Savings & Investments from The Catholic Building Society

ISAs are tax-free investment schemes introduced on 6 April 1999 to replace TESSAs and PEPs. The ISA scheme will run initially for ten years but will be reviewed every seven years to decide whether any further changes will be necessary after ten years.

There are three groups of qualifying investments:-

The cash component
The stocks and shares component (which may include insurance)

The make up of an individual ISA can include different elements as follows:-

Maxi ISA – This is made up of both components
Mini ISA – Made up of a single component

Check the current interest rates.

Tax relief

All interest paid by the Society on an ISA investment is payable without deduction of income tax at source. Subject to the terms and conditions of the Catholic Building Society ISAs you may make withdrawals from or close ISAs without loss of tax exemption (Favourable tax terms of this investment may not be maintained.)

Annual subscription limits

The current limits are as follows:

	Up to 5 April 2010
Mini Cash ISA	£3,000

Withdrawals

Withdrawals from an ISA have no effect on the subscription limit. For example if you invest £3,000 to a Mini Cash ISA on 1st May 2005 and withdraw £2,000 on 5th August 2005 you cannot make any further subscriptions to that mini ISA during the 2005-2006 tax year as the annual subscription limit has already been reached.

Opening your Mini Cash ISA

Please Download and print the application form below

Mini Cash ISA Application Form - PDF document 37k

Please complete your personal details and sign the declaration.

Mini Cash ISA Transfer IN Form - PDF document 100k

Mini Cash ISA Transfer Notes - PDF document 97k

Proving Your Identity

To comply with UK Money Laundering Regulations we have to verify the identity of any person who wishes to open a savings account with us; we use an electronic verification system to do this. In some cases, for instance if you have recently moved house or you are not listed on the electoral role, we may need to ask you for additional proof.

The documents that we may ask you to provide are:

Proof of who you are

Current signed passport
Current UK photocard driving licence
Current full UK (old style) driving licence
Evidence of entitlement to state benefit, pension, tax credit, etc

Proof of where you live

Council tax bill for the current year
Recent utility bill – the bill/statement must be no more than 3 months
Bank statement – old and must not be printed off the internet.
Credit card statement - Mobile phone bills are not acceptable.
Recent mortgage statement
Current UK photocard driving licence *
Current full UK (old style) driving licence*
Evidence of entitlement to state benefit, pension, tax credit*

* If you use these documents to prove who you are, they cannot also be used to verify where you live.

Please note

We can only accept original documents.

Choose which ever method suits you best, let us have your form and cheque (made payable to Catholic Building Society, please also quote your surname on the payee line) and we will do the rest.

Catholic Building Society
FREEPOST
London
SW1P 2YZ

Or you are welcome to make a personal call at our Westminster Office.

To find out more about ISAs read the Inland Revenue's IR2008 ISAs publication pdf document 240k

Terms and Conditions

Operation of ISAs
These ISAs are offered in accordance with the Treasury Regulations in force for the time being, which may be amended from time to time.
Eligibility
You may open a Mini Cash ISA if:
1. You are aged 16 years or over
2. The Mini Cash ISA is held by you solely on your behalf
3. You are not subscribing to a Mini Cash ISA with another institution during the the tax year.
Initial Investment
The initial investment must be for £100 or more, subject to the current annual subscription limit.
Further Investment
Additional funds may be deposited into the Mini Cash ISA at any time, subject to the current annual subscription limit.
Payment of interest
1. Interest is calculated on a daily basis, and is at a variable rate. It will be credited to your account after the close of business on 31 December each year.
2. Interest must be credited to your account
3. All deposits will earn interest immediately, upon receipt.
Withdrawals
You may make up to two withdrawals per tax year from the ISA.
Transfers
1. You may transfer your Mini Cash ISA to another eligible cash mini ISA operator by giving us 28 days prior written notice and subject to clearing and settlement of any outstanding transactions.
2. A transfer charge of £30 will apply if you are unable to give us 28 days notice. This charge may vary from time to time.
Variation of Terms
Catholic Building Society may remove, change or add to the Terms and Conditions at any time. You will be notified of any such change in writing prior to the change taking place.
Compensation Scheme
The Society is a member of the Financial Services Compensation Scheme.