If you are saving for a particular reason or simply to provide a nest egg for your future, an ISA can help you make more from the money you save.
Subscription limits for tax year 6 April 2012 to 5 April 2013
For anyone eligible to invest in an ISA, the overall annual subscription limit is £11,280.
Subject to this overall limit, you can subscribe to each type of ISA up to the limits laid out below:-
- cash ISA £5,640
- stocks and shares ISA £11,280
ISA annual subscription limits are reviewed annually by HM Revenue and Customs (HMRC) and are based on the Consumer Price Index.
Key Features of Northern Bank Cash ISA
- It helps you to maximise your tax efficient savings through cash deposits
- Any interest you earn is free from tax and you do not have to declare your ISA on your tax return
- Tiered interest rates enable you to earn more as you save more with a preferential interest rate offered on new subscriptions added to the ISA during the current tax year.
- Instant access to your account - just telephone your branch, call at your branch or use our eBanking service
- You can save by way of a lump sum and/or regular savings
- You can make withdrawals in whole or in part at anytime
- You must be aged 16 or over and resident in the UK for tax purposes to save in a cash ISA (other terms and conditions apply)
Please click here to read the key features and terms and conditions for this product.
Risk Factors Relating to Northern Bank Cash ISA
The rate of interest is variable and is subject to change in the future. Tax rules and tax levels may change in the future including the favourable treatment of ISAs.
Switching your cash ISA to us
- You can transfer money you have already saved in a cash ISA with another ISA Manager to a Northern Bank Cash ISA
- Any current year's subscriptions saved in another cash ISA and transferred to us are eligible for the preferential interest rate
- If you already hold a Northern Bank Cash ISA and you request to transfer in current year's subscriptions, you will need to open a new ISA account to receive the transfer
- Regardless of whether you are transferring current year’s subscriptions, previous years’ subscriptions, or both to us, we will pay interest on the full amount to be transferred as soon as we receive your application. This is provided that the funds are free to move and not tied up in a fixed-term or notice account.
- No maximum limits on the amount that can be transferred from another cash ISA with another provider
- We follow the industry Transferring your Cash ISA guidelines
Key Features of Northern Bank Stocks and Shares ISA
- All proceeds from your Northern Bank Stocks and Shares ISA are currently free from UK income tax and capital gains tax
- You do not have to declare your ISA on your tax return
- You can invest by way of a lump sum and/or by making regular monthly payments of at least £50
- You must be 18 or over to invest in a stocks and shares ISA
- You will have access to the CF Danske Fund range in a tax efficient manner.
Risk Factors Relating to Northern Bank Stocks and Shares ISA
Any stock market investment involves risk. The value of your investment and any income you take from it can go down as well as up. It is possible that the value may fall below your original investment and you may get back less than you originally invested. You should also be aware that past performance is not necessarily a guide to future performance and if you cash in your investment, its value may be less than you have originally invested. Before you decide to invest, it is important to understand these risks. Tax rules and tax levels may change in the future including the favourable treatment of ISAs.
The Northern Bank Stocks and Shares ISA may not be a suitable investment for you. You should consult with one of our Financial Planners in order to receive advice on your investment options as well as to receive further information on the risk factors and key features of the Northern Bank Stocks and Shares ISA.
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