Clockwise increase interest rate to 5.5% on Mini Cash ISA account!
What is an ISA? ISAs are a scheme of tax-free investment introduced on 6 April 1999 to replace TESSAs and PEPs. Currently the ISA scheme will run until 2010.
Available ISAs. Although there are two groups of qualifying investments, Clockwise only offer Mini Cash ISA’s. More information on Maxi and non cash ISA’s is available on HM Revenue and Customs website. NOTE: You cannot subscribe to a Maxi and a Mini ISA in the same tax year.
Tax relief. All interest paid by Clockwise on an ISA investment is payable without deduction of income tax at source. Subject to the terms and conditions of the Clockwise ISA you may make withdrawals from or close an ISA without the loss of tax exemption (favourable tax terms of this investment may not be maintained). Unless we receive 45 days notice of account closure, we will deduct 45 days interest when closing your account.
Interest Payments. We will notify you in writing 30 days before any changes to the interest rate to be applied to your account. Interest will be paid on the savings account based on the notified interest rate, from time to time, applied on the daily balance and credited to the Mini Cash ISA account on the 1st of April each year. From March 1st 2007, the intrest rate will be increased to 5.5%.
ISA Statements. An annual statement will be issued in April each year. Interim statements are available on request.
Subscription limits. The annual subscription limit for Clockwise Mini Cash ISA for all tax years up to and including 2009- 2010 is £3,000 p.a. Subscriptions can be made by a lump sum investment or regular savings, but interest paid may vary (see notified interest rates).
Withdrawals. All withdrawals are subject to 45 days notice in writing to our office. In exceptional circumstances withdrawal without notice will be considered, but will be subject to loss of 45 days interest on the amount withdrawn. Withdrawals from an ISA have no effect on the subscription limit. For example if you invest £3,000 into a Mini Cash ISA on 1 May 2005 and withdraw £2,000 on 1 August 2005 you cannot make any further subscriptions to that Mini Cash ISA during the 2005-2006 tax year as the annual subscription limit has already been reached.
These Terms and Conditions should be read in conjunction with our main Mini Cash ISA Terms & Conditions.
Application Form (PDF, 193 kb). Mini Cash ISAs are available to the members of Clockwise Credit Union. To apply, please fill in the Application Form and post it with a cheque (if applicable) to Clockwise (20 Pocklingtons Walk, LE1 6BU, Leicester) or bring to any of our information points. If you are not a member of Clockwise Credit Union and would like to invest in our Mini Cash ISA, please visit one of our information points to join the Credit Union and apply for the Mini Cash ISA.
Transfer-in from another provider. If you currently have any ISAs with other providers and would like to transfer them to Clockwise Credit Union, please complete both the Application Form and the Transfer Instruction Form and forward them to Clockwise (how contact us).
Mini Cash ISA Terms & Conditions (PDF, 83 kb).
Updated: March 2007.