ISA Accounts

Frequently asked questions

How do I apply for an account?

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Once you have chosen the account that’s right for you on our website, click on Apply to get started.

What is an ISA?

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An ISA (Individual Savings Account) allows you to keep your hard earned savings safe from the taxman. You don’t pay tax on the interest on cash in an ISA or on income or capital gains from investments in an ISA. Interest from ISAs doesn’t count towards your Personal Savings Allowance.

Every tax year, the Government sets a maximum amount that can be saved in an ISA in that year – you can find details of this year’s ISA allowance on the HMRC website. The annual allowance can be split across a cash ISA, stocks and shares ISA, innovative finance ISA and lifetime ISA, if you wish.

You can only subscribe to one cash ISA in each tax year (6 April to 5 April).

What are the ISA allowances?

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Every tax year, the Government sets a maximum amount that can be saved in an ISA in that year – you can find details of this year’s ISA allowance on the HMRC website. The annual allowance can be split across a cash ISA, stocks and shares ISA, innovative finance ISA and lifetime ISA if you wish.

What type of ISA do you offer?

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We offer cash ISAs.

Our ISA products are similar to our standard savings accounts. You can choose from products that provide a fixed interest rate for a fixed period of time.

Do you accept Additional Permitted Subscriptions (APS)?

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No, we don’t accept Additional Permitted Subscriptions (APS).

What is the maximum I can invest in an ISA?

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Every tax year, the Government sets a maximum amount that can be saved in an ISA in that year – you can find details of this year’s ISA allowance on the HMRC website. The annual allowance can be split across a cash ISA, stocks and shares ISA, innovative finance ISA and lifetime ISA if you wish.

Do you accept cash & stocks and shares ISA transfers?

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Yes. You can transfer all of this year’s subscriptions and those from previous years when you open a new cash ISA with us.

You can provide us with the details of your request by completing the cash ISA transfer application.

You can transfer from one cash ISA into a new one with a new provider, and you can transfer money from an existing stocks and shares ISA into a cash ISA.

When transferring an ISA, you should always make sure you do it through an ISA transfer request with your bank or building society. Otherwise, if you make a withdrawal, it will no longer be held in your cash ISA. This means that any tax benefits in respect of the amount withdrawn will be lost and the money withdrawn cannot be repaid into a cash ISA later in that tax year without impacting your annual ISA allowance for that tax year.

If you want to transfer your cash ISA for the current tax year you must do so in full. If you have already subscribed to an ISA with another ISA provider in this tax year, you should not make a deposit into an ISA with us for this tax year until the ISA has been transferred in full.

You should check the terms and conditions of the ISA you are transferring from before you request the transfer, as there may be restrictions or charges that apply if you are transferring.

Can I transfer multiple ISAs?

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Yes. Please complete the cash ISA transfer application for each ISA that you want to transfer.

Can I transfer part of my ISA?

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Yes, we accept partial ISA transfers from previous tax years. Please note, you must transfer all money paid in within the current tax year.

I want to transfer an ISA to United Trust Bank. Do I need to contact my existing ISA provider?

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No. We will work with your current ISA provider to complete the transfer as quickly as possible.

Can I transfer my ISA to another provider?

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If you want to transfer your ISA to another provider, please contact them to arrange the transfer. Please note that you may be subject to a penalty.