Cash ISA Accounts

Regular Saver ISA

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Account details

Suitable for savers aged 16 or over wishing to make regular savings from income. First-time homebuyers qualify for an additional benefit.

This account is available to UK residents only, who are 16 years and above and who live within a 25-mile radius from the postcode noted on the account to our Stockport head office postcode SK1 1HF.

Key features

Our Regular Saver ISA offers tax-free interest on regular savings whilst providing easy access. Providing you meet the account conditions, we will reward you with an annual interest bonus each year:

  • You can save for as long as you like, building your balance over time.
  • An interest rate bonus will be paid providing you meet the terms of the account.††
  • Minimum initial deposit £25
  • Maximum initial deposit £500.
  • Change the amount you want to save each calendar month between £25 and £500 and even take a break once a year if necessary.
  • Pay money in by cash or cheque in branch, or by standing order/direct transfer from your bank account
  • Additional bonus for first-time buyers

Product Summary

Account Name

Regular Saver ISA

What is the interest rate?

Annual Interest
Including Bonus Tax-Free Rate* AER**
Up to £25,000 1.60% 1.60%
£25,000 and over 0.60%† 0.60%†
†The lower rate is only payable on the balance above the £25,000 threshold. The higher rate remains for the first £25,000 of any balance
Excluding Bonus    
£0+  0.60%  0.60%
The interest rate is variable. Interest is calculated daily (with any bonus interest) and added to your account annually on the 31st March.
†† An interest rate bonus will be paid providing that you have:
• met the terms and conditions of the account and;
• made no more than 2 withdrawals and;
• missed no more than 1 monthly payment during the period 1st April to 31st March (or from the date of opening to 31st March).
*Tax Free - Interest paid is exempt from Personal UK Income Tax.
**The AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Can the Vernon Building Society change the interest rate?

We have the right to vary the rate of interest at any time.

Please see section 10 of our General Savings Account Terms & Conditions for a more detailed explanation, which sets out when we can vary the interest rate and how and when we will notify you if this happens. A copy of the General Savings Account Terms and Conditions are provided when you open the account.

What would the estimated balance be after 12 months based on a £100 monthly deposit?

£1,210.40 including bonus. (Up to £25,000 interest rate tier)

£1,203.90 excluding bonus.

These projections are provided for illustration only and do not consider individual circumstances. This assumes a deposit of £100 has been made each month, no further deposits or withdrawals being made over the 12-month period and that the interest rate does not change.

How do I open and manage my account?

This account is only available to UK residents aged 16 or above, that live within a 25-mile radius of our Stockport Head Office, i.e., the postcode noted on the account must be within 25-miles of postcode SK1 1HF.

This account does not allow Transfers In from other Cash ISA Managers.

You can open and manage the account in-branch or you can complete an application, and either email or post it back to us. Your transactions and balance will be printed in your passbook. Additionally, you can keep up to date by registering for our Online Services.

A minimum monthly deposit of £25 is required. Missed deposits can affect the interest payable. See ‘What is the interest rate’ section of this Summary Box for further information.

A maximum deposit limit of £500 per calendar month applies, which means a maximum of £6,000 per year can be saved in this ISA. The subscription limit set by HM Revenue & Customs is higher than this amount and you will not be able to subscribe to the maximum cash ISA limit.

You can deposit by cash or cheque in branch or by standing order or online banking.  We recommend that your monthly deposit is made by standing order before 25th of the month to avoid late subscriptions.

This account is a Non-Flexible ISA.

Can I withdraw money?

A maximum of 2 withdrawals may be made during each period (1st April to 31st March) without notice or penalty. Any further withdrawals will mean that the annual interest rate bonus will not be payable on 31st March.

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

The minimum balance allowed on this account after a withdrawal to keep the account open is £1.

Please refer to section 12 of the General Savings Terms & Conditions brochure for further information.

Additional information

First-Time Buyer Bonus

If you’re saving for a deposit on a home, in addition to the benefits detailed overleaf, 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 £1,000 and only applies to first-time buyers. For joint mortgage applicants, only one bonus will be awarded.

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

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 General Savings Account Terms & Conditions. In particular, Section B contains specific Additional Conditions, which relate to Cash ISA products.

Need some more information about ISAs?

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Savings Jargon Buster

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Financial Services Compensation Scheme

Did you know that your eligible deposits with the Vernon are protected up to a total of £85,000 (£170,000 for joint accounts) by the Financial Services Deposit Scheme (FSCS), the UK's deposit guarantee scheme?

Learn more about the FSCS