What is the interest rate?
£1 - £4,999.99
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 for the balance in your Account at the end of that day. As long as you have £5,000 or more in the Account you will receive the variable interest rate for the whole balance in your Account.
You can choose to have your interest paid into your 95 Day Notice Cash ISA - Issue 5 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?
Yes. The interest rate is variable for balances of £5,000 and over but fixed for balances below £5,000.
This means that we can vary the interest rate for balances of £5,000
and over for any of the reasons set out in section 20 of the General Savings Conditions (for example to reflect a change in Bank of England
Base Rate, a change to our costs, to reflect market conditions or for any other reason at our discretion if we are increasing the interest rate or relying on condition 20.3).
- If we increase the interest rate, because this is to your advantage, it can be made at any time and we will notify you at the earliest opportunity afterwards on our website.
- If we decrease the interest rate we will give you at least 14 days’ notice of the reduction by post, email or secure message.
What would the estimated balance be after 12 months based on a £5,000 deposit?
Balance after 12 months
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 12 month period
- the interest rate doesn’t vary during the 12 month 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.
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 from your Account. You must give us 95 days’ notice. If you do not give us 95 days’ notice you can still make the withdrawal but this is subject to a charge, by way of a loss of 95 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. You must give us 95 days’ notice. If you do not give us 95 days’ notice you can still make the transfer but this is subject to a charge, by way of a loss of 95 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. You should contact your new ISA provider to make a transfer to them.
- We reserve the right to withdraw this product from sale at any time.
- 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.