The amount you can save
You can invest from as little as £100 up to the full amount of your existing TESSA-only ISA. No additional deposits are permitted.
Your investment in a TESSA-only ISA does not affect your entitlement to other investments under the ISA scheme.
Up to date interest rates
At the beginning of each month, we will set the interest rate that will apply throughout the term to all the Rollover TESSA-only ISAs opened during that month. Regardless of what happens to interest rates generally, you can open a TESSA-only ISA at this rate until the last working day of the month. A new rate will be set at the start of the following month for all TESSA-only ISAs opened during that month.
We reserve the right to withdraw the TESSA-only ISA from sale without notice.
Your TESSA-only ISA will be opened at the interest rate for the month in which we receive your application. That will be the rate throughout your initial term. The interest rates available in previous or subsequent months could be higher or lower than when your TESSA-only ISA is opened due to changing market conditions.
If you want to ensure you receive a particular interest rate it is important to make sure your application is with the Society before the end of the month in which that rate applies. Only applications received up to and including the last day of the month will receive that month's rate.
Once your TESSA-only ISA is open you will be bound by the withdrawal terms.
Easy to set up and maintain
When you open your TESSA-only ISA, we will give you a receipt to show you the amount you have invested and a folder to keep all your paperwork together. After the end of the month in which your TESSA-only ISA is opened we will also send you a certificate to confirm your investment and interest rate.
How interest is calculated and when it is paid
Interest is calculated on a daily basis and will be added to your account on maturity.
When your TESSA-only ISA matures
At the end of the term your balance will be transferred to a new issue of the TESSA-only ISA and your 'rollover month' will begin.
We will send you a new certificate in the first week after maturity showing how much interest you have earned tax-free in the term just ended and the balance carried forward to the new issue of Rollover TESSA-only ISA. At the same time, we will tell you the interest rate applying to this issue, which will continue until you either close your TESSA-only ISA or until it matures again the following year.
During the rollover month, you will have instant access to your money. If you decide to keep your money in the TESSA-only ISA - do nothing. Your money will remain invested in the new issue of Rollover TESSA-only ISA for a further year after the end of the rollover month. You will be able to continue rolling over into further years for as long as Rollover TESSA-only ISA remains available - the same maturity process will apply at the end of each year.
Please note that you will need to provide your certificate when making a withdrawal or closing your TESSA-only ISA.
When you need your money
During the rollover month, you will be able to close your account or transfer it to another provider without loss of interest. This will be the only month that you can make partial withdrawals from your account. Please remember once you have withdrawn money from a TESSA-only ISA you cannot add it back.
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Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).
