Single Access ISA

Single Access ISA

3.60% Tax Free/AER*

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

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.

£1,036.00

This projection is provided for illustration only and does not consider individual circumstances. This assumes an initial deposit of £1,000, no further deposits or withdrawals being made over a 365-day period starting from the 1^st January, and that the interest rate does not change.

Who is eligible?

This account is only available to UK residents aged 18 or above. You can only hold one Single Access ISA account at a time. If you close your account, you cannot open another Single Access ISA account in the same calendar year.

How do I open an 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 affecting your eligibility to open a Cash ISA with another provider.

What are the account limits?

A minimum deposit of £500 is required to open the account. The maximum deposit is the Cash ISA subscription limit (currently £20,000) in any one tax year, subject to an overall maximum balance of £100,000. The subscription limit is set by HM Revenue & Customs.

Deposits can be made in branch by cash or cheque, standing order or online banking.

How do I manage the account?

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

One withdrawal can be made each calendar year without notice or penalty. After this, your money cannot be withdrawn until the start of the following calendar year. If you close your account this counts as one of the permitted withdrawals.

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 will be sent 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, some balance must remain to avoid it being closed.

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

(Annual Equivalent Rate) differs from the Gross annual interest rate if interest is paid more than once a year. If interest is added to the account, it also earns interest, and the AER reflects this by showing the rate as if interest were paid annually.

Tax-Free

This means you do not pay income tax on the interest.