Simple tax-free saving
ISAs, or Individual Savings Accounts, are an ideal way to stop the taxman eating away at your savings. They protect your savings and investments from both Personal Income Tax and Capital Gains Tax and, as long as your money is in an ISA, you don’t need to declare it on a tax return.
The purpose of this Key Features Document is to provide a balanced summary of our products so that you can make an informed and confident choice about how to save.
Our Cash ISAs – product details
Our Cash ISAs are an ideal way to make the most of your tax-free privileges without risking your capital on the stock market.
They’re also simple to open and allow you to earn a high rate of interest.
Features of our Cash ISAs include:
- penalty-free withdrawals by cheque or transfer (minimum of £1)
- a minimum opening and operating balance of just £50
- a maximum investment of £3,600 in any tax year
- flexible interest payments to suit you
- no limit to the number of withdrawals or transfers you can make
- payments into your account can be by cash, cheque, transfer or bank standing order.
General information about our ISAs
What types of ISAs are there?
ISAs are divided into two distinct groupings
- cash ISAs
- stocks & shares ISAs
Skipton only offers cash ISAs.
How much can I invest?
You can invest a maximum of £7,200 into ISAs, of which:
- up to £3,600 can be invested in a cash ISA (such as those offered by Skipton)
- any amount not invested in a cash ISA can be invested in a stocks & shares ISA – subject to the £7,200 overall limit.
| Example |
Cash |
Stocks and Shares |
| 1 |
£3,600 |
£3,600 |
| 2 |
£2,000 |
£5,200 |
| 3 |
Nil |
£7,200 |
How can my interest be paid?
The interest you earn on a daily basis can be paid into your account annually at midnight on 5 April. Alternatively, you can request to have your interest paid into another suitable Skipton account, or other bank account.
How do I transfer my Skipton Fixed Rate ISA to another provider?
If you ever wish to transfer your Skipton Cash ISA to another provider, simply advise us in writing. The HM Revenue & Customs rules surrounding this are as follows:
- You can transfer from one cash ISA to another cash ISA.
- You can transfer previous years’ cash ISAs to a stocks & shares ISA (but not vice versa) without affecting your annual ISA allowance. If you transfer your Skipton Cash ISA to another provider, then all of your savings up to the date of transfer must be transferred. We do not allow partial transfers from our cash ISA accounts.
- If you transfer your current tax year savings from a cash ISA to a stocks & shares ISA, the money transferred will be treated as if you had invested that money directly in the stocks & shares ISA eg if you had saved £2,000 in a cash ISA and then transferred to a stocks & shares ISA, you could then invest up to a further £5,200 into the stocks & shares ISA, or you could invest up to £3,600 in a cash ISA and the remainder in the stocks & shares ISA.
What are the industry standards for ISAs?
Stakeholder Standards are benchmarks that have been set up by the Government to help customers identify simple and low-cost savings eg a minimum opening deposit of £10 and unlimited withdrawals. Whilst our ISAs offer attractive features, they are not based on Stakeholder Standards.
How can I cancel my application?
You will have 14 days from receipt of your ISA acknowledgment letter in which to change your mind and request cancellation of your investment in writing only. Your cancelled ISA will not count as an ISA subscription. Interest will be paid gross during the cancellation period.
What types of ISAs does Skipton offer?
Skipton only offers cash ISAs which have all of the key features listed on this web page. The following products are available:
- The Skipton Online Cash ISA
- The Skipton Cash ISA
- The Skipton NSPCC Cash ISA
Our NSPCC Cash ISA shares all the features of our Cash ISA and supports the important NSPCC Full Stop Campaign, against cruelty to children.
Since the launch of the account in 1999, our NSPCC Cash ISA has raised over £1.1 million for the NSPCC in England and Children 1ST in Scotland. This amount, when added to the sum donated by individual savers over the years, amounts to over £1.5 million. And with your help we can raise even more.
By foregoing as little as 0.50% pa of your interest rate, you can make a real difference to the work of the NSPCC and Children 1ST.
If you were to invest the maximum £3,600 in your first year, up to £18** of your interest will automatically be donated to the NSPCC instead of being added to your ISA.
And the more people join us, the more we can achieve.
**£18 is based on the rate of 0.50% pa on an investment of £3,600. This will be given (inclusive of VAT) to the NSPCC, assuming that the account is not closed or transferred.
Is there anything else we can help you with?
If you need a hand, just say the word
If you’re thinking about saving for a rainy day, making your money work harder or planning for the future, talk to us first. To find out more about the other products and services we offer (such as branch exclusive or postal accounts), just visit your local Skipton branch, or call 08458 501722*
Let us know what you think
Making sure our members are happy matters to us. So if you think we could improve our products or services, or if you have a complaint, please let us know. If you’d like to find out more about our internal complaints procedure, please ask for details at any branch or from our Principal Office. Alternatively, please contact Customer Relations, Skipton Building Society, The Bailey, Skipton, North Yorkshire BD23 1DN or call 08458 501722*. Complaints we cannot settle may be referred to the Financial Ombudsman Service.
We are a participant of the Financial Services Compensation Scheme (FSCS) and you may be entitled to compensation if we are unable to meet our financial obligations. Payments under the scheme are limited to a maximum of £50,000 of an investor’s total shares and/or deposits in a building society. Details of the scheme can be obtained from:
FSCS, 7th Floor, Lloyds Chambers, 1 Portsoken Street, London E1 8RN.
Telephone Helpline: 020 78927300 - Internet: www.fscs.org.uk
The Financial Services Authority is the independent financial services regulator. It requires us, Skipton Building Society, to give you this important information to help you decide whether our Cash ISAs are right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference.
To find your nearest branch use our Branch Locator.