Frequently asked questions

• What is the rate on a Cash ISA?

  We pay an annual Dividend on the Cash ISA at the end of the tax year. The dividend is variable and can be changed at any time. We review our rates monthly and the Cash ISA dividend from 1 February 2024 to date was 3.25% AER.

• How much can I save into a Cash ISA?

  HMRC decides each year how much you can save into a cash ISA. Currently, you can save £20,000 each tax year. You can have multiple ISAs from different providers, but can only subscribe to one ISA each tax year. The maximum aggregate balance of all your Glasgow Credit Union savings accounts must not exceed £85,000 so this might impact how much you can deposit into your ISA.

• How do I open and manage a Cash ISA?

  Our Cash ISA is only available to members. Once you've joined, you can apply for and manage your Cash ISA in app, online or by phone. Deposits can be made by BACS transfer or if you want, you can set up a Direct Debit or Salary Deduction to make regular deposits of up to £1000 each month.

• Can I withdraw money from my Cash ISA?

  Yes, whilst most people tend to treat a Cash ISA as a longer term savings product, there are no restrictions on withdrawing money from your Glasgow Credit Union Cash ISA. You can make withdrawal requests to your nominated bank account in app, online or by phone at any time.

• Can Glasgow Credit Union change the rate?

  The Cash ISA dividend is variable and can be changed at any time. We review our rates monthly and may make changes to dividends based on market conditions and past performance. If the dividend to be paid is reduced, we will write to you so that you can make an informed choice about future savings. Previous dividends paid and our most recent Cash ISA dividend is published on our website.

• Where can I find out more information?

  Full details can be found in our Cash ISA Terms and Conditions. If you need any further help or guidance please contact us.