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FLEXIBLE ISA (1)

The Flexible ISA gives you a flexible way to save. If you want easy access to your savings, and the ability to withdraw and replace money without affecting your annual ISA subscription limit, then this could be the account for you.

The Flexible ISA key features are:

  • Tax-free interest
  • Easy access to your savings
  • Variable interest rate
  • Interest paid annually on 1 October and added to your account
  • Save from £500 up to £250,000
  • Add to your savings* by post, online or at our Epsom branch
  • Transfers from flexible and non-flexible Cash ISAs are accepted
  • Up to 12 withdrawals available per calendar year
  • Withdrawals available from a minimum of £100
  • Withdrawals, closure and transfer to another ISA provider without access charge or loss of interest
  • Ability to withdraw and replace money without the replacement counting towards your annual ISA subscription limit
  • Replacement money must be repaid in the same tax year it was withdrawn
  • Withdrawn money from previous years’ ISA subscriptions can only be replaced in the account from which it was withdrawn

* You can add to your savings by debit card using our Online Service, by bank transfer, by cheque or by cash at our Epsom branch. To send additional savings directly from your bank account the banking details you’ll need can be found on the back of your new account Certificate. To add to your account using your debit card you will need to register for our Online Service if you are not already a user for an existing account with us. You can register once you have received your new account Certificate. For security reasons the activation code required for your first log-in after registration is sent to you by post. 

The information provided is a summary of the key features of the account and is not intended to be a substitute for reading the Product Features leaflet and General Conditions for our Savings Accounts booklet.

Summary box 

Account name

FLEXIBLE ISA (1)

What is the interest rate?

Rate effective from 24 May 2017 Tax-free1 AER2
£500+ 0.81%
  • Interest is calculated daily and paid annually on 1 October

Can the Family Building Society change the interest rate?

Yes, the interest rate is variable and may be changed. Please refer to Section 14 of the General Conditions for our Savings Accounts booklet for more information on when we may make changes to the interest rate and how this will be communicated

What would the estimated balance be after 12 months based on a £1,000 deposit?

Opening balance Projected balance (Gross) 
£1,000 £1,008.10
  • This projection assumes that the account is opened with the stated amount with no additions or withdrawals made. Projected balance is at the end of 12 months
  • All projections are provided for illustrative purposes only and do not take into account individual circumstances
  • Actual interest may depend on the date the account is opened and the date that interest is paid

How do I open and manage my account?

  • The Flexible ISA can be applied for by post, online or at our Epsom branch
  • Transfers from flexible and non-flexible Cash ISAs are accepted
  • A minimum of £500 must be deposited
  • Additions are allowed but not required on a regular basis
  • An annual statutory limit of £20,000 can be deposited, plus transfers of previous tax years' subscriptions
  • A maximum of £250,000 may be held in the account
  • Instructions for the account can be made via the Online Service, telephone, branch and post

Can I withdraw money?

  • Up to 12 withdrawals are permitted per calendar year, with a minimum withdrawal of £100, and can be paid cash, or transferred directly into your pre-nominated UK bank or building society account, or another account with the Society. Please see the ‘Taking money out’ section of the Product Features leaflet for full information
  • Withdrawals can be replaced without counting towards your annual ISA subscription limit
  • Replacement money must be repaid in the same tax year that it was withdrawn
  • Withdrawn money from previous years’ ISA subscriptions can only be replaced in the account from which it was withdrawn
  • Transfer to another ISA provider is allowed

Additional information

TAX STATUS: Tax-free (the future tax treatment of Individual Savings Accounts may vary)
 
This issue may be withdrawn at any time without prior notice.

1 Interest is paid tax-free as it is currently exempt from income tax. The future tax treatment of Individual Savings Accounts may vary. 

2 AER stands for Annual Equivalent Rate and illustrates what the annual rate would be if interest was compounded.

All financial information correct on 24 May 2017.

You can apply online, in our branch or download an application pack

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How to apply – Transfer of an existing Cash ISA only

You can apply to transfer an existing Cash ISA to a new Flexible Cash ISA Account in the following ways:

  • By post: Download an application pack
  • By visiting our Epsom branch, which can be found in Ashley Square, Epsom, Surrey, KT18 5DD
  • Request an application pack over the phone: Call us on 03330 140141

Please note, you can’t apply online to transfer an existing Cash ISA into a new Flexible Cash ISA if you are not adding new money as part of this year’s ISA subscription. However, you will be able to manage your account online once it has been opened.  If you are a new customer, you should wait to receive your new ISA account number from us before registering for our Online Service. Your account number will be sent to you once the transfer has been completed and your new account opened.  If you already use our Online Service, you do not need to register again to view the account once it has been opened.

To transfer your existing Cash ISA to the Family Building Society, you will need to complete and send us both a Flexible Cash ISA application form (click on “Download an Application pack” above right) AND a Cash ISA Transfer Authority Form. We will then notify your current ISA provider so that the transfer can begin in line with their terms and conditions. The process can take up to 15 working days from receipt of an application form and transfer request form to the new account being opened.  It varies depending on the speed with which your existing ISA manager responds to our request.

How to apply – Current year’s ISA subscription

You can apply to open a Flexible Cash ISA Account with money for this year’s ISA subscription in the following ways:

  • Online   
  • By post: Download an application pack
  • By visiting our Epsom branch, which can be found in Ashley Square, Epsom, Surrey, KT18 5DD
  • Request an application pack over the phone: Call us on 03330 140141

Please note, if you are a new customer to the Family Building Society and you apply online, the activation code needed to use the Online Service to view and manage your account will be sent to you when your new account is opened.

If you are transferring an existing Cash ISA to the Family Building Society as well as adding money as part of this year’s ISA subscription, you will need to complete a Cash ISA Transfer Authority Form as well as a Flexible Cash ISA application form (obtained either from your online application or the “Download an Application pack” link above right). On receipt of these we will then notify your current ISA provider so that the transfer can begin in line with their terms and conditions. The process can take up to 15 working days from receipt of an application form and transfer request form to the new account being opened.  It varies depending on the speed with which your existing ISA manager responds to our request.

Operating an account on behalf of someone else

This account is available for operation by Third Parties, Attorneys and Deputies. For information on how to set up any of these on your accounts please refer to our FAQs page where all the information you should need can be found.

If you have already set up Power of Attorney, a Deputy or Third Party and wish to open this account, please also refer to our FAQs page where you can find details of the forms we require.

If you have any further account opening queries please contact our New Business Team on 03330 140141.

Use of a debit card to deposit savings

Please note that the debit card you use to deposit money via the Online Service should be registered to the address we hold for you. 

Debit card transactions are subject to approval by your bank and may be declined if you do not have sufficient funds available in your bank account or the transaction exceeds your bank's anti-fraud limits.

Inheritance of ISA savings

If you would like to find out more about the features of inheriting ISA savings from a spouse or civil partner, please visit our FAQs page where you can find more information.

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Family Building Society
Ebbisham House
30 Church Street
Epsom
Surrey KT17 4NL
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