For more information about the account, please see the account summary page
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:
How much do I need to open an ISA?
You can open a Teachers' Cash ISA with a minimum sum of £250 (£100 for teachers) and benefit from an attractive rate of interest straight away.
Who can invest in an ISA?
The Teachers' Cash ISA is straightforward and simple to understand. Anyone can invest in their individual name in the Teachers' Cash ISA providing they are 16 years in age or over and resident in the United Kingdom for tax purposes.
When will interest be paid?
Unlike many other organisations your savings earn interest for each complete day that your money is with the Society. The interest rate is variable and will be paid gross (there is no tax to deduct) on 5th April each year. We will automatically add interest to your account where it will earn more tax-free interest and it will not count against your ISA cash allowance. When an interest rate change occurs, you will be advised of the new rate within 30 days.
Can I make further subscriptions?
You can make further subscriptions having opened an account at any time up to the limit. Each time a subscription is made the Society will send you a receipt together with a pre-paid envelope for future subscriptions. The only constraints are the HM Revenue & Customs limits which must not be exceeded. You can only reach the maximum holding once in a tax year. For example, having subscribed the maximum of £3,600 in a tax year, if you then make a withdrawal or withdrawals you cannot top up to the £3,600 figure again in that tax year.
When can I withdraw my money?
The Teachers Cash ISA is an easy access account, withdrawals against cleared funds are allowed at any time and are free of any interest charges. However, if the account balance falls below £250 (£100 for teachers), the interest rate payable on the account will be that applicable to the Society's Extra Ordinary Account.
You may transfer your current year's subscription in whole, and previous years' investments in whole or part, to another ISA manager, at any time by giving us notice in writing. A £30 administration charge will apply.
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.
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.
Will I receive a windfall payment if you convert?
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. 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 well-known Charities Aid Foundation as the charity to benefit from potential windfalls.
What documentation do I receive when I open my account?
When the account is opened, a receipt will be forwarded with a statement folder. A withdrawal form and a pre-paid envelope will also be included. Annual statements for the period ending 5 April will be sent to you at the appropriate time, showing the transactions, which have taken place together with the interest earned.
How do I open my account?
Simply 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 of £250 (£100 for teachers). When opening an account we are required by law to verify the names and addresses of new customers. It is essential that you comply with the requirements as quoted on the application form.
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.
You can close your account by notifying us in writing, using a withdrawal form or transfer form where appropriate. If the 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
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 October 2008
