History
Cheltenham & Gloucester began as a building society in 1850, with the establishment of the Cheltenham & Gloucester Permanent Mutual Benefit Building Society and Investment Association. The primary office for the institution was based in Cheltenham, with the first branch office opening in Gloucester.
Over the years, Cheltenham & Gloucester opened many more branches throughout England to broaden its customer base around the country. The bank continued to grow through an aggressive acquisition strategy during the second half of the 20th century. In 1994, Cheltenham & Gloucester was purchased by Lloyds Banking Group and continues to operate under the Lloyds umbrella today.
Current Information
Today, Cheltenham & Gloucester specializes in mortgage and savings products under its own brand. The company is the third-largest mortgage bank in the UK and serves as the primary mortgage arm for the Lloyds Banking Group.
In addition to mortgage products, Cheltenham & Gloucester also offers a variety of savings options, including a C&G cash ISA. These accounts are provided under a separate division of the Lloyds Banking Group, known as C&G Savings. While this company offers savings products under its own branding, it provides the security of the larger Lloyds Banking Group.
Customers can open traditional branch accounts that can be accessed 24 hours a day through the telephone or Internet.
Cash ISAs Available
The C&G cash ISA can be opened with just £1, and it earns interest on all positive balances. The interest rate on the account is competitive and includes a bonus rate for the first 12 months after the account is opened. Interest rates are subject to change at any time, and customers will be notified when an interest rate change is about to occur. Deposits can be made into the account at any time, with no minimum deposit amount required.
The other benefit to the C&G cash ISA is that withdrawals can be made at any time without an interest penalty. This means you get the tax advantages of an ISA, while still enjoying complete access to your funds. However, withdrawals made from your account during the tax year may affect your contribution amounts, subject to the terms and regulations of the government. Talk to your tax advisor if you have any questions about how the contribution limits may be affected by withdrawals from your account.
Interest on the C&G cash ISA can be paid out monthly or annually, depending on the preference of the customer. The quoted AER for each type of interest payment is only good if the interest remains in the account for the full year. Transfers from other ISA products or into other ISA products are allowed with the C&G cash ISA, including ISA savings from previous tax years.
While Cheltenham & Gloucester only offers a single cash ISA product at this time, the product is a low-cost, flexible option for customers who want to enjoy tax advantages on their savings accounts. Customers enjoy the personal touch at the Cheltenham & Gloucester branches, while having peace of mind in knowing their money is backed by the strength and stability of Lloyds Banking Group.
Important Risk Information:
This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.
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The information and content of this website is subject to the UK regulatory regime and is therefore intended for UK consumers.
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