Eligibility
- Available to customers aged 16 and over
- Minimum investment of £10
- Maximum investment is specified by the ISA regulations each tax year (currently £5,640)
Access
- Internet banking, telephone and post
Deposits
- Initial deposit by personal cheque, transfer from an existing Scottish Widows Bank account, or transfer from your client’s main current account
- Cheques from an account held in your client's name (building society cheques need to be verified by issuing branch)
- Third-party cheques are not permitted
- Additional deposits by regular or occasional Direct Debit payments from an existing personal current account
- A Direct Debit mandate needs to be completed in order to use this facility
- There must be cleared funds in the personal account
- Regular monthly transfers of additional funds can be arranged
- Transfers from other cash ISAs accepted
Withdrawals
- No notice period or penalties for withdrawals
- Withdrawals will be paid by electronic funds transfer direct to the nominated bank or building society current account
- Instructions made by internet banking
- Minimum withdrawal £10
- Transfers from accounts are free of charge provided there is one business days notice
Interest payments
- Interest can be credited to your client’s account with us or to their designated account with any other bank or building society according to their instructions
- Interest can be applied annually on 1 April, or twice yearly on 1 April and 1 October
Tax
- Tax-free interest on savings
Important notice
Please note that charges, terms and limits may change. We may change the selection of funds that we make available. There may be restrictions on the amount that can be invested in certain funds. Please contact us for details of any restrictions that apply. Tax treatment depends on the individual circumstances of your client and may be subject to change in the future.