Minimum Deposit

£25

Interest Rate (Gross)

Tax Free 4.15%

Interest Rate (AER)

Up to 4.15% AER

Withdrawals

Max 2 a year to receive this rate

Product Overview

Our Regular Saver ISA offers tax-free interest on regular savings whilst providing easy access. Providing you meet the account conditions in any one year, we will reward you with the bonus interest rate stated above.

This account is available to UK residents aged 18 or above, living in the following postcodes: BL, CH, CW, M, OL, SK, WA or WN.

Key features

  • Save up to £1,666 per month
  • Tax free interest
  • Ages 18 and over
  • Open in branch - postcode restrictions apply

Is this product right for you?

What are the key features of this product?

This product is a Cash ISA which pays interest tax-free.

Deposits are limited to the maximum Cash ISA subscription allowance in a tax year of £20,000. The subscription limit is set by HM Revenue & Customs.

This product has a passbook which shows your transactions and account balance.

This product typically pays a higher rate of interest than a standard instant access deposit account due to access to your money being restricted.

This product pays interest on all balances including a bonus rate of interest on balances less than £25,000.

You are limited to 2 withdrawals a year without incurring a penalty. Any additional withdrawals will result in loss of the bonus interest rate for the full year.

Who is this product designed for?

The product is designed for customers aged 18 or over who:

  • live in the Stockport area (postcodes BL, CH, CW, M, OL, SK, WA or WN).

  • want to access their money straight away without the need to give notice.

  • understand that they are limited to a certain number of withdrawals annually.

  • are happy with interest being paid annually.

  • want and are able to save between £25 and £1,666 each month.

  • want to utilise their ISA allowance in the current tax year and have not subscribed to a Cash ISA already in the current tax year.

  • understand the interest on the account is variable and therefore can go up or down at any time.

  • wish to use the branch network and/or Vernon’s Online Services.

Who is this product NOT intended for?

This product is not intended for customers who:

  • want to be able to deposit money at any time.

  • already have subscribed to a Cash ISA this tax year.

  • want to receive their interest monthly.

  • do not need access to savings straight away and are happy to have restricted access in exchange for a higher rate of interest.

  • want a guaranteed fixed rate of interest.

Does this product deliver "fair value" for customers?

Being a mutual building society, all our products are priced to balance the needs of our Member savers and borrowers and the Society’s operating costs to support the Society’s long-term future.

We deliver a friendly, personalised, person to person service through a local network of 6 high street branches in Stockport and East Cheshire. This is supported by online digital processes and a dedicated telephony service to quickly resolve any enquiries.

Our rates are competitive in comparison to similar organisations. Better rates may be available from other providers who do not offer the same personalised service.

We believe the rate of return and the customer support provided alongside this product, represents fair value for the customers it is designed for.

Product Summary

Account Name

Regular Saver ISA

What is the interest rate?

Including bonus

4.15% Tax Free*/AER** on balances up to £25,000

3.45% Tax Free*/AER** on balances of £25,000 and over

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

3.45% Tax Free*/AER** on all balances

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.

  • Made no more than 2 withdrawals during the period 1st April to 31st March (or from the date of opening to 31st March).

  • 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 means that interest is not subject to 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?

£1,226.91 including bonus. (Up to £25,000 interest rate tier)

£1,222.37 excluding bonus.

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

How do I open and manage my account?

Eligibility

This account is only available to UK residents aged 18 or above, living in the following postcodes: BL, CH, CW, M, OL, SK, WA or WN.

 

Opening the account

You can open an account in branch or download an application form from our website and email or post it to us.

 

Managing the account

Your transactions and balance will be printed in your passbook. You can manage your account in branch and/or by registering for our Online Services.

This account does not allow Transfers In.

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

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 higher than this amount and you will not be able to subscribe to the maximum cash ISA limit.

Deposits can be made in branch by cash or cheque, 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.

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.

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 £1.00.

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

This account 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 General Savings Terms & Conditions brochure for further information.

Additional 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 General Savings Account Terms & Conditions. In particular, 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.

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.

The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.

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

Need some more information about ISAs?

READ MORE

It's easy to apply...

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Book an appointment to speak with one of our friendly advisers in-branch or over the phone.

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Guide

DOWNLOAD FORM

Print and complete this form and email to: info@thevernon.co.uk or post to your nearest branch.

DOWNLOAD FORM

GOT A QUESTION? GIVE US A CALL

 

0161 429 6262

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
HELP CENTRE

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