ISA’a at Kent Reliance Building Society

ISA’a at Kent Reliance Building Society March 5

Filed under ISA Providers by Isa guides | 0 comments

Kent Reliance currently offers two types of ISA’s: the direct variable rate mini cash ISA; and the variable rate mini cash ISA with passbook. Both ISA’s are mini cash ISA’s - stocks and shares mini ISA’s and maxi ISA’s are not available through Kent Reliance. It is also possible to transfer existing mini cash ISA’s and Tessa-only ISA’s over to the direct variable rate mini cash ISA offered by Kent Reliance. Up to £3,000 can be invested in a mini cash ISA each tax year. The deadline for the current financial year is April 5th.

Direct variable rate mini cash ISA

The direct variable rate mini cash ISA is open to anyone over the age of 16. It has a minimum investment of a pound, and savings can be added to at any time. However, only £3,000 can be invested in any tax year - this is not just the limit that the account can hold. Customers will receive an annual statement in April giving a summary of the transactions involving the account in the last year, and details of interest earned. Quarterly statements will also be provided if the account is active in those periods. The direct variable rate mini cash ISA can only be opened at the Kent Reliance head office, although an application form can be either downloaded or requested by phone in advance. Money can be withdrawn on demand and with no penalty, but requests to do so must be sent to head office using “supplied stationary”. The account currently offers a tax free interest rate of 5.71 per cent per annum AER.

Variable rate mini cash ISA with passbook

The variable rate mini cash ISA with passbook is, like the direct variable rate mini cash ISA, open to anyone over the age of 16, has a minimum investment of a pound, and savings can be added to at any time. It also carries an annual investment limit of £3,000. However, in contrast to the direct variable rate mini cash ISA - which is run through head office - the variable rate mini cash ISA with passbook can be opened and operated through Kent Reliance’s branch and agency network. Money can be taken out (up to £500 in cash or up to the total balance by cheque) on demand without notice or penalty. The interest rate is, at present, 5.31 per cent per annum AER.

Written Exclusively by AdFero for ISA Guides

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.