My Savings account is a regular savings account, with a variable interest rate, designed specifically to help you make as much or as little of your savings as you want. Whatever you’re saving for, this award winning account can help you do it!
This saving account is also available as a Cash ISA option, My Savings ISA, thus enabling you to make the most of your tax free allowance. No matter how much interest you earn on your savings, you won’t pay a penny in tax.
Although there are different types of ISA, the Scarborough Building Society’s My Savings ISA is a Cash ISA and is suitable for savers who want to avoid the uncertainties of the stock market. You can invest up to £3,600 each tax year in manageable monthly payments in a My Savings ISA and watch your savings grow with peace of mind.
- Helps you save regularly for the things you want
- Save from £10 to £300 every month
- You may vary the amount you save each month (provided it is at least £10)
- Cash ISA option available
- 1 withdrawal permitted per year
Who can open a My Savings or My Savings ISA account?
Anyone over the age of 16 can open a My Savings account or My Savings ISA account providing you have another bank or building society account. We are unable to open an account without these details being provided. My Savings can be opened in a single name or jointly with one other person. A My Savings ISA can only be opened in a single name.
Details of the interest rates which currently relate to this account can be found below. All saving account rates which are shown here are variable.
How much can I invest in a My Savings account?
You can open a My Savings or a My Savings ISA account with as little as £10 or as much as £300. A payment of between £10 and £300 should be received each calendar month, but this amount can vary, enabling you to save when you can. Don’t worry if you miss one payment, only 10 out of 12 monthly payments must be received per year to achieve the rate.
To help you even further, more than one payment can be made to the account providing the £300 limit is not exceeded each calendar month. The limit for overall investment is £18,000.
When your overall investment reaches £18,000, your saving account will be transferred to an Easy Saver Account for branch customers or an Easy Saver Direct Account for Investments Direct customers. If you have a My Savings ISA, that will be transferred into our variable rate Cash ISA. These saving accounts may be replaced by other accounts that the Society considers are similar and available at that time.
If you choose the My Savings ISA option you can only invest up to £3,600 in any one tax year. If you make the maximum investment in any year and make a subsequent withdrawal in the tax year, you will not be able to top up your investment in that tax year.
What happens if I pay more than the maximum monthly amount of £300?
To be able to open a My Savings account we will need to be given details of another bank or building society account. If more than the maximum monthly amount of £300 is exceeded any extra monies will be sent to the account details given. A My Savings account cannot be opened without these details.
Can I transfer money in from my existing ISA?
No, this is a regular savings account only. We offer other ISA accounts that accept transfers in.
What access to my money do I have?
One withdrawal is permitted from the account per anniversary year. However, more withdrawals are permitted if you need access to your funds. Your My Savings and My Savings ISA will remain open as long as you maintain at least £10 in your savings account.
Can I have more than one My Savings or My Savings ISA account?
Only one account is permitted per customer. As the My Savings ISA is a Cash ISA you can only subscribe to one ISA in any tax year.
You may only invest in one Cash ISA in each tax year and your maximum amount of investment each year is £3,600 and is subject to Inland Revenue limits.
What happens if I close my My Savings or My Savings ISA account?
You can close your My Savings Account without notice or penalty.
If you need to close your My Savings ISA you will not be able to open a new Cash ISA with another ISA provider in the same tax year but you will be able to open a new Cash ISA in the next tax year and invest up to the maximum of £3,600 in that year. If you need to withdraw from your Cash ISA or decide to close or transfer your ISA to another provider you will still receive your interest tax free as long as you do not contravene the Inland Revenue Rules and Regulations.