Opening an ISA Account
To open an ISA deposit account follow the simple steps below
1. Download the relevant application form:
Complete and return the form to our Deposits Department, along with the identification documentation listed on the form and any supporting documents. You can enclose a cheque with your application or arrange to transfer funds electronically. Funds must be sent from your nominated bank account.
We will aim to process your application within 5 business days of receiving it. If we have any queries one of our deposits team will call you. If we are unable to contact you we will return your application indicating what is required.
Once your account is opened we will send you a welcome letter and deposit confirmation and return any original identity documents you gave us. The letter will give details of your new account number and sort code.
The minimum balance required to open a Cash ISA is £15,000 and this balance must be maintained in order to continue the account.
You have 14 days to deposit funds into your Cash ISA Account. Funds must be sent from your nominated bank account. You can send funds electronically by BACS, CHAPS or Faster Payment. Alternatively you can send a cheque made payable to “United Trust Bank Limited for the account of (insert account holder’s name)” and crossed “A/c Payee only”. Please also quote your account number on the reverse.
If a deposit results in your account going over the annual tax-free allowance we will return the excess money to you.
Please remember you can only subscribe to one of each ISA types, Cash ISA, Stock and Shares ISA, Innovative Finance ISA and Lifetime ISA in each tax year, up to the combined annual subscription limit. Here at United Trust Bank we only offer Cash ISAs.
Subscriptions are not allowed to any other Cash ISAs in the same tax year you subscribe to this Cash ISA, even if you have not used your full annual allowance.
Transferring your existing Cash ISA
From another provider to United Trust Bank
Once we have processed your application and opened your Cash ISA we will get in touch with your current provider within five working days of the date of receipt, confirm we will accept the transfer and arrange the transfer of your money (subject to the terms and conditions of your existing ISA).
For Cash ISA transfers, interest will be earned either from the date of the cheque or the date the money was sent to us by your existing ISA provider.
Under the ISA Regulations it can take up to 15 working days to complete your request to transfer your Cash ISA.
Your existing ISA provider must transfer the money directly into an ISA with us. Current year subscriptions must be transferred in whole, i.e. part transfers are not permitted.
Transferring from United Trust Bank to another provider
If you want to transfer your Cash ISA to another provider please contact them to arrange this on your behalf.
You may transfer any amount relating to previous years’ subscriptions. You do not have to transfer current year subscriptions as well but if you do you must transfer the full amount.
If you request an immediate transfer we will arrange this within five working days of the date we receive your instructions and confirmation from the new ISA provider that they will accept the transfer.
If you give notice we will arrange the transfer within five working days of the end of the notice period.
For fixed rate accounts there is not a charge for the transfer but any transfers during the fixed rate period will be subject to a charge for loss of interest on the amount withdrawn in accordance with our General Terms & Conditions.
Maturing Fixed Deposit Cash ISAs
Around 14 days before your fixed deposit matures we will write to you to let you know.
We will tell you about your options for renewing your deposit or having some or all of it repaid to you. The letter comes with a freepost envelope so you can return your instructions to us.
If we have not received your instructions when the deposit matures we will place your deposit in a call account until we receive your instructions. Please see our General Terms & Conditions.
If you choose to withdraw funds from your Cash ISA at maturity payment will be made by BACS transfer to your nominated bank account.
You can withdraw money from your account but you cannot put money back in. Any withdrawals made within the fixed rate period are subject to a charge.
Please note you will lose the ISA tax-free status on any money withdrawn or transferred to an account that is not an ISA.
Cancelling your Cash ISA Account
If you are not happy about your choice of account you have the right to cancel. We will help you to switch to another provider or we will return your money together with any interest it has earned. We will not enforce any notice period or make any additional charges. In order to exercise the right to cancel, you need to write to us within 14 days of making your first payment into the account. If you do not exercise your right to cancel within the 14 days and you wish to close your account, you will be subject to the interest penalty detailed in our General Terms & Conditions.
The right to cancel also applies to Fixed Term Cash ISAs that have renewed.