Fixed Rate Cash ISA Issue 9 - Members Only
Current rates of interest:
For more information about the account, please see the account summary page
If you wish to transfer funds from your existing TBS Cash ISA into this Fixed Rate ISA, as well as an application form you will need to complete an Internal Transfer Form. Please click here to download the form.
IMPORTANT
Please make sure that you have completed the Application Form AND the Cash ISA Internal Transfer Form, before applying.
If you have any questions regarding this product or the application form you can contact us:
Complete and sign the form and post it to:
FREEPOST,
Teachers Building Society,
Allenview House,
Hanham Road,
Wimborne,
Dorset
BH21 1BR
To view the application form you will need to use Adobe Acrobat Reader, if you do not have this installed on your computer please click here to download it.
You must be sure that you have read and understood our complaints procedure, how the account works and that it will suit your requirements.
At Teachers we like satisfied customers. If you are not happy with new account you can switch to another type within 14 days or have your money refunded with interest. See our General Terms and Conditions for further details.
Compensation may be available from the Financial Services Compensation Scheme.
Investment Cheques
Please make your cheque payable to "Teachers' Building Society a/c (your name)".
Charitable Assigment Clause
Our application forms contain a Charitable Assignment clause. It is vital that you do not delete this even if you are personally exempt from its provisions. We are unfortunately unable to accept an application form which has been amended in this way.
There are a number of HM Revenue & Customs limits regarding ISAs you should be aware of as follows:
What is a Fixed Rate Cash ISA?
An investment in this Fixed Rate Cash ISA is for a fixed period and for a fixed interest rate, so whatever happens to interest rates you know exactly the return you will receive. For discerning investors who want to leave their money untouched and not worry over changes in interest rates, investment in our Fixed Rate Cash ISA is ideal.
How much do I need to open a Fixed Rate Cash ISA?
The minimum investment amount to open a Fixed Rate Cash ISA is £6,000 and you can receive an attractive rate of interest straight away.
Who can invest in an ISA?
You can invest in a Fixed Rate Cash ISA account providing you are 16 years in age or over, resident in the United Kingdom for tax purposes and currently have an account with the Society.
When will interest be paid?
The interest on the Fixed Rate Cash ISA will be added to the account on 13th July 2010.
Can I make further subscriptions?
The Society will accept unpaid subscriptions for the tax year 2009/2010 and 2010/2011.
Can I make withdrawals from or close my account before the maturity of the Fixed Rate ISA?
Withdrawals can be made subject to a charge equivalent to 90 days gross interest calculated on the sum withdrawn and will be deducted from the capital balance. This charge applies throughout the term of the Fixed Rate period. Any withdrawal amount must be made by BACS and will normally be processed within two working days of receiving a written instruction.
Withdrawals and closures may be permitted subject to the terms of the Fixed Rate ISA. Any charge applied to the account will be calculated on the sum withdrawn (or closing balance) at the gross rate of interest payable and will be deducted from the capital balance. If you wish to make a withdrawal, the money will be transferred to your nominated bank account via BACS (Bank Automated Clearing System). Please note a cheque withdrawal service is not available on this account. This applies throughout the term of the Fixed Rate Cash ISA. Any withdrawal amount must be made by BACS and will normally be processed within two working days of receiving written instruction.
If the Fixed Rate 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 and previous year's investments in whole or part, to another ISA manager, at any time by giving us notice in writing. This will be subject to a charge equivalent to 90 days gross interest.
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.
Will I receive a windfall payment if you convert?
The Society intends to continue its operations as a independent mutual building society providing account to all genuine saving members. We have, however, had to restrict or delay account opening at times when certain people have taken action to open accounts in the hope of receiving windfall benefits on a conversion. To avoid continued disruption from speculators, the Society requires new investors to agree to assign to charity any windfall benefit to which they might become entitled in the unlikely event of a conversion being announced during the period (usually five years) after opening the account. The Society has chosen the well-known Charities Aid Foundation as the charity to benefit from potential windfalls.
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.
What happens when the Fixed Rate Cash ISA matures?
The balance in the Fixed Rate Cash ISA will be transferred on 14th July 2010 to the Society's Easy Access Variable Rate Cash ISA available at that time.
The Society may from time to time issue other Fixed Rate Cash ISAs with different rates and conditions without at that time offering the ISA holder the opportunity to transfer their investment to the new Fixed Rate Cash ISA.
How do I open my account?
Simply complete the application form, transfer form and cheque made payable to 'Teachers' Building Society' (if applicable) must be provided. Once the account has been opened, we will write to you to confirm the balance held. Your savings earn interest for each complete day your investment is with us; many other organisations wait until the funds are cleared.
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.
Is there a cooling off period on this account?
Please note that the 14 day cooling off period referred to under new accounts in the general terms and conditions does not apply to fixed rate accounts.
Is the Society a participant of 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 £50,000 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.
Please note that this is a limited issue, please apply promptly to avoid disappointment.
We operate postal saving/mortgage accounts and a telephone mortgage service.
The Law of England and Wales will apply to this contract.
All communication between you and us will be in English.
All details correct as at 1st July 2009
