Your No1 CopperPot Tax Free Savings
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 your 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 we are no longer accepting new applications for this product. Any members who have an existing ISA and have made contributions to it after April 2013 will still be able to pay in up to the £5,760 limit until April 2014. After this date you still receive the dividend, but you cannot contribute further.**
ISAs are available for adult members over the age of 16. You must be a UK resident and ordinarily residing in the UK or if not so, be performing duties as a Crown employee serving overseas and paid out of the public revenue of the UK (typically a serving member of the armed forces, or a diplomat), or be married to, or in a civil partnership with such a person.
Most importantly, you must NOT have subscribed to another Cash ISA in the current tax year.
The rate of return
The ISA Account will pay 2.5% AER (variable). This is paid quarterly and dividend is paid gross and is not subject to any tax which means you don’t have to declare it on your tax return. Your savings are covered by the Financial Services Compensation Scheme.
The cash ISA limit
The cash ISA limit for the tax year 2013/14 is £5,760. This is the maximum you can deposit into your account over the tax year so for example, if, during the tax year 2013/14 you were to save £1000 and then withdraw it, you would only be able to deposit a further £4,760 into the account for the rest of the tax year. To protect our dividend rates for all our members we are unable to accept ISA transfers from other providers.