Save more, enjoy more - Simply Cash ISA

Summary Box - Key Product Information for our Savings Accounts
Account Name Simply ISA - Existing Members Prior to 22nd March 2013 Only
Interest Rates (AER's) Gross PA % Net Equivalent PA % AER% (Gross)
Variable rate of interest paid annually
Tax Status Tax Free
Conditions for bonus payment N/A
Withdrawal Arrangements Instant Access


Branch and Post


£1 - £15,240
(maximum investment 2015/2016)
Age 16+
Transfers in all tax years No


At Harpenden we want to help you to make more of your savings and the Simply ISA does just that!

It offers flexibility of savings within limits you can afford. All of the interest that you earn in your Simply ISA account will be tax free.

You can choose to have the interest paid to you or leave it to grow in the account where it will earn even more interest. Simply ISA does not satisfy the minimum standards for the deposit based ISA Stakeholder products. The Society is not a provider of Stocks and Shares ISA accounts.

How does it work?
Simply ISA is a savings plan designed to operate within Government guidelines (and as such it is the Government which is responsible for the tax treatment of this product), which allows you to save without the deduction of income tax (at the applicable rate) on the interest. Simply ISA is a Cash ISA account which gives you the opportunity to invest in a cash deposit account with Harpenden Building Society.

The maximum investment limit for the 2015/2016 tax year is £15,240.

You can invest either the whole amount into your cash ISA, a stocks and shares ISA or combination of both.

You are not allowed to subscribe more than the overall subscription limit in total to a cash ISA and a stocks and shares ISA in the same year.

Please be aware that while under the age of 18 years the investor may only subscribe up to £15,240 into a Cash ISA.


How much can I save?
You only need £1 to open a Simply ISA account. The minimum investment level must be maintained for the account to remain open. The amount that you are allowed to invest in each tax year applies to the total of the deposits made, not the balance of the account.

If you decide not to save in any tax year you can resume later on, but please note that the maximum investments apply per tax year.

You have the option to make regular or lump sum investments when it suits you. Ideally, you could start each tax year with the maximum investment - this will bring you the greatest benefit - but you can start with an initial investment of £1 and add to it when you want to.

Once you have opened your Simply ISA account, you are also welcome to save by regular monthly instalments. Whichever way you choose, you will be saving the tax efficient way. A passbook will give you a record of the transactions that you have carried out. Please present it every time you pay into your account or make a withdrawal.
How is interest paid?
Your Simply ISA account will receive gross interest added annually to the account on 5th April at the variable Simply ISA rate. If you prefer, interest can be paid to another Society account or direct to an account you hold with another institution.
Tax returns
You do not need to give details of your ISA on your Tax Return.
Paying money in
Money can be added into your account, up to the annual limit, by any of the following methods:
  • Cash (up to £3,000 per day) or cheques can be paid in over the counter
  • You can ask your bank to arrange a direct transfer once your account has been opened
  • You may also pay cheques into your account by post
Our Freepost address is: Harpenden Building Society, FREEPOST SB165, Harpenden, AL5 4BR

When making cheques payable to Harpenden Building Society you should also include the name of the person(s) into whose account the money is being paid (e.g. Harpenden Building Society - Account holder's name). If you are paying cheques into your account they will take six working days to clear from the day after receipt. You will also earn interest from the day after receipt.

Taking money out
It is simple with our ISA. At any time you can withdraw all, or part, of your savings without giving notice or paying a penalty. Also, no tax is deducted.

You can withdraw up to £500 in cash per day over the counter or a maximum of £10,000 by cheque per day.

If you would like a cheque for a larger amount, please let us know in advance as special arrangements may need to be made.
Opening an account
If you are an exisiting member please contact one of our branches for the application form in the first instance.
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