Cash ISA Reward (Issue 2) - THIS ACCOUNT IS NOW CLOSED

Frequently Asked Questions

• How do I open an account?

  You can open a Cash ISA Reward account with a minimum sum of £100 or more and benefit from an attractive rate of interest straight away. Opening an account is easy – just complete the application form and post it to us, together with a cheque made payable to ‘Teachers Building Society a/c (your name)’ for a minimum sum of £100. We will then make the necessary checks, required by law, to verify the names and addresses of new customers. We will do this through credit reference agencies where we can and this search will not be seen or used by others when you are applying for credit.  However, we may ask you to provide physical forms of identification if the information provided by a credit reference agency is insufficient. Full details of these requirements are quoted on the application form under the section headed 'Your Information’.

  Please note the account can be opened in a single name only and you must be aged 16 years or over and are resident in the United Kingdom for tax purposes.

• How do I add money to my account?

  We will accept further subscriptions at any time up to the ISA subscription limit which can be done in two ways:

  • you can send a cheque made payable to, ‘Teachers Building Society a/c (your name)’. Please remember to write your account number on the reverse of your cheque; or
  • you can ask your bank to transfer an amount of your choice or make a regular transfer by Standing Order. For this you will need the Society’s bank details which are; NatWest, Wimborne, Sort Code; 60-24-43, Account Number; 60230282. You must use your unique Society account number for this account as the reference when making a transfer so that we can ensure the funds are applied to the correct account.

  The only constraints to further subscriptions, is the HM Revenue & Customs limits which may change in future years and must not be exceeded. You can only reach the maximum holding once in a tax year so for example, having subscribed the maximum of £5,640 in a tax year, if you then make withdrawals you cannot top up to the £5,640 figure again in that tax year.

• When will interest be paid?

  Money paid into your account by electronic transfer will earn interest from the day we receive it and amounts paid in by cheque will earn interest from the day after receipt. The interest rates are variable and when a change occurs, you will be advised of the new rate. The interest rate which currently applies to this account can be found in the leaflet 'Current Rates on Open Schemes' and above under 'Benefits to you'. Interest will be paid annually on 5 April and will be added to your account automatically where it will earn more tax-free interest – and it will not count against your Cash ISA allowance. If your balance falls below £100, the interest rate payable will be equivalent to our Extra Ordinary Account rate.

• How can I make withdrawals?

  Withdrawals can be made at any time without notice and will remain free of any interest charges. Any withdrawal amount, except a transfer to another ISA provider, must be made by the Faster Payments Service where the money will be transferred to your nominated bank account once a written instruction is received. Please note a cheque withdrawal service is not available on this account.

• How long do you need to wait for a cheque to clear?

  The central clearing cycle for cheques (and automated payments, including those over the telephone or internet) is 3 working days. Withdrawals may be made against a cheque on the 6th working day after it has been paid in. However, your money will be earning interest throughout this time.

• What documentation will I receive?

  The terms and conditions which apply to our ISA accounts are set out in the Individual Savings Accounts – General Terms and Conditions. Special conditions may apply to particular types of accounts and you will find these in the booklets or sheets dealing with those accounts. When the account is opened, a receipt will be forwarded. You will also receive a paying-in slip for future savings. While your money is invested with us, we will send you an annual statement for each period ending 5 April shortly after the end of the tax year. The statement details all transactions that have taken place that year, and any interest earned.

• What do you mean by gross and AER rate?

  The gross rate is the contractual rate of interest payable before deduction of income tax at the rate specified by law (the "specified rate"). The Annual Equivalent Rate (AER) illustrates what the interest rate would be if interest was paid and compounded once each year.

• Will I receive a windfall payment if you convert?

  The Society requires new customers to agree to assign to charity any windfall benefit to which they might become entitled on any conversion or takeover. The application form and the General Terms and Conditions give further details. Existing shareholding members as at 31 March 2000 who have continuously held a share account will not be required to assign any benefits to charity upon opening a new account. The Society has chosen the Charities Aid Foundation as the charity to benefit from any potential windfalls.

• What happens if I die?

  If you die the tax-free benefits, which apply to your ISA, stop. Subsequently your personal representative must close the account. On closing, the balance in the account will be paid out with interest up to the date of death, tax-free and from this time until closure, with tax deducted.

• How do I close my account?

  If the Cash ISA account you are closing contains current tax year subscriptions, you will be unable to open another Cash ISA for the same year with Teachers or any other provider. You may transfer your current year’s subscription in whole to another ISA manager at any time and will be available free of any interest charges. Transfers after this date will remain free of any interet charge. In transferring your ISA the Society will follow the good practice procedures set out in Cash ISA Transfer guidelines produced by the BBA, BSA and TISA.

• Have I a right to cancel?

  • You have a 14 day period within which to consider whether or not to keep the account open
  • The 14 days commence from the day after the date of your opening receipt
  • Your account can be switched to another of our open accounts provided you comply with the terms and conditions of that account; or your money may be refunded in full together with interest
  • Cancellation of the account must be given in writing to the Society.
  • Exercising the right to cancel will not incur any additional charges or be affected by any notice period
  • Provided you give us notice to cancel within the time specified above, the cancelled subscription will not count as a subscription to a Cash ISA.

• Is the Society a participant in the Financial Services Compensation Scheme?

  Yes, the Society is a participant in the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Payments under the Scheme are limited to a maximum of £85,000 per person. Most investors are covered, including individuals and small firms. A small number of categories of shares and deposits are not covered. Although most shares and deposits are denominated in sterling, all other currencies are covered. Further details are available on request from the Society.