This means that - unlike the dividends that Commsave's other savings products offer - the Fixed Rate Cash ISA provides a guaranteed rate of return of 3.5% until 5th April 2025.
New Fixed Rate Cash ISA applications are currently being accepted for any members who joined on or before 1st April 2023.
Commsave are now offering a Fixed Rate Cash ISA, which means your money will be locked away until 5th April 2025, but the interest rate will remain fixed during this period.
The interest rate on this product is 3.5% - fixed until 5th April 2025.
If you require access to your funds during the fixed term period, you will need to close the account with us and you will incur a 60-day interest penalty.
You can only have one 'active' cash ISA every year. This means that you can’t open multiple cash ISAs in a single tax year.
An ISA is an Individual Savings Account that offers tax-free interest payments. You can find out more about how ISAs work on the Government website here.
At Commsave we offer a Cash ISA.
Our Fixed Rate Cash ISA means that the interest rate is fixed until 5th April 2025, however no withdrawals are permitted during this period. See 'How can I withdraw?' below for more information.
The amount you can pay into an ISA is set by HMRC. You can find information on the current tax year limits on subscriptions here. You can check how much you have already paid in for the tax year by checking your statement online, or requesting the information from the office.
There are two ways to pay into your ISA:
1. Bank transfer to Commsave Credit Union Ltd
Sort Code: 20-61-69 Account Number: 83714675
Reference: your name, membership number and FRISA
2. Transfer funds from another saving account you hold with us.
To do this you can send us a secure message stating that you wish to transfer funds to your ISA, which savings account you wish to transfer it from, and the amount you wish to transfer.
The interest rate for this product is 3.5% until 5th April 2025.
Interest will be paid on 6th April each year or on the closure of the account.
As this is a Fixed Term Cash ISA, you cannot make any withdrawals.
If you need access to the funds before 6th April 2025, you can close the account, which will incur a 60-day interest penalty. To close the account, you can contact us to withdraw the funds or transfer the funds to another provider. If you withdraw the funds, you will not be able to put the funds back into an ISA in the same tax year, as this product is non-flexible.
Should you have any questions about your Commsave ISA, please get in touch with us via the details on our contact us page. Our team are available between 9am and 5pm, Monday to Friday, and from 9am to 1pm on Saturdays, or send a secure message via our App or website.
We will write to you at least 30 days before the end of the Fixed Rate to remind you that the rate is coming to an end and with what happens next. Your Fixed Rate Cash ISA will then revert to an Easy Access Cash ISA on 6th April 2025.
As long as you have been a member since on or before 1st April 2023 and haven't already subscribed to an ISA this tax year, you can apply for our Fixed Rate Cash ISA. You can do this by sending us a secure message via our App or website or getting in touch with us via the details on our contact us page and we can send you the form via email to esign or via post.
The account is subject to availability and we reserve the right to close to new applications at any time.
If you were a member on or before 1st April 2023, you can request an application form by logging into your account.