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Cash ISA

ISA Icon

If you want to earn interest on your tax free savings, you can use our Cash ISA Account and know that your money will make a positive difference to other people’s lives.

Summary

Account Features 

 

  • 0.65% AER*/ tax-free per year variable on balances of £1 or more
  • Save up to £20,000 in 2019/20 tax year plus transfers
  • Open with £1 or transfer-in an existing ISA either in full or in part
  • Instant access to your funds by i-mail or in writing
  • 0.65% AER*/ tax-free per year variable on balances of £1 or more
  • Open with £1 or transfer-in an existing ISA either in full or in part

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if we as a Bank fail to meet our financial obligations. In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website for the Finanacial Services Compensation Scheme.

*AER stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different savings accounts. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

Features

What is the interest rate?           

  • 0.65% AER*/tax-free
  • Interest is calculated daily using your statement balance and is paid annually on the 5th April or the previous working day if that day is not a working day.

Can Reliance Bank change the interest rate?     

•    Yes, rates are variable and we can increase or decrease the interest rates for reasons listed within our Personal Terms and Conditions .
•    We’ll notify you of any changes by post, email, or any other form of communication
•    If a change is not to your benefit, you’ll be given 14 days’ notice if in response to the Bank of England Base Rate and at least 2 months’ notice if for any other reason. 
•    If the change is to your benefit, we’ll tell you by publishing the new rates on our website at least three working days from making the change
•    For more information please refer to ‘ISA Terms and Conditions’ which can be found on the Reliance Bank website

What would the estimated balance be after 12 months based on a £1,000 deposit?    

On a deposit of £1,000 estimated balance would be £1,006.50. This is based on:
•    Interest calculated daily and compounded annually on or around the 5th April each year
•    £1,000 being deposited in the account at the time it is opened and no further deposits or withdrawals being made over the 12 month period
•    The interest rate as detailed in this Important Information Summary and doesn’t take into account any changes in the rate of interest over the 12 month period

How do I open and manage my account?     

•    You can open an account by submitting an application form or open an account in-branch. Please see our “What you need to open an account?” for more details.
•    You can manage your account in branch, or using our i-bank online service provided you’re registered.
•    The minimum opening balance allowed is £1.

Eligibility    

To apply for our Cash ISA you must:
•    Be aged 16 or above
•    Be registered in the UK for tax purposes

In order to subscribe to our Cash ISA, you cannot have subscribed to a Cash ISA or used your total annual ISA allowance in any combination of permitted ISAs during the same tax year.

Can I withdraw money?     

•    Yes, you’ll have instant access to your money so you can make withdrawals.
•    You have unlimited access to your money.
•    You can transfer funds to a Reliance Bank or non Reliance Bank account. Transfers to other Reliance Bank accounts are instant.

Additional information    

•    You must provide a valid National Insurance number within 30 days of opening the account to keep your ISA tax free status. If we don’t receive a valid National Insurance number your account will be made void and closed .
•    You can only subscribe to one Cash ISA in a tax year. The 2019/20 tax year commenced 6th April 2019. 
•    If you make any subscription to a Stocks and Shares ISA in the 2019/20 tax year these subscriptions will be part of your overall £20,000 ISA limit.
•    If you cease to be resident in the UK, you will retain the benefits of your account up to that date, but no further deposits to your account may be made until you become a UK resident
•    For more details on current interest rates, visit the Reliance Bank website at www.reliancebankltd.com or call us on 0207 398 5400.

*AER stands for annual equivalent rate. It shows how much the interest rate would be if the interest was worked out once a year. You can use it to compare different financial products.
 

  • 0.65% AER*/ tax-free per year variable on balances of £1 or more
  • Save up to £20,000 in 2019/20 tax year plus transfers
  • Open with £1 or transfer-in an existing ISA either in full or in part
  • Instant access to your funds by i-mail or in writing

Transferring your ISA to Reliance Bank:

You can transfer your Individual Savings Account (ISA) from any provider to Reliance bank at any time. If you want to transfer money you’ve invested in an ISA during the current year, you must transfer all of it.

For money you invested in previous years, you can choose to transfer all or part of your savings.

How to transfer your ISA:

To switch to Reliance Bank, contact us on 0207 398 5400 and ask for an ISA transfer form to move your account. If you withdraw the money without doing this, you will not be able to reinvest that part of your tax -free allowance again.

How long does it take?

15 working Days from the date we receive your full application
 

Apply

Apply
1)    Click on Cash ISA documents at the base of this page and read our key documents
2)    Call us on 0207 398 5400 for a Cash ISA Account Opening Form 
3)    We’ll assess your application
4)    We’ll set up your account

Read our key documents
1)    Cash ISA Terms and Conditions
2)    What you need to open an account
3)    Reliance Bank Personal Terms and Conditions

Complete the Cash ISA Account Opening Form 
Call us on 0207 398 5400 for our Cash ISA Account Opening Form and refer to What you need to open an account in order to prove your identity and address.

The Cash ISA Account Opening form is a paper application form so when you receive it, complete it and send it to us at:
Reliance Bank, Faith House, 23-24 Lovat Lane, London EC3R 8EB.

We’ll assess your application
•    The minimum opening balance allowed is £1.

We’ll set up your account
If your application is successful, we’ll set up your account and send you a welcome pack.

Cash ISA documents
  • Read our key documents
  • Complete the Cash ISA Account Opening form
  • Refer to What you need to open an account
  • Send the completed form and proof of identity and address to us
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