Opening and Managing a Cash ISA

Opening a Cash ISA

Most of our Cash ISAs can be opened in branch, by phone or by post. Our Double Access ISA can be opened online and via The Cambridge Money App.

The minimum opening deposit varies depending on the Cash ISA. You can fund your account with a new deposit or by transferring ISA funds from another ISA provider or from an existing ISA with The Cambridge.

Some products may have specific eligibility criteria (for example, our Member only ISAs), so please check the product details before applying.

Preparing to open your Cash ISA

Before opening a Cambridge Cash ISA, please read:

• the product specific terms and conditions for your chosen account
• our Terms and Conditions for Savers booklet and
• ISA booklet

These contain important information about your account and how it operates. For new customers, under regulations for prevention and detection of financial crime, we’ll need to verify your name and address. We use an electronic verification system to do this, however in certain cases we’ll need further proof of your identity.

Products are subject to availability and may be withdrawn without notice.

 

Paying into your ISA

You can continue your Cash ISA each tax year without needing to re-apply for a new account, subject to product terms and conditions. This means that you won't be able to subscribe to another Cash ISA with The Cambridge during the same tax year.

With all of our Cash ISAs you can pay in cash and cheques at any of our branches, make debit card payments or transfer funds from an existing Cambridge Building Society account. You can also operate your account via post and make debit card payments over the phone.

If you prefer, we can help you set up a regular deposit, call the team on 0345 601 3344 or pop into branch. 

 

Managing your ISA

You can manage your Cash ISA online or via our app, if you're registered for online services, as well as in branch, by phone or by post.

 

Withdrawing from your Cash ISA

You can make withdrawals from your Cash ISA in one of the following ways:

In branch - visit one of our branches with your passbook.

    •   Up to £500 in cash over the counter
    •   Up to £250,000 by cheque

Transfer to your nominated bank account – this can be arranged:

    •  in branch
    •  by telephone
    •  online via secure message

Important: Withdrawal options, limits and conditions vary depending on your chosen ISA. For example, our Double Access ISA also allows you to withdraw funds electronically to your nominated account. Please refer to the product terms and conditions for full details.

For larger withdrawals - please contact us in advance. We'll discuss the available payment options and whether any notice is required.

 

You have 14 days to change your mind

If in the first 14 days of opening your account, you decide that the account you’ve chosen isn’t right for you, you can have your money back – without penalty. We’ll arrange to close the account and return your money or to switch your funds to another of our savings accounts.

We’ll pay you interest on the balance of your account up to the day before closure at the appropriate ISA rate. Your account won’t be classed as an ISA.

 

Financial Services Compensation Scheme

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your nearest branch, email us at savings@cambridgebs.co.uk, refer to the FSCS website www.fscs.org.uk or call the FSCS on 020 7741 4100 or 0800 678 1100. Please note that only compensation queries should be directed to the FSCS.

 

Complaints

We’re committed to providing you with a first class customer service. However, there may be occasions when you feel you have cause for complaint. If so, please tell us about it straight away – and we’ll do all we can to put things right.

We’ll investigate your complaint thoroughly and aim to resolve it as quickly and amicably as possible.

Our complaints procedure can be found here.