From 6th October 2009, the limit on this account will increase from £3,600 p.a. to £5,100 p.a. for anyone eligible to invest in an ISA who was born on or before 5 April 1960 (that is, who will be aged 50 or over during the current tax year).

ISA limits for both Cash and Stocks and Shares ISA's have increased to £10,200 in total, but only up to the maximum amount of £5,100 can be invested in cash, with the remainder being invested in Stocks and Shares ISA if you wish.

At Harpenden we want to help you to make more of your savings and the Simply ISA does just that!

It offers flexibility of savings within limits you can afford. All of the interest that you earn in your Simply ISA account will be tax free.

You can choose to have the interest paid to you or leave it to grow in the account where it will earn even more interest. Simply ISA does not satisfy the minimum standards for the deposit based ISA Stakeholder products. The Society is not a provider of Stocks and Shares ISA accounts.

Every adult has an annual ISA investment allowance of £7,200. Up to £3,600 of that allowance can be saved in cash with one provider. The remainder of the £7,200 can be invested in stocks and shares with either the same or another provider. Therefore, those wanting to invest more than £4,000 and also save cash in an ISA will no longer be tied to one provider. For example: An investor saves £1,200 in a cash ISA at the beginning of the tax year. In the same tax year they could invest up to another £2,400 in the same cash ISA or up to £6,000 in a stocks & shares ISA with either the same or a different provider.

Please be aware that while under the age of 18 years the investor may only subscribe £3,600 to a Cash ISA.

How much can I save?

You only need £1 to open a Simply ISA account. The minimum investment level must be maintained for the account to remain open. The amount that you are allowed to invest in each tax year applies to the total of the deposits made, not the balance of the account.

If you decide not to save in any tax year you can resume later on, but please note that the maximum investments apply per tax year.

You have the option to make regular or lump sum investments when it suits you. Ideally, you could start each tax year with the maximum investment - this will bring you the greatest benefit - but you can start with an initial investment of £1 and add to it when you want to.

Once you have opened your Simply ISA account, you are also welcome to save by regular monthly instalments. Whichever way you choose, you will be saving the tax efficient way. A passbook will give you a record of the transactions that you have carried out. Please present it every time you pay into your account or make a withdrawal.

How is interest paid?

Your Simply ISA account will receive gross interest added annually to the account on 5th April at the variable Simply ISA rate. If you prefer, interest can be paid to another Society account or direct to an account you hold with another institution.

Tax returns

You do not need to give details of your ISA on your Tax Return.

Paying money in

Money can be added into your account, up to the annual limit, by any of the following methods:

• Cash (up to £3,000 per day) or cheques can be paid in over the counter
• You can ask your bank to arrange a direct transfer once your account has been opened
• You may also pay cheques into your account by post

Our Freepost address is: FREEPOST, Harpenden Building Society, 14-16 Station Road, Harpenden, Herts, AL5 4BR.

When making cheques payable to Harpenden Building Society you should also include the name of the person(s) into whose account the money is being paid (e.g. Harpenden Building Society - Account holder's name). If you are paying cheques into your account they will take six working days to clear from the day after receipt. You will also earn interest from the day after receipt.

If you are paying cheques into your account they will take seven working days to clear, although you will earn interest from the day after receipt.

Taking money out

It is simple with our ISA. At any time you can withdraw all, or part, of your savings without giving notice or paying a penalty. Also, no tax is deducted.

You can withdraw up to £250 in cash per day over the counter or a maximum of £10,000 by cheque per day.

If you would like a cheque for a larger amount, please let us know in advance as special arrangements may need to be made.

Opening an account

Simply download the Simply ISA Account leaflet on this page and complete the Application and Declaration form. Return these together with your deposit and identification to open your account.