Clockwise interest rate now 2.5% on Cash ISA account.
What is an ISA? ISAs are a scheme of tax-free investment and savings introduced on 6 April 1999.
Available ISAs. Although there are two groups of qualifying investments, Clockwise only offer Cash ISAs. More information on non cash ISAs is available on HM Revenue and Customs website.
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 Cash ISA account on the 1st of April each year. From April 5 2009, the interest rate will be 2.5%. 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 Cash ISA is £5,100 p.a. or as anounced by HMRC. 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withdrawal without notice will be considered, but will be subject to loss of 45 days interest on the amount withdrawn.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 £3,600 into a Cash ISA on 1 May 2009 and withdraw £2,000 on 1 August 2009 you cannot make any further subscriptions to that Cash ISA during the 2009-2010 tax year as the annual subscription limit has already been reached. These Terms and Conditions should be read in conjunction with our main Cash ISA Terms & Conditions.
What is an ISA? ISAs are a scheme of tax-free investment and savings introduced on 6 April 1999.
Available ISAs. Although there are two groups of qualifying investments, Clockwise only offer Cash ISAs. More information on non cash ISAs is available on HM Revenue and Customs website.
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 Cash ISA account on the 1st of April each year. From April 5 2009, the interest rate will be 2.5%. 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 Cash ISA is £5,100 p.a. or as anounced by HMRC. 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 £3,600 into a Cash ISA on 1 May 2009 and withdraw £2,000 on 1 August 2009 you cannot make any further subscriptions to that Cash ISA during the 2009-2010 tax year as the annual subscription limit has already been reached. These Terms and Conditions should be read in conjunction with our main Cash ISA Terms & Conditions.
Application Form (PDF, 193 kb). 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 Cash ISA, please visit one of
our information points to join the Credit Union and apply for the 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).
Cash ISA Terms & Conditions (PDF, 83 kb).
Updated: March 2009.
