ISA
This account is closed to new applications. However, existing members who already hold a Cash ISA will continue to earn interest.
As we are no longer allowing applications for any new ISA’s or allowing contributions into ISA’s currently held, if you withdraw any money from your ISA you will not be able to put any money back into it.
ISA’s, 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.
Summary box for the Cash ISA |
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| Account Name | Cash ISA | |
| What is the interest rate? | Tax Free Rate* | AER** |
| 2.0% | 2.0% | |
| The interest on this account is paid quarterly. | ||
| Can No1 CopperPot Credit Union change the interest rate? | The interest rate on the Cash ISA is variable and reviewed quarterly.
If the interest rate changes, notification will be made via the website in advance. |
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| How do I open and manage my account? | We are no longer accepting new applications for the Cash ISA, nor are we accepting more money to be deposited into the Cash ISA.
You can view your ISA balance online or request your balance over the phone. |
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| Can I withdraw money? | You can withdraw your money online, by post, or over the phone. However, once you withdraw your money you will not be able to deposit it back into this account.
Withdrawal(s) and closure of account is available without notice. |
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| Additional information | The interest is paid tax free, which means that you do not have to declare it on your tax return. | |
*Tax free rate is where interest payable is exempt from income tax. The tax information is based on our understanding of the current law and HM Revenue & Customs practice which can change.
**AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
For information on transferring your Cash ISA please see the Building Societies Association guide.
Interest Rate
| 1st – 28th February | 1st – 31st March | 1st – 30th April | |||
| Tax free rate | AER Rate | Tax free rate | AER Rate | Tax free rate | AER Rate |
| 2.0% | 2.0% | 2.0% | 2.0% | 2.5% | 2.5% |
Terms and Conditions
- As part of membership with No1 CopperPot, you are required to save at least £5 per month into your Member Account.
- If you close your ISA, interest will be paid at the end of the quarter into your Member Account. The amount of interest will be calculated up to the day of closure.
- If you choose to leave the Credit Union no interest will be paid on your account.
- This account does not qualify for a dividend payment.
- A negative interest rate occurs when a central bank, in our case the Bank of England, reduces the nominal interest rate below zero percent in an effort to boost economic activity. This in turn results in a charge for banks to store reserves at the central bank rather than receiving positive interest income. If this was to occur the Reserve Account and ISA could go to negative interest rates.
- This account includes Life Protection, up to age 65. Terms and conditions apply.
You’re covered with Life Protection
Life Protection is included with all our savings accounts and covers you up to the age of 65. This does not cost you anything, it is simply another benefit of saving with the Credit Union.
Your savings are protected up to a maximum of £40,000 per member. This means your savings could be doubled in the event of death, subject to our terms and conditions. It is also included with our borrowing products and covers you up to the age of 70. It protects up to a maximum borrowing of £40,000 per member, this means that your loan could be cleared, ensuring that your debt does not remain outstanding, subject to terms and conditions.
All benefits are paid at the discretion of our Board of Directors. Life protection is not an insurance policy and is not guaranteed. For more information please click here.
Eligible deposits with us are protected by the FSCS
Your eligible deposits with No1 CopperPot Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. For further information about the compensation provided by the FSCS, refer to the FSCS website at www.fscs.org.uk.
We are also covered by the Financial Ombudsman Service (FOS).
