Online ISA

Our new Online ISA gives you the flexibility to save your annual ISA allowance in an individual variable or fixed rate product or split your ISA savings across multiple products in one online account. Allowing you to benefit from the higher rates often offered by fixed term savings whilst also keeping access to some of your annual ISA allowance in a variable rate product.

Key Benefits

• Fund your Online ISA by debit card, ISA transfer or cheque.
• Once your  account is open - make additional deposits, transfer in other ISAs, move money between products or request withdrawals (where permitted in the Product Factsheet).
• View your personal details, statements and important documentation related to your ISA. If anything needs updating, contact customer services by sending a secure message online.

Please note: The tax advantages of ISAs depend on your individual circumstances and the tax treatment of ISAs may change in the future.

Your Online ISA product options:

Easy Access Issue 3

Benefit from a 1.51% tax-free/AER variable rate which includes a 0.86% tax-free/AER fixed bonus for the first 12 months.

Save from £100 up to £15,240 in this tax year (subject to any stocks and shares ISA contributions) and/or transfer an existing ISA you hold – no maximum limit. Before making a decision to transfer your ISA to us, you should check if your current provider will charge a fee.

Interest is calculated daily and paid annually in March.

Fixed Rate Issue 3

You pick the term you'd like to save for. Choose from:

• 1 year at 1.67% tax-free/AER fixed

• 2 years at 1.87% tax-free/AER fixed

Get a fixed rate with a choice of fixed terms. Save from £500 up to £15,240 in this tax year (subject to any stocks and shares ISA contributions) or transfer an existing ISA you hold – no maximum limit. Before making a decision to transfer your ISA to us, you should check if your current provider will charge a fee.

Please note: no additional deposits or withdrawals are permitted during the fixed term. If you need to close your product during the fixed term, a Breakage Charge will be applied, unless it is within the first 14 days of opening. If the interest you’ve earned doesn’t cover this, you may get back less than you put in.

Interest is calculated daily and paid annually on the anniversary of the account opening. At the end of the fixed term, the value, along with any interest earned, will be paid into the Holding Account of your Online ISA.

Holding Account

0.65% tax-free/AER variable rate.

A Holding Account will automatically be set up for you when you open an Online ISA. You can use the Holding Account to consolidate funds before paying into a product, or to distribute one lump sum payment across multiple products of your choice. 

Open from £100 up to £15,240 in this tax year (subject to any stocks and shares ISA contributions) or transfer existing ISAs you hold- no maximum limit. Before making a decision to transfer your ISA you should check if your current provider will charge a fee.

Interest is calculated daily and paid annually in March.

Please note, the products or rates of interest can be changed or withdrawn at any time. If you are using the Holding Account to consolidate or split your cash ISA savings before opening a specific product, there is a risk that the product or rate of interest you wanted will no longer be available by the time any funds are received

Our Online ISA is a cash ISA that allows you to either put your savings into an individual product or split it across variable and fixed rate products. Therefore, although you can only have one Online ISA with us, you can hold multiple products within it.

For example, you may want to have some savings in an Easy Access product, so you can get to your savings when you need them. You might also decide to put some savings in a Fixed Rate product, which you know you won’t need access to and on which you could earn a better interest rate. 

Alternatively, if you would like to consolidate or split your cash ISA savings before opening either multiple products or a specific product, you can choose to put your funds into the Holding Account within your Online ISA.

Please note, the products or rates of interest can be changed or withdrawn at any time. If you are using the Holding Account to consolidate or split your cash ISA savings before opening a specific product, there is a risk that the product or rate of interest you wanted will no longer be available by the time any funds are received.

The table below is an example of how you could potentially split the value of your Online ISA into a selection of products within it, if you made a deposit of £15,240.

Online ISA Example
Easy Access Issue 3 £1240	Fixed Rate Issue 3 1 Year £4,000	Fixed Rate Issue 3 2 Year £10,000	Holding Account* £0

 

* A Holding Account will automatically be set up for you when you open an Online ISA. Please see our Key Information Pack (which includes the Key Features and Terms and Conditions) and Product Factsheet for further details.

Once your Online ISA is opened, you will be able to pay into additional products and move money between existing products held in your ISA, without completing further applications. You will also be able to make additional deposits, request withdrawals (if permitted in the Product Factsheet) and view your personal details, statements and important documentation related to your ISA. If any of your personal details need updating, you wish to request a withdrawal, or you have any other queries, you can contact customer services by sending us a secure message online.

Withdrawals

Withdrawals can be made to either the Holding Account, where the funds can then be reinvested into other products within your Online ISA, or your Nominated Account. Any payment sent to your Nominated Account will no longer benefit from the tax advantages of ISAs.

If you need to access the money in a product which is in a fixed term, you'll need to close the product, which will incur a Breakage Charge if this is after 14 days of the product opening. If the interest you've earned doesn't cover this, you'll get back less than you put in. More information can be found in the Product Factsheets and the Key Information Pack of the Online ISA.

Transfer out

You can transfer your Online ISA in full to another provider at any time. Partial transfers are not permitted, and you will not be able to transfer out individual products held within your Online ISA. If you decide to transfer your Online ISA and you have a product which is within a fixed term, you'll incur a Breakage Charge. If the interest you've earned doesn't cover this, you'll get back less than you put in.

Cancellations

If you change your mind, you have 14 days from the date your Online ISA opens to cancel your account. If you decide to cancel, your Online ISA and any products you’ve opened within it will be closed and you will receive a full refund of any deposits you’ve made plus tax-free interest. Any returned deposits will not be regarded as having been paid into the ISA, and so will not count towards your ISA allowance for the current tax year.

You cannot ‘cancel’ individual products that you’ve selected to open within your Online ISA. This means that unless you cancel your entire Online ISA within the 14-day cancellation period, any deposits you’ve made into your product(s) will count towards your annual ISA allowance.

The Online ISA may be right for you if you want:

• a savings account that earns tax-free interest
• to transfer savings from existing ISAs. Before making a decision to transfer your ISA to us, you should check if your current provider will charge a fee.
• the flexibility to split your cash ISA savings across variable and fixed rate products in one place

The Online ISA might not be right for you if you:

• want to save more than your annual ISA allowance
• don’t want to manage your ISA online
• you’re under 16

Not the right account for you? See our other savings products.

Key Product Information for the Online ISA
Account name	Online ISA
Interest rates (AERs)	The Online ISA allows you to split your cash ISA savings into a selection of variable and fixed rate products, all held within your online account. Each product will have a Product Factsheet, which details the interest rate you will receive and when interest will be paid. Current interest rates can be found online or in the relevant Product Factsheets.
Tax status	Tax-free
Conditions for bonus payments	N/A (for further information about interest, please refer to the individual Product Factsheets).
Withdrawal arrangements	The minimum amount you can withdraw from any product is £10, or the value of that product, whichever is less. Some products have restrictions on the number of withdrawals you can make during each tax year or have a Breakage Charge associated with closing the product during a fixed term. The Product Factsheet will contain information on any restrictions that you need to be aware of. Withdrawals can be made to either the Holding Account, where the funds can then be reinvested into other products within your Online ISA, or to the bank or building society account you have previously nominated (i.e. your Nominated Account). Any payment you request to have paid to your Nominated Account will no longer benefit from the tax advantages of ISAs. If you have paid into your Online ISA in the same tax year you close it, you won’t be able to pay money into another cash ISA in that tax year.
Access	Access:  The Online ISA can only be accessed and managed online. Once you access your account, you’ll be able to request to open additional products (when available), move money between existing products (providing this is an option within the Product Factsheets) and request withdrawals. You’ll be able to contact us by sending us a ‘secure message’. Secure messages are available to send and view by accessing your account online. Account details:  You can obtain the value and any other details about your Online ISA, including information about the products you hold within it, by accessing your account online or by sending us a secure message. Making payments:  To make an additional payment into your Online ISA once it is open you will need to access your account online and select an available product to pay into. Payments can then be made by: debit card payment online; or, sending us a cheque; or, requesting to transfer funds from an existing ISA you hold; or, moving money from a product already held within your Online ISA (providing this is allowed in the Product Factsheet).   Please note, before making any decision to transfer to us, you should check if your current provider will charge a fee. Withdrawing money:   You can make a withdrawal by sending us a secure message. Your withdrawal can be made to either the Holding Account of your Online ISA, where the funds will retain their tax advantages, or to the bank or building society account you have previously nominated, where the funds will lose the tax advantages of ISAs. Any product specific withdrawal restrictions or Breakage Charges, as detailed in the individual Product Factsheets, will apply. Please note, you will not be able to access or manage your Online ISA by telephone, post or at Post Office branches.

 

For more information on paying money in, Nominated Accounts and withdrawals, please see the relevant sections of the Key Information Pack and the individual Product Factsheet(s).

Before you apply

Please make sure you're eligible by checking the below information:

• You’re a UK resident for tax purposes and aged 16 or over
• You have a UK personal bank or building society account in your name (either sole or joint)
• You can deposit at least £100 (Easy Access product or Holding Account) or £500 (Fixed Rate product)
• You’ve got a valid email address. This is how we’ll send you information about your account
• You don’t already hold an Online ISA with us

What you need to apply

• Your home address including postcode (we don’t accept c/o or PO box addresses)
• Your National Insurance Number
• Your bank or building society account number and sort code.
• Your debit card, if you want to open your Online ISA using this method
• Details of your existing ISA, if you want to transfer this to us  to open your Online ISA

Once you have completed your application

You’ll receive an email asking you to confirm your email address – it’s important to do this in order to get unrestricted access to your Online ISA and  to receive email reminders when you have new messages from us.

Once your application has been processed, we’ll send you another email asking you to log in to your Online ISA. Please note, it can take up to 24 hours before your account is ready to access.