Account name
Limited Issue ISA (issue 2)
When you’re ready to open your account, simply download and complete an application form.
What is the interest rate?
The variable rate below applies from 19 August 2023
- £1,000 - £9,999.99 - 3.75% Tax Free / AER
- £10,000 - £24,999.99 - 4.05% Tax Free / AER
- £25,000 plus - 4.35% Tax Free / AER
Interest is calculated daily and paid annually on 5 April.
When you’re ready to open your account, simply download and complete an application form.
Can Tipton & Coseley Building Society change the interest rate?
We may increase or decrease the interest rate at any time. Further details can be found in our Savings Terms and Conditions, available on our website, in branch or in your welcome pack.
When you’re ready to open your account, simply download and complete an application form.
What would the estimated balance be after 12 months based on a £1,000 deposit?
These estimations below assume your account is opened on 6 April with no additional deposits or withdrawals are made, interest is paid gross and compounded to the account on 5 April, and there is no change to the interest rate.
- The balance after 12 months based on an initial deposit of £1,000 with an interest rate of 3.75% Tax Free / AER (variable) would be £1,037.60.
- The balance after 12 months based on an initial deposit of £10,000 with an interest rate of 4.05% Tax Free / AER (variable) would be £10,406.11
- The balance after 12 months based on an initial deposit of £25,000 with an interest rate of 4.35% Tax Free / AER (variable) would be £26,090.48
These projections are for illustrative purposes only.
When you’re ready to open your account, simply download and complete an application form.
How do I open and manage my account?
You must be aged 16 years to open an account. Joint accounts cannot be opened. Only one account per customer, at any one time.
Transfers in from other providers are not permitted.
The minimum opening balance is £1,000.
You can open a savings account at any of our branches with no appointment needed. If you can't get to our branches then you can open your account by post, just send us your application form and a cheque payable to yourself for your opening deposit.
For opening deposits made by electronic payments, you must send your initial deposit within 14 days, or the account will be automatically closed. Additional deposits can be made by cash or cheque. You can also pay money into your account by standing order.
To open a Limited Issue ISA with us we will need your National Insurance number.
You must keep a minimum of £1,000 in your ISA for it to remain open. The maximum deposit limit for this tax year is £20,000, which can be split between both Cash and Stocks and Shares ISA's. The maximum account balance is £100,000.
You can view your balance and recent transactions on the Tipton App, available in the Google Play Store and Apple Store.
We aim to complete transfers out within 5 working days. Standard branch limits apply.
When you’re ready to open your account, simply download and complete an application form.
Can I withdraw money?
You can make three withdraws per calendar year without notice or charge, subject to our daily withdrawal limits, this also includes transfers out to other ISA providers. Further withdrawals or closure will be subject to 90 days interest lost on the amount withdrawn. Withdrawals taking the balance below £25,000 or £10,000 will result in a lower rate of interest, as noted in the ‘What is the interest rate?’ section above.
If you make a fourth or subsequent withdrawal/closure before 90 days’ notice is accrued, you will still experience 90 days loss of interest. If there is insufficient earned interest to cover the 90 days loss of interest then the difference will be taken from the balance in the account.
Please note for any withdrawals from this account where the funds have not been transferred to another ISA, the funds will no longer be eligible for the tax benefits of an ISA.
We aim to complete transfers out within 5 working days. Standard branch limits apply.
When you’re ready to open your account, simply download and complete an application form.
Additional information
Interest is paid without tax deducted.
If you decide within 14 days of opening, that the account you’ve chosen isn’t right for you, you can have your money back without charge.
If you cancel your ISA within this period you’re free to subscribe to another ISA in the same tax year. Any interest paid will be exempt from tax.
Tax-Free is the contractual rate of interest payable where interest is exempt from income tax. Interest earned on ISAs is tax-free as long as the statutory conditions of the scheme are not breached. Tax treatment depends on your individual circumstances and may be subject to change in the future.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Issued date: 19 August 2023
When you’re ready to open your account, simply download and complete an application form.
