Additional Permitted Subscription ISA

Account name

Additional Permitted Subscription ISA

What is the interest rate?

1.60% Tax Free***/AER**

Interest is added to the account annually on 5 April.

Can the Society change the interest rate?

The interest rate on this account is variable and the Society may make changes to this rate at any time. We will notify you of any changes in accordance with our General Investment Terms and Conditions.

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

If you were to open this account with £1,000 and no further deposits or withdrawals were made, after 12 months you would earn £16 in interest. This would result in a total balance of £1,016. Please note this is an illustration only and does not reflect your specific circumstances.

How do I open and manage my account?

To be eligible for this account, you need to:
• Be a permanent UK resident, aged 18 or over.
• Be a surviving spouse or civil partner of a person who held an ISA and passed away in the last three years, or if they passed away earlier, it’s less than 180 days since the administration of their estate was completed.
• You must have been living with your spouse or civil partner at the time of their death. You remain eligible for this allowance if you were separated through care at the time of their death.
• Have a National Insurance Number.

You can open an account:
• By completing the Additional Permitted Subscription ISA application form.
• Provide proof of identity. Acceptable forms of identification are detailed in our Verifying your Identity leaflet. Alternatively, our staff will give you full details.
• Provide a copy of your Marriage or Civil Partnership Certificate.
• Provide a copy of your spouse or civil partner’s death certificate.

If you change your mind:
If you cancel your Additional Permitted Subscription ISA within the 30-days, the amount subscribed does not count towards the APS allowance. You can then apply for a transfer of the allowance to a new provider of your choice.

How do I manage my account:
• You need to keep a minimum of £10 in the account.
• The maximum that can be held in this account is £500,000.
• You may deposit up to the total calculated additional permitted subscription allowance by cash, cheque or bank transfer.
• You have until 3 years after the date of death or 180 days after completion of the administration of the estate, whichever date is later, to deposit the available additional permitted subscriptions.

Can I transfer my APS Allowance from another ISA Manager?
Yes. You will need to complete an APS Transfer Authority Form. You cannot transfer an allowance where you have already made an APS subscription in respect of that allowance with another provider.
Once we’ve received your subscription, you’ll be able to transfer it to any eligible ISA in our current range, that accepts transfers in. This transfer will also be treated as previous years’ ISA subscriptions.

Can I withdraw money?

• Yes. You can get instant access to your money whenever you need it.
• Withdrawn funds lose their tax-free status unless you are transferring them to another ISA product or provider.

Additional information

Our ISA Key Facts document gives you important information about managing your ISA and should be read alongside these terms and conditions.

Tax-Free***
Interest is free of Personal UK Income Tax, your Personal Savings Allowance and Capital Gains Tax.

AER (Annual Equivalent Rate)**
A rate which illustrates what the gross rate would be if the interest was paid and added once each year. This helps you compare more easily the return you can expect from your savings over time.

Changes to these terms
Are detailed in Section 19 of our General Investment Terms and Conditions.

Customer complaints
Although we do all we can to provide a first-class customer service, sadly sometimes things do go wrong. Your concerns are important to us to improve the quality of service and identify possible training needs.
We are committed to ensuring all complaints are fully and fairly addressed. If you have a complaint, please let us know and we will do our very best to resolve the problem. A leaflet is available detailing our complaint procedure, which you can request at any time.

Financial Services Compensation Scheme
Suffolk Building Society participates in the Financial Services Compensation Scheme. For full details please ask a staff member.