fixed rate cash isa 2
Do you want to earn tax-free interest on your savings, at a rate fixed rate of interest?
Click here for the summary box - key product information for this savings account.
If you want to earn tax-free interest on your savings and like the certainty of knowing what your interest rate will be until 31 July 2010, a fixed rate cash ISA could be for you. You can open our fixed rate cash ISA savings account with £3600 and earn up to 2.00% gross fixed until 31 January 2010, then changing to 3.00% gross fixed until 31 July 2010. The Annual Equivalent Rate is 2.50%.
This fixed rate cash ISA has been designed to run continuously, but we will fix the interest rate for a twelve month period from 1 August each year. If you do need to access your money, you can make a withdrawal, close the account or transfer it to another ISA provider without losing interest for a 7 day period from 1 August. Of course, sometimes the unexpected happens and you may need a withdrawal at other times during the year. You can do this, but you will lose interest on the amount you withdraw.
So if you want to make the most of tax-free savings, take a look at our fixed rate cash ISA account.
What are the full terms and conditions?
- Account name:
- Fixed rate cash ISA 2
- Maturity date:
- 31/07/2010
- Minimum amount to open the account:
- £3,600.00
- Investment conditions:
- You must open this fixed rate cash ISA with at least £3,600. Including the amount you open the account with, you can pay in up to £5,100 in the tax year in which you opened the account.
In following years, providing the account remains an open issue, you can pay between £1 and £5,100 into the account each tax year. Once you reach the maximum yearly limit, you cannot pay any more money into the account (including money to replace any withdrawals you have made) until the next tax year. - Withdrawal conditions:
- You can withdraw money or close the account, but you will lose 90 days' interest on the amount you withdraw. However you will normally be allowed 7 days from 1 August each year in which to make a partial withdrawal, close the account or give notice to transfer it to another ISA provider without incurring any interest charge.
If the balance in your account falls below £3,600 but remains at £500 or above, interest will be earned at the rate equivalent to the £1+ band of our Instant Access Account. If the balance falls below £500 the account will be closed, subject to a loss of 90 days' interest on the amount withdrawn. - Interest payment:
- We work out interest every day and add it to your account on 31 July.
- Eligibility:
- You must be aged 16 or over to open this account. You can only open a fixed rate cash ISA in your name. Joint accounts are not allowed.
We will not accept transfers into this account from Darlington Building Society cash ISA holders or from other cash ISA providers. - Maturity:
- This fixed rate cash ISA has been designed to run continuously. Prior to 31 July each year we will write to tell you what the interest rate will be from 1 August for the following 12 months. You will normally be allowed 7 days from 1 August each year in which to make a partial withdrawal, close the account or give notice to transfer it to another ISA provider, without incurring any interest charge.
- Other features:
- Every adult has an annual ISA investment allowance of £10,200. You can save up to £5,100 of that allowance in cash with one provider. You can invest the rest of the £10,200 in a stocks and shares ISA with either the same provider or a different one.
You can invest in two separate ISAs each tax year; a cash ISA and stocks and shares ISA.
At the moment the Government have no plans to stop offering ISAs.
The Government cannot guarantee the favourable tax treatment of ISAs and the situation may change in the future. - Notes:
- As this fixed rate cash ISA is a Limited Edition it may be closed to investors at any time without notice. After the fixed rate cash ISA has been closed, we will not allow new accounts to be opened or transfers in from other ISA providers.
The Financial Services Authority is the independent financial services regulator. It requires us, Darlington Building Society, to give you this information to help you decide whether our fixed rate cash ISA is right for you.
The interest rate has been fixed intially until 31 January 2010. After this date, the interest rate will be 3.00% gross/2.50% AER, fixed until 31 July 2010. If the fixed rate cash ISA is closed prior to either of these dates, the interest rates quoted below will not be achieved. AER correct as at July 2009.
Current interest rates
| Amount | Gross | Gross AER # | Net |
|---|---|---|---|
| £3600+ | 2.50% | 2.50% | N/A |
Please make sure that you have read and fully understand the full terms and conditions before you decide to open this account. If you need any further information please telephone 01325 366366, email sales@darlington.co.uk or contact your local branch.
You should also read our general terms and conditions which you can download to the left of this page and which also form part of the terms and conditions of this account.
We are part of the Financial Services Compensation Scheme.
# - A.E.R. stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once each year.
