C&G Cash ISA

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

If you pay in the maximum amount and then make a withdrawal you will not be able to make further deposits until the next tax year.

Adding and withdrawing money

Additions and withdrawals can be made at any C&G branch or by post

Making additions

At any C&G branch
By post(cheque only)
Minimum addition – no minimum
Maximum addition - £1,000 cash a day / annual cash ISA subscription limit for cheques

You can make the most of your tax-free allowance by saving up to the annual cash ISA subscription limit as soon as you can each tax year, ideally on 6 April.

You can save the full amount in one go or, if you prefer, you can pay in smaller amounts whenever you like.

To ensure that you make the most of your full ISA allowance each year, if you have another C&G savings account (with the exception of a Fixed-Rate Bond) you can ask to use it as a 'feeder' for your ISA in future years. This means that once you have opened a C&G Cash ISA we will transfer the full annual allowance automatically every year from the feeder account into your ISA on 6 April (or if 6 April is a non-working day, on the first working day after this date).

Making withdrawals

At any C&G branch
By post(cheque only)
Minimum withdrawal – no minimum
Maximum withdrawal – total cleared balance

The annual cash ISA subscription limit is the most you can pay in each tax year. So if you have paid in the maximum allowed in total and then make a withdrawal you cannot top your account back up again. 

Receiving Interest

Accounts opened on or after 8 March 2010 will receive an annual interest rate bonus of 1.70% for the first twelve months following account opening. At the end of the twelve-month introductory bonus period rates without bonus will apply.

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.

HM Revenue & Customs sets an annual ISA allowance, 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 2012, the annual ISA allowance is £11,280.

The following table explains your options for investing in a cash or a stocks and shares ISA.

Interest paid on your cash ISA is tax free. Tax treatment depends on your individual circumstances and may change.

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

Transferring another cash ISA to a C&G Cash 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 Cash ISA provided you are resident in the UK and are ordinarily resident here for tax purposes.

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 if I change my mind about the account?

From the date you open your C&G Cash ISA, 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 cash ISA. This means that, provided the money in your account has not been transferred in from another cash ISA, you will be able to subscribe to another one during the current tax year. If you close your account after the cancellation period, however, under ISA rules you will not be able to subscribe to another 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 -  242k
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