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North London Credit Union
ISAs, or Individual Savings Accounts, were set up by the government to encourage people to save, and offer significant tax benefits. There are two types of ISA, a Share ISA and a Cash ISA. Both products are described in our ISA Terms and Conditions.
North London Credit Union only offers Cash ISAs. These ensure the return of 100% of your capital, and (subject to our terms and conditions) pay a guaranteed return on the amount invested that is free of all United Kingdom tax.
At a glance:
You can invest up to £15,000 for the 2014/15 tax year (limits vary from year to year, and are fixed by the government), this can be split as you choose through a Cash ISA or a Stocks and Shares ISA. As a Credit Union however we are limited to only being able to hold up to £15,000 in all the accounts you have with us.
What types of Cash ISA do you offer?
A ninety-day notice rolling account which can be added to as the year progresses, offering a return of 1.5% per annum.
Who can have one?
ISAs are available for members of North London Credit Union over the age of 16. (If you are not already a member see how you can join North London Credit Union. You must be a UK resident and ordinarily residing in the UK, or be performing duties as a Crown employee serving overseas and paid out of the public revenue of the UK (typically a serving member of the armed forces, or a diplomat), or be married to, or in a civil partnership with, such a person.
Most importantly, you must not have subscribed to another Cash ISA in that tax year.
Are there any charges?
There are no fees or charges of any kind, and interest starts to accumulate as soon as we receive cleared funds from you.
How much can I pay in?
The Cash ISA limit for the tax year 2014/15 is £15,000 (although unlike in previous years this limit does include your stocks and shares allowance). This is the maximum you can deposit into your account over the tax year. So if you were to save £1000 and then withdraw it, you would only be able to deposit a further £14,000 into the account for the rest of the tax year. You only need to keep an amount of £5 in your North London Credit Union Cash ISA in order to keep it open and ensure it is fully operating.
Can I transfer an existing ISA into a North London Credit Union ISA?
You can transfer an ISA from another provider, but remember that North London Credit Union is unable to accept more than £15,000 in total savings from any one individual. (You should also check the terms and conditions of your current ISA account to ensure you will not incur any penalty when withdrawing your money from your ISA account with them.)
How do I pay in?
You can make a lump sum deposit by cheque or bank transfer (being sure to quote your NLCU membership number when you do so), or you can ask us to transfer money from your existing NLCU savings account. Or you can ask your existing ISA provider to transfer funds to us. If you are transferring funds to us from another ISA provider, you can instruct that provider to send your money to us, or we can do this for you (but will of course need your authority).
If you are taking advantage of the ninety-day notice account, you can make monthly payments by direct debit, standing order, or payroll deduction (if that is applicable). If you are already making a regular payment to us you can increase this to cover your ISA contribution.
What if I need to withdraw the money?
With our Ninety-Day Notice account, you must give at least 90 days notice for every withdrawal. The one-year account obviously runs for a year from when the money is deposited.
If you need to make a withdrawal from either type of ISA immediately we will do our best to help you, but there will be a penalty equal to three months’ interest.
ISAs are intended for long-term investment of cash that is surplus to your requirements. You should keep funds you want to access easily on our ordinary savings account. Please also remember that once you withdraw money paid into your ISA, it loses its “tax free status”. So if for example you had saved £1,000 and then withdrew it, you would only be able to pay in a further £14,000 in the same tax year before you reach the limit.
What other benefits do I get with my North London Credit Union ISA?
When you invest with North London Credit Union you know you are saving with an ethical organisation. Like all the money that is entrusted to us, your savings will be lent to local people and to businesses based in London, thereby benefiting the community. As a saver, you will be a member of the Credit Union, and able to act as a volunteer helper and participate in its development if you wish to do so. We act in an ethical and transparent manner, and publish our accounts in full to members every year.
Most importantly, like all the money you deposit with us your ISA account is completely safe. As a member of the Financial Services Compensation Scheme (an industry scheme underwritten by the government, to which we contribute) your savings are absolutely secure.
To summarise, your investment with us:
For full terms and conditions please click here
For an ISA application form please click here
For an ISA Transfer form (to move money from an existing ISA account with a different provider) please click here
For more information on our Cash ISA please see our terms and conditions. For information on Cash ISA’s generally please visit HMRC.
We currently offer a fantastic 5% for the first £600 and 1.5% thereafter, because we believe it’s good to save and we always try to put our money where our mouth is!
This is not a ‘joining incentive’ but a genuinely good rate!
We offer Junior Savers accounts to close relatives of members and to those under 18 who are in approved Savings Clubs.
We expect adult savers to save at least £5 per month, (unless they have our fixed-term ISA).
See more about Junior Savers accounts and download an application form here.
We’re keen to work with schools in our areas to establish Savings Clubs, through which its Junior Savers’ Accounts can be promoted to young people. If you wish are a teacher in a school in Enfield and are interested in helping, please contact us on 020 8366 8244.
If you want a savings account that pays a good return, whilst leaving your money accessible, just in case, then this account is for you.
We normally expect you to save at least £20 per month, unless you have a fixed term ISA with us. You can save more. The maximum we can hold for any single member is £15,000.
Your savings can be easily accessed by giving us instructions in writing (Please click here) or by sending an email to firstname.lastname@example.org providing you wish to have the money sent to an account in your own name. Your money is sent direct to a bank account and is usually credited within two working days of our receiving your written instruction, subject to your bank being in the “Faster Payment” scheme.
Interest is not paid on savings, but once a year your account will be credited with a dividend based on the Credit Union’s results for the previous year. For 2010/2011 this will be 1.5 per cent. Although the dividend is subject to income tax, it is paid by us gross, so if you do not pay tax you do not have the problems of reclaiming it.
You can save with us in a number of ways, by direct debit, standing order or if you are working for an employer who operates a payroll deduction service then you can save from your monthly salary.
Should you wish to close your account with us, you can do this by completing and submitting the form located here.
Most importantly, like all the money you deposit with us your account is completely safe. We are a member of the Financial Services Compensation Scheme (an industry scheme underwritten by the government, to which we contribute), so your savings are absolutely secure.
We believe that everyone benefits from putting a little bit aside for a rainy day, whenever they can. You’ll be surprised how soon it builds up and how good it feels to have a bit of money behind you for whatever life throws at you – or to pay for a special occasion without worrying about borrowing.
We have a variety of savings products to suit your needs, but they all have the following features in common:
Choose a type of account for more information:
All content belongs to North London Credit Union unless otherwise stated. North London Credit Union Ltd. is a not-for-profit financial cooperative, run & controlled by its members. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority & the Prudential Regulation Authority. Registered Office: 3 George Mews, Enfield, Middlesex, EN2 6JA, registration no. 213809 . Savings are covered by the Financial Services Compensation Scheme (FSCS).