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Stepping Stone ISA (16-20)

Summary Box

Account name

Stepping Stone ISA (16-20)

Interest rate

3.85% Tax Free***/AER**

Interest is added to the account annually on 5 April.

Can the Society change the interest rate?

The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and the protect the long-term future of the Society.

We will give you 14 days’ notice before any change that would disadvantage you, providing you have a minimum balance of £100 at the time of writing. For full details please read our General Investment Terms and Conditions.

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

Based on the current rate of interest, if you deposited £1,000 into this account, after 12 months you would have £1,038.50.

(This figure is only an estimate, based on there being no additional deposits or withdrawals in that time with all interest being added to your account. This figure is for illustrative purposes only and does
not take into account your individual circumstances.)

How do I open and manage my account?

To open this account:
• You need to be aged between 16 and 20 inclusive.
• Provide an opening investment of £10 up to the maximum annual ISA limit set by HM Revenue & Customs (HMRC). Please speak to a member of staff or refer to our website for the current ISA subscription limits.
• Be an existing member or a new member resident in postcode areas AL, CB, CM, CO, IP, LU, MK, NR, PE or SG.
• Be a permanent UK resident.
• Have a National Insurance number.

To open an account, you must complete the appropriate application form. You can visit any of our branches with your opening investment of cash or cheque or apply by post by sending the application form with an opening cheque. You will be asked to provide proof of identity. This is to reduce the risk of fraud and is in line with anti-money laundering legislation. Acceptable forms of identification are detailed in our ‘Verifying your name and address’ leaflet. Alternatively, our staff will give you full details.

If you change your mind:
If you are not happy with your ISA within 14 days of opening it, we will help you switch accounts or return your savings with interest.

How do I manage my account:
• You need to keep a minimum of £10 in the account.
• The overall maximum that can be held in this account is £250,000.
• You may invest up to the maximum annual ISA limit in a single tax year by cash, cheque or standing order.
• The maximum annual cash limit is set by HMRC. Please speak to a member of staff or refer to our website for the current ISA subscription limits.
• Remember that you can only subscribe to one cash ISA with one provider in any tax year, however you can invest up to the maximum annual ISA limit across other types of ISAs.
• This is not a flexible ISA. Where the maximum subscriptions have been made in a tax year, no further deposits can be accepted. This applies even if you withdraw some of this money during the tax year.

Can I transfer in my ISA from another ISA Manager?
Yes, you can transfer in an ISA from another ISA Manager, provided you have not exercised any flexible option.

Can I withdraw money?

• Yes, this is an instant access savings account so you can get access to your money whenever you need it or transfer to another ISA Provider.
• If you’ve subscribed to your ISA, then closure of the account would mean that you are unable to open another Cash ISA within the same tax year.
• This is not a flexible ISA. Where the maximum subscriptions have been made in the tax year, no further deposits can be accepted. This applies even if you withdraw some of this  money during the tax year.

Can I transfer out my ISA to another ISA manager:
You can fully or partially transfer out your ISA, subject to any conditions imposed by your new ISA Manager.

What happens when I reach 21?
The Society will write to you to confirm that the account has been transferred to an instant access ISA available at that time. The terms and conditions and interest rate applicable to that new account will then apply.


This represents the Terms and Conditions for Stepping Stone ISA and should be read in conjunction with the Cash ISA Key Features Document, General Investment Terms & Conditions and our Customer Information booklet.

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

AER (Annual Equivalent Rate)**
A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once each year.

Customer complaints
Although we do all we can at Suffolk Building Society to provide a first class customer service, sadly from time to time things do go wrong. We are keen to be aware of your concerns as they help us to identify ways in which we can improve the quality of service and possible training needs.

We are committed to ensuring all complaints are fully and fairly addressed. If you have a complaint please let us know by visiting any branch or agency, or call 0330 123 0723 and we will do our very best to resolve the problem. A leaflet is available detailing our complaint procedure. You can request a copy of this at any time.

Changes to these terms
Any changes in terms will be displayed in our branch offices. At least thirty days’ notice will be given of any changes to your disadvantage.

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

Retail Banking Conduct of Business
Suffolk Building Society complies with the Retail Banking Conduct of Business which set standards of good practice for building societies and banks.


Open your savings

To open a new account, you must be an existing member or a new applicant resident in our local postcode areas AL, CB, CM, CO, IP, LU, MK, NR, PE or SG.

If you’re ready to open your savings account by post you’ll need to do the following:

  1. Download, read and accept the terms and conditions
  2. Read and retain the Financial Services Compensation Scheme (FSCS) information sheet
  3. Read and retain the Privacy Notice
  4. Print the application form by clicking this link, fully complete and sign it. Then email it to us or pop into branch

We will require proof of your identity to open a new account if you are a new customer. For existing members we may request identification, for example if your records with us are incomplete. Read more about proof of your identity by clicking here.

Completed application forms should be posted to Suffolk Building Society, Freehold House, 6-8 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ.


Useful downloads.

Stepping Stone ISA – Terms and Conditions


ISA Application Form


Cash ISA or Matured CTF Transfer Authority


FSCS Information Sheet


Privacy Notice


Proof of your identity


Standing order form


ISA Key Facts


General investment terms & conditions


Customer Savings Information FAQs


Savings tariff of charges


Guidance for people wanting to manage a bank account for someone else


You and Your Joint Account


Interested in opening a savings account?

Get in touch

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