C&G Fixed Rate ISA - Issue 5

Choosing the right cash ISA

The following important information for the C&G Fixed Rate ISA product should be read in conjunction with the C&G savings handbook.

Adding and withdrawing money
 

Making additions

By post (cheque only) or at any C&G branch.

If you don't use your full allowance to open your account, you can add more to it, up to your allowance, until 15 March 2012. You will not be able to add more to your account after this date.

Making withdrawals

By post (cheque only)
Minimum withdrawal – no minimum
Maximum withdrawal – total cleared balance

All withdrawals are subject to a charge equivalent to 120 days' gross interest on the amount withdrawn (which will be deducted from your account balance). If you make a withdrawal, the interest rate stated for the C&G Fixed Rate ISA you opened will not be achieved.
 

ISA rules

These are Government rules and could change at any time.

You can subscribe to only one cash ISA in any one tax year.

Each tax year, the Government sets an annual ISA subscription limit, part of which can be saved in a cash ISA and the remainder in a stocks and shares ISA. Alternatively, you can invest the whole amount in a stocks and shares ISA.

From 6 April 2011, the annual ISA allowance is £10,680 for all customers.

The following table explains how much of your annual ISA allowance you can invest in a cash ISA and how much in a stocks and shares ISA.

• • You can open and run a cash ISA and a stocks and shares ISA in the same tax year with either the same or different
•    ISA providers.
• • Money held in a cash ISA can be transferred into a stocks and shares ISA, but not the other way round.
• • You can open and run a cash ISA and a stocks and shares ISA in the same tax year with either the same or different
•   ISA providers.
• • Money held in a cash ISA can be transferred into a stocks and shares ISA but not the other way round.
• • If you invest the maximum amount in a cash ISA in any tax year and then transfer that amount into a stocks and
•   shares ISA, you can then invest in another cash ISA up to the maximum  amount following the transfer, as though the
•   subscription to the first cash ISA had been made directly into the stocks and shares ISA.

For the interest paid on your C&G Fixed Rate ISA to be exempt from income tax, your account must be operated within the rules laid down by the Government, all of which are shown in the C&G Fixed Rate ISA terms and conditions. Please note that the favourable tax treatment may not be maintained if any of the rules are broken, a change to your circumstances means that you no longer qualify for an ISA, or the Government alters the rules of the ISA scheme or withdraws it altogether.

The C&G Fixed Rate ISA does not meet the requirements of a deposit-based stakeholder product.  

Transferring another cash ISA to a C&G Fixed Rate ISA

To transfer an existing cash ISA to us from another provider, we'll ask you to complete a Transfer Application form and a Transfer Instruction form. Once we have your completed cash ISA transfer authority form, we’ll ask your existing provider to transfer the money to us. We’ll pay interest at your new ISA rate from the day your money leaves your existing account, ensuring you earn interest everyday of the transfer process. The transfer process should take no more than 15 working days, but if it takes longer, we’ll pay you interest at your new ISA rate from the 16th working day, as long as your money was able to be transferred when we first made the transfer request. We will keep you updated on our progress.

For more information about the new ISA Transfer Guidelines, please visit the BBA Website at www.bba.org.uk/consumer-guide-to-cash-isa-transfers. Remember, if you have not already subscribed the maximum amount in a cash ISA for the current tax year, you can make additional payments subject to ISA allowance rules.

Who can hold one of these accounts?

Anyone aged 16 or more can open a C&G Fixed Rate ISA provided you are resident in the UK and are ordinarily resident here for tax purposes.

Cash ISAs can be held in the name of one person only - you cannot open a joint account - and you must be saving as an individual (not on behalf of a company, club, charity, trust etc). You can pay into ('subscribe to') only one cash ISA each tax year.  

What happens when my C&G Fixed Rate ISA matures? 

When your C&G Fixed Rate ISA matures, your account will be converted automatically into the postal version of the variable-rate C&G Cash ISA, which offers no-notice access.
To remind you about this, we will write to you at least 30 days before the maturity date. At the same time we’ll also provide you with conditions for the new account and the applicable interest rates.

Learn more about the C&G Cash ISA
 

What if I change my mind about the account?

Branch Based accounts:
From the date you open your account, you have a 14-day cancellation period in which you can change your mind about the account you open. If during this time you decide to switch to a more suitable C&G savings account or ask us to return your balance and interest, you will be treated as though you have not subscribed to a mini cash ISA and so will be able to subscribe to another during the current tax year. If you close your account at any other time, however, under ISA rules you will not be able to subscribe to another mini cash ISA in the current tax year. Whether you’re switching or closing your account, no notice is ever required and there's no charge.

To switch or close your account during the cancellation period, you just need to take your passbook into any C&G branch or write to us at C&G Savings, PO Box 1888, Andover, SP10 9BF. To close your account at any other time, please visit a C&G branch.

Postal accounts:
From the date you open your account, you have a 14-day cancellation period in which you can change your mind about the account you open. If during this time you decide to switch to a more suitable C&G savings account or ask us to return your balance and interest, you will be treated as though you have not subscribed to a mini cash ISA and so will be able to subscribe to another during the current tax year. If you close your account at any other time, however, under ISA rules you will not be able to subscribe to another mini cash ISA in the current tax year. Whether you're switching or closing your account, no notice is ever required and there's no charge.

To switch or close your account during the cancellation period or at any other time, please write to us at C&G Savings, PO Box 1888, Andover, SP10 9BF.
 

Other useful information

The C&G savings handbook -  185k
For more information on:

• Saving at a branch
• Saving by post
• Additions and withdrawals
• Telephone Transaction Service
• Direct Debit Guarantee
• Financial Services Compensation Scheme
• Interest rate changes
• The clearing cycle
• What if I change my mind?

Checking your identity -  32k
Before you open an account you and anyone else named on the account may be asked to provide information to confirm your identity.

Closing an account
Information on how to close a C&G savings account.

Dormant accounts
As time goes by, it's not uncommon for customers to forget about savings accounts which they have stopped using for one reason or another.
At C&G, we want to ensure our customers are reunited with the funds in these forgotten or lost accounts.

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Key product information for our savings accounts