Limited Withdrawal Variable Rate ISA (ISAC6)

Limited Withdrawal Variable Rate ISA

Interest is variable, calculated on a daily basis and is paid annually on 5 April.

As the interest rate is variable, we may change the rate if we reasonably believe that the change is needed. If we reduce the interest on your account, we will write to you 14 days before we make the change. For full details on how and why we will change the interest rate on your account, please refer to Section 8 of the Savings Terms and Conditions.

Based on the current interest rate, if you deposited £1,000 in this account, after 12 months you would have £1,024.50. This figure is for illustration purposes and is based on no additional deposits, withdrawals or changes in interest rates within the 12 month period.

To open this account you must be a permanent UK resident. The account can only be opened in branch.

You will need to provide some identification when you open your account, details of our requirements can be obtained from your local branch, on our website or by calling 01782 255000. If you are already a Hanley Economic customer, in most
cases, this will not be necessary. When you open your account you will receive a passbook.

You can open the account with a minimum investment of £100 to the maximum £100,000. For the current ISA allowance please contact us on 01782 255000 or visit HMRC. You can add to your account at any time subject to the maximum investment limit. however no ISA transfers in from other providers are allowed. Transfers from existing Hanley ISA accounts are permitted. Once the account has been opened it can be managed either in branch and/or via the post.

You can withdraw up to 3 times per tax year without notice or penalty up to £500 in cash and £70,000 by cheque on demand from our branches or by sending us your signed written instructions. Larger cash sums up to £5,000 are available by giving at least 24 hours notice. Cheque withdrawals over £70,000 can be obtained from our Registered Office. Following any withdrawals £100 should remain in the account. All other withdrawals within the tax year are subject to 30 days’ loss of interest on the account.

To withdraw money in a branch you must provide your passbook. If making a withdrawal through the post you must send your passbook along with signed written instruction

Yes, from 6 April 2017 all of our variable cash ISA’s are flexible This means you can take money out and replace it later, without it counting any further towards your annual ISA allowance – as long as you pay the money back in before the end of the same tax year.

Minimum age 18 years.

UK residents only.

The treatment of your account for tax purposes will depend on your individual circumstances and you may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information, please visit HM Revenue & Customs’ (HMRC) website: hmrc.gov.uk . The tax information provided is based on our understanding of current law and HMRC practice, both of which may change.

Yes if

You want limited access to your funds.

You are happy that the interest rate may change at any time.

You want to open and manage your account in branch via the post.


No if

You want a fixed rate of interest for a fixed term.

You have already used your ISA allowance for the current tax year.

You want to open and manage your account online.