Fixed Cash ISA

1. Introduction

These Terms and Conditions form the agreement between you (“the Member”, “you”) and 1^st Class Credit Union Limited (“we”, “us”, “the Credit Union”) governing your Fixed Cash Individual Savings Account (“Fixed Cash ISA”).  They explain our obligations to you, and your obligations to us, when you hold a Cash ISA with us.

These terms and conditions should be read in conjunction with our Membership Terms and Conditions and HM Revenue and Customs (HMRC) Cash ISA Rules - Individual Savings Accounts (ISAs): Overview - GOV.UK.

1st Class Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority & Prudential Regulation Authority (FRN No. 213700).  Our registered address is Aspire Business Centre, 16 Farmeloan Road, Rutherglen, South Lanarkshire, G73 1DL.

You must read all terms and conditions before deciding if the Fixed Cash ISA is right for you.  If you decide to go ahead with the account, you should keep a copy for your records.

2. Eligibility

• To open a Fixed Cash ISA with 1^st Class Credit Union, you must:

1. Be an active member of the Credit Union.
2. Be aged 18 or over.
3. Be resident in the UK for tax purposes. Or a member of the armed forces or a Crown servant, or their spouse or civil partner if you do not live in the UK.
4. Be the beneficial owner of all funds.
5. Hold the ISA in your sole name – joint accounts are not permitted.
6. Provide your National Insurance Number.
7. Not exceed the aggregate savings balance covered under the Financial Services Compensation Scheme.
   • We may refuse an application if eligibility requirements are not met.

3. Opening the Account

• To open your Fixed Cash ISA, you must complete an ISA application form, ISA declaration and identity verification requirements.
• You must declare that you are eligible to open the account, that subscriptions are your own money and that you will not exceed ISA limits.
• The account will open once we accept your application and received cleared funds. Our Fixed Cash ISA will run from 6^th April 2026.
• The account will mature on 5^th April 2027.
• You can access your account via our mobile app or by logging into your account online. Alternatively, you can call the office anytime to discuss your account.

4. Subscriptions

• You may subscribe up to the Cash ISA allowance set by HMRC for each tax year.
• The maximum aggregate savings balance of your Credit Union account must not exceed £120,000 which is protected under the Financial Services Compensation Scheme.
• In subscribing to a 1^st Class Credit Union Fixed Cash ISA, you agree to waive any difference between the ISA subscription limit and the Credit Union’s own limitations set out above.
• An initial subscription of £50 is required to open the account.
• Subscriptions can be made by payroll deduction, direct debit or lump sum.
• Where you do not subscribe to the maximum value throughout the year, you cannot carry forward ISA allowances to the following tax year.
• Any subscriptions that exceed the maximum annual allowance set by HMRC, will be paid into your Regular Saver Account – you will be notified if we need to do this.
• In accordance with the Individual Savings Account Regulations 1998, you cannot apply for or subscribe to a new Cash ISA if you have already subscribed to another Cash ISA in the same tax year, unless you are transferring the previous subscription to the new provider.

5. Transfers

• You can transfer from another ISA provider to your 1^st Class Fixed Cash ISA. To do this you will need to complete a Cash ISA transfer form.
• The transfer in can be from current or previous years subscriptions.
• You can transfer from your 1^st Class Fixed Cash ISA in full to another provider at any time. To do this you will need to instruct your new ISA provider to notify us.
• Any transfers in or out will not take any longer than 15 working days.
• Transfers must be done through the ISA Manager’s transfer facility, or the investment will lose its tax-free status.
• Any withdrawals will result in no interest being paid on the funds. This includes any transfers to another ISA provider during the term.

6. Interest

• The interest rate for new subscriptions during the year 2026-2027, is 4% AER. For any previous year subscriptions, the interest rate is 2.5% AER.
• Interest is calculated daily on cleared funds.
• Interest will be paid to your Fixed Cash ISA Account within 7 days of maturity.

7. Withdrawals

• Withdrawals are not permitted during the fixed term.
• Any withdrawals will result in no interest being paid on the funds.  This includes any transfers to another ISA provider during the term.

8. Restrictions

• Your Fixed Cash ISA:

• Cannot be assigned or transferred to another person.
• Cannot be used as security for borrowing.
• Must remain beneficially owned by you.

9. Cancelling your Fixed Cash ISA

• You may cancel your account within 14 days of opening without penalty. The agreement between us will be cancelled and funds will be returned.
• There will be no interest paid on funds.

10. Maturity

• At maturity, you may:
• Withdraw funds.
• Transfer to another ISA
• Reinvest in a new ISA with us (if applicable).

11. Tax

• Interest paid on a Cash ISA is free from UK income tax.
• Tax treatment depends on your current circumstances.
• Tax rules may change.

12. Death of a Member

• If you die throughout the tax year, any funds will be available to your nominated beneficiary, executor or administrator.
• Any tax-free interest will be paid on the account up until the date of death.

13. Statements

• You will receive notification that your statement is available to view online at the end of the tax year.
• If you wish to receive a hard copy of your statement, please let us know.

14. Data Protection

• When you apply for a Fixed Cash ISA Account with us, and you are required to provide personal information, you give 1st Class Credit Union permission to make searches about you and use certain information about you, verifying your identity, and preventing or detecting financial crime. Our full Privacy Policy is available here 1st Class Credit Union | Privacy Policy.

15. Complaints

• If you have a complaint, you should refer the complaint to the original point of contact where a member of staff will aim to resolve the issue as quickly as possible. If this is not satisfactory, you will be asked to make this an official complaint directly with the Complaints Officer.   This can be done through the following channels:
• In Person: 1st Class Credit Union, Aspire Business Centre, 16 Farmeloan Rd, Glasgow, G73 1DL.
• By Phone: Call us at 01415528408
• By Email: complaints@1stclasscu.co.uk
• In Writing: Send a letter to 1^st Class Credit Union, Aspire Business Centre, 16 Farmeloan Rd, Glasgow, G73 1DL.

• If you are not satisfied with the outcome of your complaint, you can direct your complaint to the Financial Ombudsman Service. Further details regarding the Financial Ombudsman Service can be obtained from their website at financial-ombudsman.org.uk or they can be contacted on 0800 023 4567.

16. Changes to Terms and Conditions

• The Credit Union reserves the right to amend these Terms and Conditions at any time. Notice of significant changes will be provided via email, website updates, or other communication channels.
• Continued use of Credit Union services after changes take effect constitutes acceptance of the revised Terms and Conditions.

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Please view the Fixed Cash ISA Summary Table here.