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Have a question about Yorkshire Bank Cash ISAs? Have a look at some of the questions we’re asked most often.
What is a Cash ISA?
A Cash ISA is simply a tax free savings account.
Can I invest as much as I want into a Cash ISA?
No, due to the tax benefits of an ISA, HM Revenue & Customs sets limits on how much you can invest in any given tax year (6 April until the following April 5). In the current tax year (2013-2014) the maximum you can invest overall is £11,520. Up to £5,760 of this limit can be invested in a Cash ISA, with the balance being invested into stocks and shares. Or you can put the whole £11,520 into a Stocks and Shares ISA.
Each tax year everyone aged 16 or over gets a new ISA allowance.
What if I make a withdrawal from my Cash ISA, can I put the same amount back later?
You can as long as you don’t go over the ISA allowance limit for that tax year. The limits apply to the money paid into your account, not the account balance.
For example: if you paid £1,200 into your Cash ISA on 1 August 2013 and then in December 2013 you withdrew the same amount, you could only pay in a further £4,560 in that tax year.
If you paid in the full £5,760 on 6 April 2013 you will have utilised your full Cash ISA allowance for the tax year. Therefore any money you take out of your account in that same tax year, you won’t be able to put back in until the beginning of the next tax year.
I am 17 years old. Can I open a Cash ISA ?
Yes you can, although you won’t be able to open a stocks and shares ISA as you are under 18 years old.
How do I close my Cash ISA?
If you wish to close your account you need to give us written notice. The address to write to is Cash ISA Team, Account Management Service, Bering House, Mariner Court, Clydebank Business Park, Clydebank, G81 2NR. In addition, if you choose to close your 40 Day Notice Cash ISA, 40 days notice must be given or a charge will be payable. The charge is equivalent to 40 day’s gross interest or a minimum of £30, whichever is the greatest. If you choose to close your Cash ISA Fixed Rate Bond before maturity, a charge will be payable. The charge is dependent on the number of days to Maturity and the minimum charge is £30.
Do I have to close my account at the end of the tax year?
No, you may keep your account open and subscribe in subsequent tax years, subject to terms and conditions of the products. You can also withdraw as much as you like, subject to the account terms and conditions, but you can only subscribe up to the relevant annual cash ISA subscription limit (£5,760 for the tax year 2013/2014).
Each 6 April you get a new ISA allowance, regardless of the present balance in your account. So if in previous years you have saved £3,500 in your Cash ISA, from 6 April 2013 you could pay in another £5,760 which would bring your balance to £9,260, plus any interest you may have earned on your previous balance.
How do I transfer my ISA to another product or provider?
To ensure that you do not lose the tax benefits of your ISA, you should not withdraw the funds from your ISA. To transfer funds between ISAs, you must complete a Transfer Authority Form with the provider that you want to transfer the funds to. Your new provider will then contact your existing provider to have the funds transferred for you.
I have a Cash ISA which I opened 3 years ago, and haven’t subscribed to it during this tax year. How much can I transfer?
Providing you haven’t subscribed this year, you can transfer whatever balance you like (subject to terms and conditions of the products that you are transferring between).
I have paid in £1,000 already this tax year. Can I transfer my account somewhere else even though I've used some of this year's ISA allowance?
Yes you can, but you must transfer all of the £1000 of your current year subscriptions. If you transfer your current year subscriptions to another provider, you will not be able to subscribe with your old provider until the start of the next tax year.
You can only subscribe to a Cash ISA with one provider in any tax year. However you can hold multiple Cash ISA products from previous years with different providers.
I used to have a Tessa account. When that matured I moved the balance into a Tessa-only ISA. Can I switch the balance to a Cash ISA?
Yes you can and the usual ISA switching rules apply. If you do want to transfer, you shouldn’t withdraw your Cash ISA money from your existing provider yourself, if you do you will lose your tax relief. If you wish to transfer your Cash ISA, you should speak to your new provider and they will arrange to carry out the transfer for you.
You can only subscribe to a Cash ISA with one provider in any tax year. However you can hold multiple Cash ISA products from previous years with different providers.
How long does the application process take?
We will open your account as soon as we receive a valid application and your initial payment. To do this we need to confirm your identity and address. Some customers may be required to provide further evidence and in those cases we will write to you. Please note - we would never request that you send us original documentation.
Funds in your Cash ISA will start to earn interest once your account has been opened and your initial payment has cleared.
If you have opened your account through our direct channel we will write to you within 7 days to confirm your account is opened. You will receive a letter detailing your Cash ISA account number, sorting code and some important information about your account.
How long does the transfer process take?
Please view the attached ISA Transfer Timeline documentation (PDF, opens in new window).
When will you accept my application and open my account?
We will accept your application on the working day we received it, unless:
Your account will be opened when your application has been accepted and:
There may be circumstances when we will be unable to accept your application. If this happens, we will let you know.
When do I receive interest on my Cash ISA?
| Issue | Maturity Date | Interest capitalised |
| Issue 3 | 31st March 2015 | Annually (31st December*) and at maturity |
| Issue 4 | 31st May 2013 | Annually (31st December*) and at maturity |
| Issue 6 | 30th November 2015 | Annually (30th November* ) and at maturity |
| Issue 9 | 29th April 2016 | Annually (29th April*) and at maturity |
| Issue 11 | 29th April 2016 | Annually (29th April*) and at maturity |
| Issue 13 | 31st October 2013 | Annually (31st October*) and at maturity |
| Issue 14 | 29th January 2016 | Annually (29th January*) and at maturity |
| Issue 15 | 30th May 2014 | Annually (30th May*) and at maturity |
| Issue 16 | 31st May 2017 | Annually (31st May*) and at maturity |
| Issue 17 | 30th April 2013 | At maturity |
| Issue 18 | 31st October 2013 | At maturity |
| Issue 19 | 25th April 2014 | At maturity |
* or the last working day before this date if the date falls on a non-working day.
Further details can be found in the Key Features (PDF, opens in new window) document (terms and conditions of the account)
When will I receive a statement?
For the 40 Day Notice and Instant Access Cash ISA we will issue you a statement annually on 31st December.
For the Cash ISA Fixed Rate Bond (excluding Issues 3 & 4) we will issue a statement in the month following the anniversary of your account opening, noting the balance in your account and all payments to and from your account during the year.
I opened a Cash ISA Fixed Rate Bond this year with Yorkshire Bank. What will happen to the account when the Bond matures?
On maturity of your Cash ISA Fixed Rate Bond, unless you tell us otherwise, your account will be re-invested into a new Cash ISA Fixed Rate Bond of a term closest in length to your original Cash ISA Fixed Rate Bond term. We will write to you explaining all the options available to you before maturity.
Can I subscribe to my Cash ISA - Fixed Rate Bond every Tax Year?
No. You may only make one subscription per tax year during the period the Cash ISA Fixed Rate Bond is available. If as part of your one-off subscription, you are utilising your current tax year allowance and you do not subscribe using your full allowance, you will be unable to utilise the remainder of your Cash ISA allowance for that current year.
I have an existing ISA or I have just applied for an ISA and would like to talk to someone?
If you require assistance on your existing ISA product please call us on 0800 012 1111.
You can find impartial information and guidance on money matters on the “Money advice service” website.
Yorkshing Bank is covered by the Financial Services Compensation Scheme (FSCS), Find out more.
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