ISA Plus is a Cash ISA. It's open to anyone aged 16 or over who is both resident and ordinarily resident in the UK for tax purposes, or a qualifying Crown employee or married to a qualifying Crown employee. You can save up to £5,100 tax-free this tax year depending on your age. See ISAs explained for more details.
Because of the tax-free nature of Cash ISAs, the interest rate is attractive. And with ISA Plus, we also guarantee that the interest rate will be no less than 1% below the Bank of England base rate. Interest is calculated daily, based on the balance in your account and is paid on 31 March each year.
You do not have to provide details of interest earned on your ISA Plus when completing a tax return.
You can make an instant withdrawal or close your account instantly. There will be no charge and interest will continue to be earned tax-free up to the day immediately before the withdrawal. The minimum you can withdraw is £10.
If you open and pay money into ISA Plus in any tax year, you will not be able to open another Cash ISA in that tax year. You can, however, take out a Stocks and Shares ISA in that tax year.
Also, if you have taken out an ISA Plus in one tax year and continue to pay money into it during the following tax year, you will not be able to open, or pay into, another Cash ISA in that tax year. See ISAs explained.
If you change your mind, you can close your account without notice or loss of interest within 14 days of the date of us receiving your ISA Plus application. Any interest earned will, however, be subject to tax. Your investment will be sent back to you within seven days.
* Interest is calculated on a daily basis and will be added to your account annually. Alternatively you can choose to take a monthly income from your account. Monthly interest is paid on the last day of each month and must be paid to a YBS account, a bank or another building society account. Therefore, to maximise your tax-free savings you should choose to have annual interest added to your account. Monthly interest is available as some investors take an income from their savings and want their ISA to form part of their investments portfolio.
| Account Name | ISA Plus |
|---|---|
| Interest rates (AERs) | Variable rate paid annually or monthly, view interest rate, AER guaranteed to be no more than 1% below Bank of England base rate. |
| Tax Status | |
| Conditions for bonus payment | N/A |
| Withdrawal arrangements |
Unlimited withdrawals, minimum of £10 withdrawal. Subject to daily withdrawal limits |
| Access | Branch or Agency |
Whether you can benefit from gross, net or tax free interest is dependent on your own personal circumstances and tax status and so may be subject to change in the future.
Effective 29 March 2009
|
Balance £ |
Interest Type |
Tax-free Rate |
AER % |
|---|---|---|---|
|
£10 and above |
Annual Interest |
0.80% |
0.80% |
|
£10 and above |
Monthly Interest |
0.79% |
0.80% |
Effective 22 February 2009
|
Balance £ |
Interest Type |
Tax-free Rate |
AER % |
|---|---|---|---|
|
£10 and above |
Annual Interest |
1.20% |
1.20% |
|
£10 and above |
Monthly Interest |
1.19% |
1.20% |
AER stands for Annual Equivalent Rate and shows you what the interest rate would be if interest was paid and added each year. This will enable you to compare more easily the return you can expect from your savings over time.
Tax-free means that interest is not subject to income tax
This savings account can be operated in various ways but must be opened at a branch or via the post.
Note: When applying for a YBS account you will need to verify your identity and address. Check our Verifying your Identity section for more details of what you may need to take with you.
Yorkshire Building Society is one of the largest building societies in the UK. We offer a range of financial products and services including: savings & investment accounts, insurance products, loans, mortgages and more.
Get in touch with us:
Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).
