30 Day Notice Cash ISA for Teachers (Issue 1)
- Competitive variable rate of currently 4.35% tax-free p.a./AER variable
- Unlimited withdrawals (subject to 30 days' notice) penalty free
- Additions at any time (subject to HM Revenue & Customs limits)
- Transfers in from other providers accepted
|
Interest rate % |
Product name |
Min opening balance |
Withdrawal options | Save up to (Max) |
|---|---|---|---|---|
| 4.35% Tax-free p.a./AER Variable | 30 Day Notice Cash ISA for Teachers (Issue 1) | £250 | 30 days' notice | £250,000 |
Summary box
Account name
30 Day Notice Cash ISA for Teachers (Issue 1)
What is the interest rate?
Tax-Free p.a./AER Variable: currently 4.35%
Interest is paid annually on 5th April and will be added to your account automatically where it will earn more tax-free interest - and it will not count against your Cash ISA allowance.
If your balance falls below the minimum operating amount of £250.00, the interest rate payable on the remaining balance for that calendar year will be equivalent to the Society's Extra Ordinary Account rate: Tax-free p.a./AER variable: 1.25%.
AER: Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year
Can Teachers Building Society change the interest rate?
The interest rate for this account is variable, meaning that it can be changed at any time in accordance with Section 6 of the Society’s ISA general terms and conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?
The estimated balance after 12 months based on a £1,000.00 deposit would be £1043.50. This amount is based on no changes to the variable rate and the assumption that all terms and conditions for the account are met.
How do I open and manage my account?
Opening your Account
- The minimum age to open this account is 18.
- The minimum opening and operating balance for this account is £250.00 with a maximum investment of £250,000.
- You can open this account by completing the online application form. We will then contact you with instructions on how to make your initial payment by bank transfer. If the account is being opened via bank transfer, it is a condition of the account that the funds being used to open the account are received from the nominated bank account detailed on the application form and that this account belongs to the account holder/s.
- If you are not happy with your new account, you can switch to another available account within 14 days, or have your money returned with interest.
Managing your Account
- This account can be operated online or by phone
- To access our “MyAccounts” online service please visit www.teachersbs.co.uk/my-accounts and follow the registration process.
- We will accept further subscriptions at any time up to the ISA subscription limit and maximum balance of the account. To do this, ask your bank to set up a one-off payment or make a regular transfer by Standing Order. For this you will need the Society’s bank details which are; NatWest, Wimborne, Account Name; the name on your personal account (this must be entered as it appears on your account record with us), Sort Code; 60-24-43, Account Number; 60230282. You must use your Society account number as the reference when making a transfer so that we can ensure the funds are applied to the correct account.
- The only constraints to further subscriptions, is the HM Revenue & Customs limits which may change in future years and must not be exceeded. You can only reach the maximum holding once in a tax year so for example, having subscribed the maximum of £20,000.00 in a tax year, if you then make withdrawals you cannot top up to the £20,000.00 figure again in that tax year.
Can I withdraw my money?
Withdrawals and closures may be made with no loss of interest following 30 days’ notice by phone or online. When you wish to make a withdrawal, you can log into your ‘My Accounts’ service or contact us via telephone to request the funds. The Society will then transfer the money to your nominated account by the Faster Payments Service. This account is designed for people who do not need immediate access to their funds, as immediate withdrawals are not permitted. This is not a flexible ISA: any withdrawals will be taken from the current tax year subscription allowance and cannot be replaced. If you wish to transfer your ISA to another provider, please contact your chosen provider directly to arrange the transfer.
Will I get charged to operate my account?
The normal day to day operation of your account is free of charge. However there are some additional services that we may charge you for. These are as follows:
- Withdrawals by telegraphic transfer: If you ask us to transfer money to your bank as a same day transfer - £25.00
- Unpaid/returned cheques: If your bank or cheque issuer does not honour your cheque and we reverse the payment from your account - £7.00
Additional information
- Daily interest
- This account is available exclusively to current and retired education professionals and education support staff.
- This product may be withdrawn at any time and without notice
- Open to new-to-Society funds, including ISA transfers from external providers. This could be withdrawn at any time.
- No internal transfers allowed unless you are an existing Cash ISA Notice 30 member.
Open your account online
- Application takes minutes
- Minimum opening/operating balance £250. Maximum savings £250,000
Terms & conditions
We recommend that you review our savings T's and C's before completing an application form.
FSCS protection for your savings
The Financial Services Compensation Scheme (FSCS) is a free, independent service that protects up to £120,000 of your eligible deposits at Teachers Building Society.