What is the interest rate?
Interest will be paid one month after funds are first credited to this Account and on that day in every month after that.
Interest is calculated daily at the interest rate at the end of that day.
You can choose to have your interest paid into your 5 Year Fixed Rate Cash ISA Account, another Charter Savings Bank account held by you (subject to the specific conditions of that account) or your Nominated Account.
Can Charter Savings Bank change the interest rate?
No. The interest rate is fixed for 5 years from the date funds are first credited to your Fixed Rate Cash ISA (the Fixed Rate Period).
What would the estimated balance be after 60 months based on a £5,000 deposit?
Balance at the end of the term
The above examples are for illustrative purposes only, they do not take account of your individual circumstances and make the following assumptions:
- your initial deposit is paid into the Account by Electronic Transfer when it is opened
- no further deposits, transfers or withdrawals are made during the Fixed Rate Period
- the period does not cover a leap year
- each month lasts 30.416 days (365 days divided by 12 months)
- interest is credited to the Account
How do I open and manage my account?
- You can only open this Account in your sole name, must be aged 18 or over and reside in the UK (or be performing duties as a Crown employee serving overseas, or married to, or in a civil partnership, with such a person). The Account cannot be used by clubs or charities or held in trust for anyone else.
- You can only apply for and manage this Account online through our website – chartersavingsbank.co.uk.
- If this is the first cash ISA product you have subscribed to with us in a Tax Year (6 April to 5 April) then this will open your Cash ISA with us for that Tax Year. If you have already subscribed to a Cash ISA product with us in the Tax Year you subscribe to this Account then this Account will form part of the Cash ISA you already have with us for that Tax Year. You can only subscribe to one Cash ISA in each Tax Year. You can also open this Account and transfer in subscriptions made to past Tax Years’ ISAs, which will not count towards your ISA Allowance.
- The ISA Allowance for the 2019/2020 tax year is £20,000 which can be split between a cash ISA, stocks and shares ISA, innovative finance ISA and lifetime ISA (provided you do not subscribe more than £4,000 to a lifetime ISA).
- The minimum opening deposit is £5,000. Any deposits made in a Tax Year must not exceed your ISA Allowance. You can also transfer amounts from previous Tax Years’ ISAs to us but the maximum amount that can be deposited in total in this Account is £1,500,000.
- Deposits to the Account must be by Electronic Transfer from your Nominated Account, or your initial deposit may be by cheque from your Nominated Account.
- You can also transfer an ISA you have with another provider to us. If you wish to do this when you open a new Cash ISA, you can let us know the details of your existing ISA during the online application process at chartersavingsbank.co.uk; this can also be done after you have opened a Cash ISA with us, by downloading the relevant Transfer Authority Form from our Useful Documents page.
- Please do not withdraw the funds from your existing ISA and then pay them to your new Cash ISA, as this may affect the tax status of the funds. If you have any queries about this process please contact us.
- Provided the 5 Year Fixed Rate Cash ISA has not been closed to new deposits, once you have applied for this Account you have up to 30 days to make further deposits to the Account.
- Following the 30 day period you will be unable to make any other deposits into your Account and we may return any funds transferred from another ISA provider.
If you would like to get in contact with us please use the secure messaging service by logging in to our online banking service at chartersavingsbank.co.uk or
Can I withdraw money?
- Yes, you can withdraw all or part of the money during the Fixed Rate Period, provided that any partial withdrawal does not reduce the Account balance below the minimum balance of £5,000. This is subject to a charge, by way of a loss of 270 days interest on the amount withdrawn. This may be deducted from the balance in your Account on closure and therefore you may receive back less than you have paid in.
- You can make a withdrawal from this Account through our website – chartersavingsbank.co.uk at any time. Withdrawals can only be made to your Nominated Account or another Charter Savings Bank account in your name (subject to the conditions of the chosen account).
Please be aware that any amounts you withdraw from this Account 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 reinstated in your Cash ISA later in that Tax Year without impacting your annual ISA Allowance for that Tax Year.
- You can transfer all or part of the money in this Account to another ISA provider at any time. This is subject to a charge, by way of a loss of 270 days interest on the amount transferred which may be deducted from the balance in your Account on transfer and therefore you may receive back less than you have paid in.However, please note, if you want to transfer subscriptions made in that Tax Year, you must transfer all of that Tax Year’s Cash ISA with us as it is not possible to transfer only some of the subscriptions made to the ISA in that Tax Year. Charges may be payable on the transfer of any other Cash ISA products you have with us and so you should check the specific conditions for those accounts. You can transfer all or part of any past Tax Year ISAs you hold with us to another ISA provider, provided that any partial transfer does not reduce the Account balance below the minimum balance of £5,000. You should contact your new ISA provider to make a transfer to them.
- Your Account will mature at the end of the last day of the Fixed Rate Period. We’ll write to you before then to remind you of that date and ask you what you would like to do with the funds in the Account at maturity.
- You can either withdraw your funds into your Nominated Account or transfer them into a new or existing Charter Savings Bank account in your name (subject to meeting any Specific Conditions for that account). Please be aware that any amounts you withdraw from your Cash ISA will no longer be held in your Cash ISA. This means that any tax benefits in respect of the amount withdrawn will be lost.
- If you don’t let us know what you wish to do 2 calendar days before the end of the Fixed Rate Period then at the end of the Fixed Rate Period your Account will become a variable rate ISA without any withdrawal restrictions. We will tell you the interest rate and terms and conditions which will apply to that Account when we write to you before maturity.
- As this is a limited issue Fixed Rate Cash ISA, we can withdraw it from sale at any time without notice.
- If we don’t receive your initial deposit (or funds from another ISA provider), within 30 days of your application, we’ll assume you no longer wish to save with us and not open this Account.
- The tax treatment of ISAs and your Account may be subject to change in the future and is based on your individual circumstances.
- 1TAX FREE. The contractual rate of interest payable where interest is exempt from income tax.
- 2AER. This stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
- The definitions section of our General Savings Conditions define what Account, Nominated Account, Working Day and Electronic Transfer mean.
Please read this Summary Box in conjunction with the Specific Conditions contained in the Key Features & Summary Box document above, our General Savings Conditions and Tariff of Fees. These together with your Application Form make up our agreement with you.
For more information about our Cash ISA and ISA’s generally please read our ISA Information Booklet.