Cash ISA

Cash ISA Accounts are a scheme of tax-free investment introduced to merge Cash ISAs and Stocks and Shares ISAs in to one overall product. This is to allow easier transfers between Cash ISAs and Stocks and Shares ISAs and provides a greater investment limit of up to £20,000 per tax year. There are many reasons to save with an ISA and now Voyager Alliance Credit Union can offer you even more. Every Cash ISA provider will boast about "Tax Free Saving" with pride, but only with a Voyager Alliance Cash ISA will you receive free Life Insurance as standard (terms and conditions apply).

I am a member of Voyager Alliance Credit Union by saving regularly
I am aged 16 years or over
I am a family associate of a Voyager Alliance Credit Union member and living at the same address as your sponsor
I have not have subscribed to another ISA of the same component type (cash ISA and/or stocks & shares ISA) in that tax year
I am a resident and ordinarily resident in the United Kingdom for tax purposes or, if not so resident, either perform duties which, by Section 28 of the Income Tax (Earnings and Pensions) Act 2003 (Crown employees serving overseas), are being treated as being performed in the United Kingdom, or I am married to or in Civil Partnership with, a person who performs such duties

A great account for long term savings.
Earn more with a higher dividend payable on savings - recommended 1.25% interest*.
Funds can be increased, reduced or even placed on hold without affecting your Membership status.
Instant access to your savings.
Penalty free withdrawals.
Minimum £1 deposit to get you started.
Tax Free Savings up to £20,000** with your Cash ISA.

Access to Savings

Withdrawals can be made at any time without incurring any penalty, fees or other costs. If you have reached the Cash ISA limit, any withdrawals cannot be reinvested in that same tax year.

Savings in your Cash ISA will not be tied in with any of our loan products. Funds can be transferred from your Cash ISA to your Membership Account in order to borrow against your savings.

Please note: transfers back in to your Cash ISA may not be permitted if the investment limit has been reached for that same tax year. (More in General Terms and Conditions)

How can I make regular savings in to my Cash ISA?

Payroll Deduction (available to payroll members only)
Direct Debit
Cheque or Postal Order made payable to Voyager Alliance Credit Union

How can I pay a lump sum to my Cash ISA?

By phone with a VISA Debit Card
Cheque or Postal Order made payable to Voyager Alliance Credit Union

Free Life Insurance offered to our members (terms and conditions apply***).
Have access to great savings and loan products.
Save easily through payroll deduction (available to most members).
Members share our profits and earn a dividend on their savings.

Note: I will inform Voyager Alliance Credit Union if I cease to be resident and ordinarily resident or to perform such duties or be married to a person who performs such duties.

*Recommended AER:

The rate of interest/dividend paid on your Cash ISA investment is agreed annually at our AGM. This will typically take place in November each year and so we clearly state a recommended AER of 1.25% until such time as the rate can be approved. Our Cash ISA has always paid a higher dividend than our other savings accounts and we will continue to offer a competitive rate.

**£20,000 Cash ISA Limit:

Voyager Alliance Credit Union reserve the right to limit regular subscription and/or close subscription to the Cash ISA at any time. From 1st July 2014, we will closely monitor and maintain our Cash ISA in order to provide the best possible service to all members.

***Free Life Insurance:

As a Member of Voyager Alliance Credit Union you will be automatically covered by our Life Insurance Policy at no direct cost to you. In the event of your death, any savings you may have with Voyager Alliance Credit Union is doubled up to a maximum of £20,000 for members up to the age of 64. (See example 1a and 1b)

Members over the age of 65 and up to 79 can expect to receive an additional 25% of their savings balance up to a maximum of £5,000. (See example 2a and 2b)

Example	Age at claim	Total Savings Balance	% of Insured Balance*	Benefit	Total Paid to Next of Kin
1a	18-64	£12,500	100%	£12,500 (100%)	£25,000
1b	18-64	£22,000	100%	£20,000 (maximum)	£42,000
2a	65-79	£12,000	25%	£3,000 (25%)	£15,000
2b	65-79	£22,000	25%	£5,000 (maximum)	£27,000

*Insured Balance: Maximum claim is £20,000 age 18 through 64 and £5,000 (25% of £20,000) age 65 through 79.

Life Insurance on savings does not cover members over the age of 79.

For full terms and conditions or more information about the policy, please click here.

Cash ISA Investments:

The Cash ISA investments will, and must remain in the beneficial ownership of the investor and must not be used as security for a loan of any kind. The Cash ISA manager will satisfy himself that any person whom he delegates any of his functions or responsibilities under the terms agreed with the investor is competent to carry out those functions and responsibilities. Voyager Alliance Credit Union must notify the investor if, by reason of any failure to satisfy the provisions of Financial Conduct Authority (FCA) regulations, a Cash ISA has, or will, become void.

On the instruction of the investor and within the time stipulated by the investor in accordance with the Cash ISA Account terms, all or part of the investment held in the Cash ISA and proceeds arising from that investment shall be transferred or paid to the investor.

Data protection statement:

In accordance with the principles of the Data Protection Act 1998, we will use your personal details for the purposes of managing your accounts with Voyager Alliance Credit Union.

Under the Distance Marketing Directive, you have the right to cancel your savings account within 14 days of opening without incurring financial or other penalty.

The recommended interest payable on our Cash ISA will be 1.25% AER*.

Cash ISAs will merge Stocks and Shares ISAs and Cash ISAs in to a single product. The maximum investment permitted is £20,000 in total.

The maximum Cash ISA investment with Voyager Alliance Credit Union is £20,000. You can save with us on a regular basis through Payroll Deduction or Direct Debit and watch your savings grow.

Single deposits can also be paid in to your Cash ISA by cheque or by debit card over the phone.

You are allowed to hold more than one Cash ISA but are only permitted to deposit funds in to ONE Cash ISA in the same tax year.

Voyager Alliance Credit Union can provide members with a Cash ISA only and reserve the right to limit regular subscription and/or close subscription to our Cash ISA at any time.

2014 Budget: ISA Changes

In his 2014 Budget speech, chancellor George Osborne announced that cash ISAs and stocks & shares ISAs are to be merged, with a new £15,000 annual allowance and investors are free to hold as much as they like in either cash or investments.

In addition, savers can transfer freely any assets they currently hold in either stocks & shares ISAs or cash ISAs to the New ISA, effectively allowing them complete freedom to allocate their current ISA portfolio between cash and other assets. Such transfers can commence from 1st July 2014.

The £15,000 allowance will apply to the 2014-2015 tax year, meaning that from April 2014 to April 2015, a saver can invest up to £15,000 in either cash, stocks & shares, or any mixture of the two.

However, the new £15,000 limit only applies from 1st July 2014, meaning that up to that date, only £11,880 of it can be invested (£5,940 cash ISA and £5,940 stock & shares ISA).

Voyager Alliance Credit Union are working through the details of this announcement and will monitor closely the impact of these changes. Voyager Alliance Credit Union also reserve the right to limit regular subscription and/or close subscription to the Cash ISA at any time.

More information about ISAs can be found on the Government website.