Education ISA (issue 2)
Benefits to you
- Competitive rate of currently 3.45% tax-free/AER variable
- Low minimum opening balance of £100
- Additions at any time (subject to HM Revenue & Customs limits)
- Unlimited withdrawals (subject to 90 days' notice) penalty free
- Transfers in from other providers accepted
|
Interest rate % |
Product name |
Min opening balance |
Withdrawal options | Save up to (Max) |
|---|---|---|---|---|
| 3.45% | Education ISA (issue 2) | £100 | 90 days' notice | £250,000 |
Summary box
Account name
Education ISA (issue 2)
What is the interest rate?
Tax-Free/AER: currently 3.45%
If your balance falls below the minimum operating amount the interest rate payable on the remaining balance for that calendar year will be equivalent to the Society's Extra Ordinary Account rate: TAX-FREE/AER: currently 1.45% variable.
AER: Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year
Can Teachers Building Society change the interest rate?
The interest rate for this account is variable, meaning that it can be changed at any time in accordance with sections 6.4, 6.5 and 6.6 of the applicable terms and conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?
The estimated balance after 12 months based on a £1,000.00 deposit would be £1,034.50. This amount is based on the assumption that all terms and conditions for the account are met.
How do I open and manage my account?
Opening your Account
- The minimum opening balance and minimum operating balance for this account is £100.00 with maximum savings of £250,000.00
- This account can be opened online or by post
- The minimum age to open this account is 18
Managing your Account
- This account can be operated online or by phone
- You can register and log in to your account here once opened
Available to teachers (including retired teachers) and other education professionals only
Can I withdraw my money?
Withdrawals and closures may be made with no loss of interest following 90 days’ notice by phone or online. Immediate withdrawals are not permitted. When you wish to make a withdrawal, you can log into your 'My Accounts' service or contact us via telephone to request the funds. The Society will then transfer the money to your nominated account by the Faster Payments Service. Your funds will then be available to you on the next working day, so please take this into account when making a withdrawal (this is not suitable if you think you may need the money on the same day).
This account is designed for people who do not need immediate access to their funds, as immediate withdrawals are not permitted. This is not a flexible ISA, therefore any withdrawals made will be taken from the current tax year subscription allowance and cannot be replaced.
If you wish to transfer your ISA to another Teachers Building Society ISA or another provider, please contact us.
Will I get charged to operate my account?
The normal day to day operation of your account is free of charge. However there are some additional services that we may charge you for. These are as follows:
• Withdrawals by telegraphic transfer: If you ask us to transfer money to your bank as a same day transfer - £25.00
• Unpaid/returned cheques: If your bank or cheque issuer does not honour your cheque and we reverse the payment from your account - £7.00
Additional information
- Your interest is calculated daily and credited to your account annually (on 5th April)
- This product may be withdrawn at any time and without notice
- You can save up to £20,000 in each tax year - This can be invested in various types of ISA. For more information regarding the ISA allowance please visit www.gov.uk/individual-savings-accounts.
Open your account online
- Application takes minutes
- Minimum opening/operating balance £100. Maximum savings £250,000
Are you an existing member?
Existing Teachers Building Society ISA holders who wish to transfer savings from one ISA product to another within the Society can use out internal ISA transfer form.
For existing Teachers Building Society ISA holders only
Existing TBS member ISA transfer form
Once you have completed this form you can email it to us at memberservices@teachersbs.co.uk or post it to FREEPOST, Teachers Building Society, Allenview House, Hanham Road, Wimborne, Dorset BH21 1BR
Terms & conditions
We recommend that you review our savings T's and C's before completing an application form.
FSCS protection for your savings
The Financial Services Compensation Scheme (FSCS) is a free, independent service that protects up to £85,000 of your eligible deposits at Teachers Building Society.