Clydesdale Bank’s Cash ISA 40 Day Notice Account gives you the opportunity to save your funds, earn interest and still be able to access your funds with 40 days notice of withdrawal. When you know when you will need to withdraw funds in advance, this is one of the ways to save and earn interest within the tax year.
Tax free means the interest payable is exempt from UK tax.
Please note that from the 17th April 2015 we removed the option to transfer your ISA into the 40 Day Notice Cash ISA Account. This applies to new and existing customers. Any transfer applications already in progress will be completed subject to normal acceptance checks.
You must be aged 16 years or over and a resident of the United Kingdom to apply for a Cash ISA.
The value of any tax benefits to you depends on your individual circumstances, the Law and Her Majesty's Revenue and Customs (HMRC) practice which are subject to change. The proceeds of an ISA are currently free from UK Income Tax and Capital Gains Tax, provided all ISA conditions are met.
* You may make a withdrawal from your ISA, in whole or in part, by giving 40 days notice. If you do not give 40 days notice, a charge will apply. The charge is equivalent to 40 days gross interest on the withdrawal amount. Further details can be found in the terms and conditions. You can take your money out of an Individual Savings Account (ISA) at any time (subject to terms and conditions of the account), without losing any tax benefits. However, taking money out of your account doesn’t reset your tax-free ISA allowance. If you save up to your entire ISA allowance then withdraw some money, you can’t put anything else back into your ISA in that tax year.
** The annual ISA limit for 2015/16 is £15,240, with customers having the option to save all or some of their full allowance. You can put money into one cash ISA and one stocks and shares ISA each tax year. You can save up to £15,240 in one type of account or split the allowance across both types.
|Account name||Cash ISA - 40 Day Notice|
|Interest rates (AERs)||Refer to the Cash ISA tariff for personal customers, our website www.cbonline.co.uk or the notice displayed in branch|
|Tax status||Tax free – interest is paid gross|
|Withdrawal arrangements||You may make a withdrawal from your ISA, in whole or in part, by giving 40 days notice. If you do not give 40 days notice, a charge will apply. The charge is equivalent to 40 days gross interest on the withdrawal amount. Further details can be found in the terms and conditions. ISA withdrawals have no effect on annual subscription limits as once you have reached the investment limit in any tax year you cannot make any further subscriptions in that tax year regardless of the number or amount withdrawn from your investment.|