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ISA stands for Individual Savings Account where you don't pay tax on any interest you earn
What is an ISA?
ISA stands for Individual Savings Accounts where you don't pay tax on any interest you earn. With an Ulster Bank Cash ISA you can:
Start small and open an account with as little as £1. Save up to £15,240 for the 2016/17 tax year
Manage your account online, or in the branch.
Earn interest daily and receive it tax - free direct to your account annually in October
- Save the way you want - either as a lump sum, as a standing order
- Start small and open an account with as little as £1
- Save up to £15,240 for the 2016/17 tax year
- Manage your account online, or in the branch.
- You can only pay into (subscribe to) one cash ISA in any tax year
- Transfers in allowed, bring all your ISAs together to one place.
- If you have a Cash ISA Plus or Cash ISA Tessa Funds account, you can convert your account to our Cash ISA account by completing our Cash ISA conversion form
- You can change your provider during the year by switching. Find out more about transferring your ISA to Ulster Bank
- Terms and conditions apply
Current rates (variable) applicable from 7th April 2015
|£1 - £24,999||0.50%|
- Tax-Free interest means that interest payable is exempt from UK income tax.
- AER ( annual equivalent rate illustrates what the rate would be if paid and compounded each year. )
Cash ISAs - How do they work?
- You don't pay tax on any interest you earn but remember you can only pay into (subscribe to) one Cash ISA in any tax year.
- The government sets a limit on how much you can subscribe in every tax year (from 6 April to 5 April in the following year).
- The overall ISA allowance for the 2016/17 tax year which commenced on 6 April 2016 will be £15,240. Subscriptions can be split into any proportion between a cash and stocks and shares ISA as the saver chooses up to the overall ISA allowance limit of £15,240
Some other need to knows
- If you have paid into a cash or stocks and shares ISA since 6 April 2016, you will not be able to open a further ISA of the same type before 6 April 2017.
- You may however make additional payments - up to the ISA subscription limit of £15,240 for the 2016/2017 tax year - into your existing account(s), or by transferring those account(s) to another provider that will allow additional amounts to be added.
- Tax reliefs referred to are those applying under current legislation which may change. The favourable tax treatment for ISAs may not be maintained. The availability and value of the reliefs will depend on your individual circumstances.
- If you already have an Ulster Bank Cash ISA and haven’t paid money in for a whole tax year you’ll need to complete a re-activation form (PDF) before you can pay money in again. Please take your completed form to your local branch.
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Common questions about ISAs
What is an ISA?
ISA stands for individual savings account. ISAs can be used for savings, just like a deposit account, but with the big advantage of having no tax to pay on the interest that your savings earn. There are two types of ISA, Stocks & Shares and Cash.
How much can I save into an ISA?
The overall ISA allowance for 2016/2017 tax year is £15,240. With this limit you can save: up to £15,240 in a cash ISA or up to £15,240 in a stocks & shares ISA. Alternatively you can split your allowance of £15,240 between one cash ISA and one stocks and shares ISA as you choose.
I have an ISA elsewhere, can I move it to Ulster Bank?
You can also transfer any existing ISA balances you may have with other ISA providers to your Ulster Bank Cash ISA or Cash ISA Plus. Please see our Transferring Your ISA section for further information.
What does tax-free interest mean?
Tax- free interest means that interest payable is exempt from UK income tax.
Can I open a joint ISA with someone else?
No, an ISA can not be opened in joint names. The ISA allowance limits apply to everyone on an individual basis, so if you’re married or in a relationship, you can both hold your own ISA, each with the full allowance if you wish, but you are unable to open an ISA in joint names.
I haven't used my ISA in a while, do I need to do anything?
If you already have Cash ISA and haven't paid money in for a whole tax year you 'll need to complete a re-activation form before you can pay money in again.
Your eligible deposits with Ulster Bank Limited are protected up to a total of £75,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.