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.
Interest Rate
The interest is paid tax free, which means that you do not have to declare it on your tax return.
| 1st – 31st March 2024 | 1st – 30th April 2024 | 1st – 31st May 2024 | |||
| Tax free rate | AER Rate | Tax free rate | AER Rate | Tax free rate | AER Rate |
| 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% |
*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.
Key Product Information
General savings terms and conditions can be found here.
| Account name | Individual Savings Account (ISA) |
| Can No1 CopperPot change the interest rate? | Yes, the rate is variable and if the interest rate changes notification will be made via the website in advance. |
| What would the estimated balance be after 12 months based on a monthly £50 deposit? | If the first deposit took place at the beginning of the Credit Union’s financial year, after 12 months a member would have a savings balance of £600, the interest paid would be £6.91, making a total of £606.91. This estimated balance is based on an interest rate of 3.0% AER, which is subject to change. This is provided for illustrative purposes only and does not consider any withdrawals or changes to savings contributions. |
| How do I open and manage my account? | This account is not open to new applications or funds. You can view your ISA balance through our website, app or over the phone. We are no longer accepting new applications for the Cash ISA, nor are we accepting more money to be deposited into the Cash ISA. Each adult member can hold a maximum of £40,000 across all our savings’ accounts. |
| Can I withdraw money? | Yes, there is no cost to withdraw your funds and you can withdraw your money online, using the app, or over the phone. Withdrawals are sent via Faster Payment, which means the funds will be in your bank account instantly. However, it could take up to two hours. 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. |
| Closing your Cash ISA | If you close your ISA, interest will be paid at the end of the month 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. For information on transferring your Cash ISA please see the Building Societies Association guide. |
| Additional information | 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. There are annual limits of how much you can save into an ISA. You can find more information on ISA limits here: https://www.gov.uk/individual-savings-accounts/how-isas-work |
Statements are issued annually. This is done via an email with a link to the online members areas which provides access to all statements. Members without an email address will be issued a paper version via post. All members can request a paper version if that is their preferred method of receipt.
ISA Terms and Conditions
- As part of membership with No1 CopperPot, you are required to save at least £5 per month into your Member Account.
- Interest payments will be paid monthly.
- 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.
Download key documents here:
You’re covered with Life Protection
Life Protection is included with all our savings accounts and covers you until your 65th birthday. 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 until your 70th birthday. 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.
Your savings 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).
Slater House, Oakfield Road
Cheadle Royal Business Park
Cheadle, Cheshire
SK8 3GX
© 2023 No1 CopperPot Credit Union
