ISAs, or Individual Savings Accounts, were set up by the government to encourage people to save. A Cash ISA entitles you to earn a return on savings completely tax free, over the period of a tax year which runs from April 6th of one year to April 5th of the following year. Unlike our other savings accounts, the Cash ISA has a projected dividend rate that is paid quarterly.
Please note: this product is only available to members. If you are not a member already or you have not already applied for membership, please make sure you do so by clicking here before proceeding with this application form.
At a glance:
- Tax free savings.
- Instant access and a great return on your savings.
- Payroll deduction is available.
- We can issue cheques on request or transfer funds electronically to your bank account giving you easy and convenient access to your money.
- Online access to your account.
- All adult savings accounts include Life Cover up to age 65 at no extra cost to yourself meaning that in the event of your death your savings balance would be doubled. (Terms and Conditions apply)
- You can make lump sum deposits into your Cash ISA via cheque or debit card payment.
- Maximum annual limit £3,600 and transfers from other Cash ISA providers accepted.
Who can have one?
Anyone with an adult Member Account can open an ISA with us. If you are a Junior Account holder aged between 16 and 18 you can apply for your Junior Account to be transferred to an adult Member Account and then apply for an ISA with us, simply give us a call to arrange this. In order to open a Cash ISA with us you must not have subscribed to any other Cash ISA during this tax year, although bear in mind that you can still transfer any exisiting Cash ISA account you may have with another service provider. If you are not a member yet, you will need to join before you can open an ISA with us.
What is the rate of return?
The return on a No1 CopperPot ISA is currently 5.75% AER (variable) and this is paid quarterly. Dividend is paid gross and is not subject to any tax which means you don’t have to declare it on your tax return. This is particularly beneficial for those on a high income tax rate.
How much can I pay in?
This year the Government has stated that the Cash ISA limit for the tax year 2008/09 is to rise to £3,600. This is the maximum you can deposit into your account over the tax year so for example, if you were to save £1000 and then withdraw it, you would only be able to deposit a further £2,600 into the account for the rest of the tax year. You only need to deposit £1 into your ISA in order to open a No1 CopperPot ISA and ensure it is fully operating.
What if I have an ISA elsewhere?
Even if you already have a Cash ISA elsewhere from a previous tax year, you can still open a new account with No1 CopperPot provided you have not contributed to your existing Cash ISA during the current tax year. Your existing balance can stay with your present provider or be transferred to us (see below). If you have opened a Cash ISA during this tax year, you cannot open another one. You can however, transfer this account to us.
Can I transfer an existing ISA into a No1 CopperPot ISA?
Yes, we accept transfers from other ISA accounts, the process is simple. You can contact us at the office and we will send you the required forms. We will do all we can to make the transfer smooth and hassle free for you. Contact the office by phone, email, post or even pop in to see us for a form.
How do I pay in?
- Lump sum deposit made either by cheque or debit card payment.
- Payroll deduction or Direct Debit.
- Transfer from another No1 CopperPot account.
What if I need to withdraw the money?
Unlike some other providers, a No1 CopperPot ISA lets you withdraw without loss of interest or penalty however, once you have paid into your ISA, if you withdraw that money you cannot replenish it within the same tax year. For example, if you had saved £1000 and then withdrew it, you would only be able to pay in a further £2600 before you reached the limit.
Why should I choose a No1 CopperPot ISA?
Perhaps most importantly your ISA is also included in your life cover up to age 65 so all your savings with us will be doubled and paid out to your next of kin should the worst happen. This is exclusive to credit unions and is at absolutely no extra cost to you. To find out more and read the terms and conditions, click here.
So go ahead and open an ISA online today!
