Cash ISA - Savings | Ulster Bank

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Cash ISA

Save without paying tax on the interest you earn

Apply online

ISA stands for Individual Savings Account where you don't pay tax on any interest you earn

Summary Box

Account name: Cash ISA

 

1. What is the interest rate?

 

Balance AER/Gross p.a. (variable)
£1-£24,999 0.35%
£25,000+ 0.85%

Interest is paid on a tiered basis which means you’ll earn one rate on your entire account balance.

Interest is calculated daily and paid annually on the first business day in January and at account closure.

If you choose for interest to be paid into a nominated Ulster Bank account in your name(s), then interest will be paid into that account.

2. Can Ulster Bank change the interest rate?

 

Yes, these rates are variable. They may be changed  for any of the reasons set out in Term 9.2 of Personal Banking - terms and conditions, Your savings account terms  e.g. to take account of Bank of England base rate changes or changes in the rates paid by other banks. If the rates are going down and your balance is £100 or more, we’ll give you at least 14 days’ notice. If the rates are going down and your balance is less than £100, we’ll inform you before the change or shortly afterwards. If the rates are going up, we’ll inform you before the change or shortly afterwards.  Term 9.2. contains details of the notice we’ll give you.

3. What would the estimated balance be after 12 months based on a range of deposits?

 

Initial deposit at account opening Balance after 12 months Interest earned
£1,000 £1,003.50 £3.50
£25,000 £25,212.50 £212.50

These are only examples and do not take into account your individual circumstances. They assume that:

  • No further deposits or withdrawals are made; 
  • There is no change to the interest rates or tiers; 
  • And any interest earned stays in the account.

4. How do I open and manage my account?

 

Eligibility

You must be aged 16 years or over and be resident in the UK for tax purposes.

You must:

• not have subscribed to another cash ISA (including a Help to Buy: ISA with another provider) or have subscribed more than the overall subscription limit in total to a cash ISA, a stocks and shares ISA, an innovative finance ISA and a lifetime ISA in the same tax year;

• hold the account solely in your name.

You can open and manage your account in branch, online, by telephone and by using our mobile app.

Balance and ISA allowance

There is no minimum deposit required to open the account; no minimum deposit needs to be made on a regular basis; and there is no maximum balance limit.

However, there is a limit on the amount you can pay into your account each tax year (6 April to 5 April). This annual limit, also known as your ISA allowance, is set by the Government and may change from time to time. For tax year 2018/2019 it is £20,000.

If you pay in more than the limit any excess money will be returned to you.

If you make a payment for a tax year into your Cash ISA, you can’t make any payments for that tax year into any other cash ISA except for an Ulster Bank Help to Buy: ISA.

Making payments to both an Ulster Bank Cash ISA and an Ulster Bank Help to Buy: ISA

You can make payments to a Help to Buy: ISA in the same tax year as an Ulster Bank Cash ISA provided that:

• the Help to Buy: ISA is held with us; and

• you don’t  pay in more than the  ISA allowance between the Cash ISA and the Help to Buy: ISA.

You can transfer all or part of any ISA held with another provider to us.

5. Can I withdraw money?

 

Yes. No notice is required.

You can withdraw money:

• in branch;

• by transfer to any other account based in the UK (online, by telephone or on the mobile app)

• using your CashCard

If you make a withdrawal, you will not be able to deposit more money into your account if it means you will exceed the annual limit.

You can transfer your ISA (or part of it) to another ISA manager.

Please note there are daily limits on the amount that can be transferred from your account online, through telephone or mobile banking.

Information on the current daily limits is available on our website or by contacting Anytime Telephone Banking.

6. Additional Information

 

Definitions

 

The interest payable is tax-free. The tax treatment may be subject to change in the future and depends on your individual circumstances.

Annual Equivalent Rate (AER)

This is a notional rate used for interest bearing accounts, which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.

 

Gross Rate

The interest rate you are paid without the deduction of income tax.  

p.a. Per annum (per year).

Tax-free:

Interest which is exempt from UK income tax.

Bring all your ISAs together to one place

You can transfer funds from an ISA with another provider by completing our Cash ISA transfer form, or if you bank online you can use the paperless transfer request, remember it can take up to 7 days to complete your ISA transfer request.

 

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