Regular Saver ISA

A basic interest rate of 2.70% Tax Free/AER* (reducing to 2.50% from 1st September) is payable on all balances.

The interest rate will increase to 3.35% Tax Free/AER* (reducing to 3.15% from 1st September) on any balance up to £25,000, providing that, during an account year†, you have:

• made no more than 2 withdrawals, and
• missed no more than 1 monthly deposit

^†An account year runs from 1^st April to 31^st March.

Interest is calculated daily and added to your account annually on the 31^st March. 

Yes, the rate is variable. That means we can move it, up or down.

Section 10 of our ‘Terms and Conditions for Savers’ explains when we can do this, and how we’ll let you know.

£1,220.43 at the higher rate. (Balance up to £25,000) - assuming a rate of 3.15%

This assumes a deposit of £100 has been made each month, no further deposits or withdrawals being made over a 365-day period starting from the 1st April, and that the interest rate does not change.

£1,216.21 at basic rate – assuming a rate of 2.50%

The same assumptions have been made for this projection; however the basic rate of interest has been used to show the difference in interest earned if the account conditions are not met.

These projections are provided for illustration only and do not consider individual circumstances.

Eligibility

This account is only available to UK residents aged 18 or above.

Opening the account

You can open an account using our Online Services, in branch or by downloading an application form from our website and emailing or posting it to us. From the date the account is opened, you have 14 days in which to change your mind and close it without notice or penalty.

Managing the account

You can operate your account in branch or through our Online Services.

A minimum monthly deposit of £25 is required. A maximum deposit limit of £1,666 per calendar month applies, which means a maximum of £19,992 per year can be saved in this ISA. The subscription limit set by HM Revenue & Customs is currently £20,000 so you will not be able to subscribe to the maximum cash ISA limit in this account alone.

Deposits can be made in branch by cash or cheque, standing order or online banking. These should be made by no later than the 25^th of the month to avoid late subscriptions.

ISA Transfers are not accepted.

Withdrawals from the account can be made in branch, over the telephone or through our Online Services.

Withdrawals in branch can be made by cash, cheque, or Faster Payment. Withdrawals over the telephone or through Online Services can be made by Faster Payment directly to your nominated bank account or to another Vernon Building Society account in your name.

There is no minimum withdrawal amount for this account. However, the minimum balance allowed on this account after a withdrawal to keep the account open is £1.

If more than 2 withdrawals are made during the period (1st April to 31st March) the annual interest rate bonus will not be payable on 31st March.

This is not a Flexible ISA, meaning you cannot withdraw funds from your account and replace them without it counting towards your annual allowance.

Please also refer to section 12 of the Terms & Conditions for Savers brochure for further information.

The information contained in this summary box forms part of the terms and conditions of the account and should be read in conjunction with our Terms & Conditions for Savers. Section B contains specific Additional Conditions which relate to Cash ISA products.

Your ISA savings and interest are tax exempt and do not count towards your Personal Savings Allowance. The tax treatment of ISAs may be subject to change in the future by Government and HM Revenue and Customs.

ISA Transfers

Transfers in

Transfers in to this account are not accepted.

Transfers out

You can transfer funds held in this account to another provider. 

• Previous years subscriptions can be transferred in full or in part.

• Current year’s subscriptions must be transferred in full.

*Interest rate terms explained:

AER

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Tax-Free

Tax-Free means that interest is not subject to income tax.

First-Time Buyer Bonus

If you’re saving for a deposit on a home, in addition to the benefits detailed above, we’ll give you an amount equivalent to 10% of the capital balance in your account when you complete a mortgage with us.

The maximum bonus payable is £2,500 and only applies to first-time buyers. For joint mortgage applicants, a bonus will be awarded for each holder of an account.