 16 or 17 please refer to our ISA FAQs which explain the new rules https://www.chorleybs.co.uk/isa_faq/  Our Branch Advisors can also help with queries.

New ISA rules apply from 6 April 2024. If, at the 5 April 2024, you are aged 16 or 17 please refer to our ISA FAQs which explain the new rules. Our Branch Advisors can also help with queries.

Transfers in from other Chorley Building Society Accounts are permitted.

• To open an account, you will need to apply online, in branch or by post and let us have;
  • a fully completed Chorley Cash ISA Account application form;
  • at least the minimum deposit of £1; and
  • proof of your identity, address and residency
  • funds must be received within 15 calendar days for accounts opened via Chorley Online. If no funds are received the account will be closed.
• The ISA subscription limit from 6 April 2024 to 5 April 2025 is £20,000 and this allowance can be split between a Cash ISA, a Stocks and Shares ISA, an Innovative Finance ISA, a Lifetime ISA and a Help to buy ISA, subject to eligibility. You are permitted to hold more than one ISA of the same type (except for Lifetime ISAs), within the same tax year, providing the total amount across all accounts remains within your overall subscription limit. Once the amount deposited in any tax year reaches the maximum annual investment limit no further deposits are allowed until the following tax year.
• You remain responsible for managing your overall subscription limits, meaning you must ensure that collectively the total subscriptions remain within the overall ISA limit for the tax year. If you require further information, please refer to our ISA FAQs which explain the new rules https://www.chorleybs.co.uk/isa_faq/ or speak to our Branch Advisors.
• Transfer Out – This Cash ISA can be transferred into another provider’s Cash ISA or a Stocks and Shares ISA. We will forward the funds to the new ISA provider within 15 business days of receiving your instruction from them.
• Transfer In – Full and partial transfers-in from other ISA providers are allowed. On receipt of a transfer instruction from you we will forward it to your existing ISA provider, together with confirmation that we will accept the transfer, within 15 business days of the date of receipt. Once we receive the funds and transfer information, we will credit the funds to the Cash ISA account within 3 business days of the date of the receipt. Interest will be earned from the day after the funds are credited.

• This account permits 3 withdrawals per year, without loss of interest or a penalty.
• Withdrawals can be made by cash, cheque, or CHAPs* (*subject to a £25 fee) and transfers out to other ISA providers can be made. You can also request an online payment to a nominated bank account or to any of your Chorley accounts, providing these are in your own or joint names. Cheques requested by post or online for withdrawals or closures will be issued within 48 hours of receipt and posted 1st class to the account holder.
• Interest is paid annually on the 5^th April. The annual interest can be withdrawn, and this does not count as one of the 3 withdrawals.
• Additional withdrawals will result in a lower rate of interest equivalent to the Chorley Cash ISA account rate (currently 1.75% tax-free p.a./AER).  This interest rate will apply for the remainder of the account year. At the start of the new account year the account will revert back to the Easy Access Cash ISA (3 Withdrawals) interest rate available at that time.
• Our Easy Access Cash ISA (3 Withdrawals) is not a ‘Flexible ISA’. This means that all withdrawals from an ISA count as part of your overall allowance and remains used. If you reach the ISA limit and then take money out, you can’t put the money back in until the new tax year.

• Please refer to the Important Information section.
• What are the risks? The Government can change the taxation treatment of ISAs at any time without prior notice.
• Interest is paid tax free on this product. Your tax treatment is dependent on your own personal circumstances and may be subject to change in the future.
• This is a limited issue and the Society reserves the right to withdraw this product without notice at any time.

Operation in accordance with ISA Regulations

The operation of the account is subject to the applicable provisions of the ISA Regulations. The Society will notify you if, by reason of any failure to satisfy the ISA Regulations, the ISA has, or will, become void.

The Society will satisfy itself that any person to whom it delegates any of its functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities.

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 one 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.

Please note that the ISA investments will be, and must remain in, the beneficial ownership of the investor and must not be used as security for a loan.

Death of the Account Holder

In the event of your death no further investments will be allowed in your account. However, tax benefits of the ISA can continue until the earlier of;

• Administration of the deceased’s estate is complete
• The ISA is closed
• 3 years after the date of death

Residency

You must notify the Society if you cease to be resident in the UK or if not 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 allows 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.

Changing your mind

In respect of this Easy Access Cash ISA (3 Withdrawals), in order to protect your interests, we offer you a 14 day cooling off period from the date you open your account in which you can change your mind. If you cancel an account within the above period we will help you to either switch to another of our accounts or we will refund your money to you within 30 days of your notification of cancellation together with any interest that has been earned. Should you change your mind about this Chorley Cash Isa please send written notification of your cancellation to us at Head Office, Key House, Foxhole Road, Chorley, PR7 1NZ.

What to do if you’re not satisfied

If you are not satisfied with our services we operate an internal complaints procedure. A copy of this procedure is available online at www.chorleybs.co.uk or you can ask in any of our branches for details of this procedure. If we cannot settle your complaint you may refer your concerns to the Financial Ombudsman Service.