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 interest rate that is paid quarterly.
Please note we are no longer accepting new applications/monies for this product. However, existing members who already hold a ISA account will get the rate of return as follows.
These measures remain temporary; they will be reviewed again. This will help to protect the return on your existing savings over the rest of our financial year. Whilst we apologise if this causes you any inconvenience in the short term, it will benefit all savers in the long run.
The rate of return
The ISA is currently paying 1.9% AER (variable). This interest rate is paid quarterly, 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.
For information on transferring your Cash ISA please see the Building Soctieties Association guide.