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E-ISA - Key Features
This section gives you more detailed information about e-ISA.
e-ISA is an online account offering a tax-free interest rate. To open an e-ISA, you must be aged 16 or over and both resident and ordinarily resident in the UK for tax purposes, or a qualifying Crown employee or married to a qualifying Crown employee. Accounts can only be held in your sole name. The minimum amount you can save is £10. The maximum amount is £3,600 each tax year although HM Revenue & Customs review the tax free savings allowance each year and therefore this may change in the future. Please see ISAs explained. Interest is calculated daily based on the balance in your account, and will be added to your balance on 31 March each year and on closure. Interest will be paid free from tax unless you have breached HM Revenue & Customs rules. Your initial e-ISA deposit may be made by cheque, but all subsequent deposits (minimum £10) must be direct transfers, either from another bank or building society account, e.g. by standing order, or another account held with the Yorkshire.
NB. If you are transferring your ISA from another provider, no initial deposit is required (see transferring between ISA providers). The minimum withdrawal of £10 can be made from your account at any time. On condition that there are sufficient cleared funds in your account and that you maintain the minimum balance of £10. When you open an e-ISA account, you will be asked to nominate a bank or building society account to which withdrawals will be sent. Withdrawals are allowed by logging on to our website to transfer to your nominated bank or building society account held elsewhere or with us. Also by arranging an ISA transfer to another provider. Transferring between ISA providers The HM Revenue & Customs rules allow you to transfer from one ISA provider to another. If you wish to transfer savings held in a Cash ISA elsewhere to your e-ISA, please complete a transfer request form including your e-ISA account number, and send it to your existing ISA provider. Please note: If you have already subscribed to another Cash ISA in the current tax year, please do not send an initial deposit with your completed application form. You will be able to check your balance and interest rate and view statements showing transactions on your account whenever you wish. Whenever we change the rate of interest applying to e-ISA, we will inform you by e-mail within 30 days of the change. It is important that you let us know if your e-mail address changes. e-ISA offers many attractive features it is not based on the stakeholder minimum standards. If you open an e-ISA account and subsequently change your mind up to 14 days after the date the account is opened, we will close your account and repay your deposit, plus any interest you have earned. You will then be able to save in another Cash ISA in that tax year. If at any time you’re not satisfied with the service you’ve received, please let us know. We have a simple process enabling you to do this, the details of which are in our leaflet ‘We’re here to help you – our complaints process’, which can be downloaded from this site, obtained at any of our branches or requested by calling us on 0845 1200 300. If we cannot come to a resolution to your satisfaction, you may have the right to refer the matter to the Financial Ombudsman Service, of which we are a member. Financial Services Compensation Scheme Yorkshire Building Society is a participant in the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Payments under the scheme are limited to 100% of an investor’s total shares and/or deposits in a society, up to a maximum amount of £35,000. Most investors are covered, including individuals and small firms. Although most shares and deposits are denominated in Sterling, all other currencies are covered. Further details on the scheme and on the implications of having your savings and mortgage with the same provider, are available on our factsheet ‘the financial services compensation scheme for deposit taking activities’. We also subscribe to the Banking Code, a copy of which is available on request. Yorkshire Building Society will communicate with you in English.
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The Financial Services Authority is the independent financial services regulator. It requires us, Yorkshire Building Society, to give you this important infromation to help you decide whether our e-ISA account is 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.
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