180 Day Notice Cash ISA (3rd issue)

Individual Savings Accounts (ISAs) were designed by the Government and are exempt from UK income tax and capital gains tax.

The information presented is based on our understanding of current law and HM Revenue & Customs practice at the time of publication. There are no guarantees that the favourable tax treatment on this account will be maintained. The Government is responsible for the tax treatment. Future changes in legislation and tax practice could affect this information. If you require further information about ISAs you can obtain a fact sheet from the Building Societies Association (BSA) website www.bsa.org.uk called ‘Individual Savings Accounts, incorporating New ISAs’.

What ISAs are available?

There are two types of ISA
• Cash ISA
• Stocks and Shares ISA

Please note: Mansfield Building Society only offers Cash ISAs.

You can subscribe to both a Cash ISA and a Stocks and Shares ISA in the same year, and you can choose different options in different years if you wish. However, the extent to which you might wish to invest in stocks and shares will be determined by a number of factors including your attitude to risk and the level of the stock market. For example, are you prepared for the value of your investments to go down as well as up? Also, if you are not a higher rate taxpayer, or likely to make significant capital gains chargeable to tax, there are no tax benefits from holding UK equity shares within a ISA.

You can have a different ISA Manager for each component. By opening a Cash ISA you will limit your eligibility for savings in equities through Stocks and Shares ISAs.

The overall ISA allowance can be split in any proportion between Cash ISAs and Stocks and Shares ISAs as long as the overall limit is not exceeded.

You can only pay into one Cash ISA and one Stocks and Shares ISA each year. The tax year starts on 6 April in one year and finishes on 5 April in the next year.

Investors under the age of 18 cannot open a Stocks and Shares ISA. However, Investors over the age of 16 can make an investment up to the annual subscription limit into a Cash ISA in addition to any amounts that have been paid into their Cash Junior ISA (if applicable).

Can I transfer my ISA to another ISA Manager?

Yes. Funds in a ISA may be transferred from one ISA Manager to another. The transfer must be arranged by the new ISA Manager directly with us.

If the transfer is to be of current years subscriptions, the whole of those subscriptions must be transferred. Funds in a ISA from previous years investments may be transferred from one Manager to another in whole or in part.

ISA Managers are not obliged to accept transfers. If you wish to make a transfer, you will need to complete a transfer application with the new ISA Manager.

You cannot transfer your ISA by closing one ISA and opening another one. This has to be done by your ISA Manager(s), otherwise you risk losing some of your ISA entitlement.

The funds and information will be sent to the new Manager within 5 working days. This will be calculated from the date we receive the transfer request. Interest will be calculated up to the day before the date of the transfer.

New Individual Savings Accounts (ISAs) are a scheme of tax-free investment managed in accordance with the Individual Savings Account Regulations 1998 (SI 1998 No 1870) as amended by the Individual Savings Account (Amendment No.2) Regulations 2014.

The account must at all times be managed in accordance with the above Individual Savings Account Regulations by an account manager and under terms agreed in a recorded form between the account manager and the account investor.

• The account opening date will be the date on which both the correctly completed application form and initial subscription are accepted by the Society.
• The account may not be held on behalf of another person other than the account holder.
• The ISA manager will satisfy himself that any person to whom he delegates any of his functions or responsibilities under the terms agreed with the investor is competent to carry out those functions and responsibilities.
• The ISA manager must notify the investor if, by reason of any failure to satisfy the provisions of the ISA Regulations, an ISA has, or will, become void.
• The account holder must be resident in the United Kingdom for tax purposes or, if not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or married to, or in a civil partnership with a person who performs such duties. The account holder must inform The Mansfield Building Society if they cease to be so resident or perform such duties or be married to, or in a civil partnership with, a person who performs such duties.

Our General Account Terms and Conditions, which is available to download from our website, provides full details of the terms and conditions applied to this and other accounts offered by us.

Where there is a conflict between information displayed on the product and the General Account Terms and Conditions, the terms of the product will apply.

The General Account Terms and Conditions are provided to all new account holders and are also available on request.

You can send your application form through the post or visit one of our branches to speak to a member of staff who will be able to talk you through the application process.

In common with other financial organisations we will need evidence of identification and proof of residency. Please see the You and Your Savings Account leaflet for details.

If you change your mind about your choice of account, you may cancel it within 14 days of the day the account is opened or the day on which you receive the terms and conditions of the account and other information on paper or electronically, whichever is later.

We will help you switch to another of our accounts or we will give you all your money back with any interest it has earned. We will ignore any notice period and any penalties relating to withdrawals or closure of the account.

All new customers opening a savings account will be required to sign a declaration agreeing to assign any windfall conversion benefits to the Charities Aid Foundation. This assignment will apply for the first 5 years of membership. Existing members with continuous membership prior to the effective date are not affected. Our Charitable Assignment Scheme leaflet provides full details.