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Premier Cash ISA

  • Transfer existing ISAs
  • Just deposit £100 to start saving tax-free
  • Up to 2 withdrawals every tax year

Premier Cash ISA is provided by OneFamily, savings in Post Office Money® Cash ISAs are deposited with Bank of Ireland UK

Premier Cash ISA Rates

0.70%
tax-free/AER variable for the first 12 months.
After 12 months this reverts to 0.25% tax-free/AER variable.

Our Premier Cash ISA may be right for you if you want:

  • To transfer savings from an existing ISA with another provider
  • No more than two withdrawals each tax year 
  • A savings account that earns tax-free interest

Our Premier Cash ISA may not be right for you if you:

  • Have already invested £15,240 in a stocks and shares or innovative finance ISA this tax year
     
  • Want to make more than two withdrawals each tax year
     
  • Are under 16
     

Premier Cash ISA Interest rates

0.70% tax-free/AER variable which includes a 0.45% tax-free/AER fixed bonus for the first 12 months. After 12 months the rate will revert to our underlying rate of 0.25% tax-free/AER variable.

Interest is calculated daily and paid annually in March.

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

If you're aged 16 to 18, you'll need to verify your name - call us on 0800 169 7500 for a list of acceptable ID.

For help with product information and key terms used, please see the 'Important information' section below.

Important information

How it works

Invest in one lump sum or add in money regularly to benefit from the tax-free savings allowance every UK resident is given each year.

As long as you're over 16 years old, a UK resident (in tax paying terms) and you haven't already paid into a cash ISA this tax year – all you need to start your account is £100 or more, up to the maximum for each tax year. You can open your account using cash, up to £1,000, cheque, debit card, or payment from your Instant Saver, Easy Saver or Online Saver account. You can only make your deposit by cash or debit card if you apply in a Post Office branch.

You can also transfer an existing ISA held with another provider – there is no upper limit to the value of ISAs you can transfer but it must be at least £100. Before making a decision to transfer your ISA to us, you should check if your current provider will charge a fee.

You can make up to two withdrawals each tax year. The minimum withdrawal amount is £10 or the value of your ISA (if it is less), any more and you'll need to transfer to another provider or close your ISA.

This ISA does not have flexible features. This means that once withdrawn, your money will lose the tax advantages of ISAs and cannot be replaced within this ISA without affecting your annual ISA allowance. You can only pay into one cash ISA each tax year. If you have paid into your Premier Cash ISA in the tax year you close it, you won't be able to pay money into another cash ISA in the same tax year.

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
  • Minimum deposit £100
  • You haven't paid into a Cash ISA this tax year

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 debit card, if you want to open your Premier Cash ISA using this method
  • Details of your existing Post Office Money account if you want to use this money to open your ISA

Definitions

AER:AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Variable: A variable rate of interest can go up or down throughout the lifetime of a savings account

Prevailing rate: The current rate of interest.

Tax-free: Tax-free means that interest paid will be free from UK Income Tax and Capital Gains Tax. The tax advantages depend on your individual circumstances and the tax treatment of your ISA may change in the future.

Tax efficient: Return will be free of UK Income Tax and Capital Gains Tax.

Nominated Account : A Nominated Account is a current account that we link to your savings account so that you can transfer money between accounts safely and securely whenever you like. It should be a UK personal bank or building society account in your name(s) that accepts Direct Debits / Direct Credits.

0345: Calls to 0345 numbers will cost no more than calling a standard geographic number starting with 01 or 02 from your fixed line or mobile and may be included in your call package dependent on your service provider. Calls may be monitored or recorded for training and compliance purposes.

0800: All calls to 0800 numbers are free of charge whether made from a landline or mobile phone. Calls may be monitored or recorded for training and compliance purposes.

FAQs

There are three types of ISA - cash ISAs (which can have a fixed or variable interest rate), stocks and shares ISAs (where your money is usually invested in stocks and shares) and innovative finance ISAs (where you earn interest on peer-to-peer lending platforms).

You can invest up to £15,240 in a cash ISA this year (that's from 6th April to 5th April), subject to any stocks and shares or innovative finance ISA contributions. For example – if you invest £6,240 in a cash ISA with one provider, you can invest the remaining £9,000 ISA allowance in a stocks and shares ISA with the same or another provider. You can only invest in one cash ISA, one stocks and shares ISA and one innovative finance ISA in each tax year.

The sooner you invest in an ISA, the sooner you'll start making use of your tax-free benefits. To take advantage of this year's ISA allowance you can open an account whenever you want. However, you must use it by 5th April each year or you will lose your allowance for that tax year.

Anyone over the age of 16 years who is a UK resident can open a Premier Cash ISA with a minimum of £100.

We can open an 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 these cases we will write to you.

Please note, interest is payable on your Premier Cash ISA once your account has been opened and your initial payment has been accepted.

Around 3 - 7 days after your account has been opened, you will receive a Welcome Pack confirming your account is open. The pack will also include:

  • an ISA Guide to Saving, which will help you manage your account
  • a Top-up Card (if you've subscribed to your ISA in the current tax year or indicated on your application form that you intend to), so you can make additional payments in any Post Office branch

You can currently invest up to £15,240 between a cash ISA, a stocks and shares ISA or innovative finance ISA this tax year (that's the period from 6th April to 5th April). You can only invest in one cash ISA, one stocks and shares ISA and one innovative finance ISA in each tax year.

The interest earned in the Premier Cash ISA is tax-free.

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

If you have subscribed or indicated on your application form that you intend to subscribe this tax year, you can pay in additional amounts from a minimum of £1 to your Premier Cash ISA in any Post Office branch, by phone or by post.

You can make payments into your ISA in 5 ways:

  • Cash (in branch only) *
  • Cheque – make any cheques payable to yourself (e.g. Mrs J Smith) and write your address clearly on the back
  • Debit card (in branch and by phone only)
  • Direct Debit
  • Transfer from a Post Office Money savings account (if you hold an existing Instant Saver account, Easy Saver or Online Saver account)

* Restrictions apply. Please see the Terms and Conditions (PDF, 1.83MB)

For more information about how savings in the Premier Cash ISA are protected, please read the Deposit Information Sheet. This sets out details of how your money is protected with Bank of Ireland UK, who is the `deposit taker' for the Premier Cash ISA.

If you make payments directly to us, we will initially pay these into an account held with NatWest. We will then transfer this money to Bank of Ireland UK. This is also what happens if we receive a transfer cheque from another ISA provider. Please note that any money you hold in other accounts with NatWest will count towards compensation limits.

You can find out more about how your money is protected when it's held in a bank or building society account by going to the "What we cover" section of the FSCS website at www.fscs.org.uk.

Further information about compensation arrangement is also available at http://www.postoffice.co.uk/your-savings-are-protected

If you already have an existing ISA with another provider you can transfer your savings into a Premier Cash ISA.

Moving funds from a previous tax year's ISA will not affect the ISA limit you can save in this tax year.

You can make a transfer when you apply, or as a top up once your account has been opened. Before making a decision to transfer your existing ISA to us you should check if your current provider will charge a fee.

If you want to make a further deposit to your Premier Cash ISA this tax year you can do so if you have subscribed or indicated on your application form that you intend to subscribe this tax year. For more details, call 0800 169 7500.

There are no charges for opening a Premier Cash ISA or making standard transactions. There may, however, be a charge of £5 for cancelling and reissuing cheques or issuing duplicate statements.

Ideally, ISAs are best used for medium to long-term savings, but if you need access to your savings you can make up to 2 free withdrawals each tax year. The minimum withdrawal amount is £10 or the balance in your account, if it's less than £10.

If you need to make more than two withdrawals in any tax year you'll need to transfer to another provider or close your ISA, if you close your ISA, your money will no longer benefit from the tax advantages of ISAs in the future. You can only pay into one cash ISA in each tax year. If you have paid into your Premier Cash ISA in the tax year you close it, you won't be able to pay money into another cash ISA in the same tax year.

This ISA does not have flexible features. This means that once withdrawn, your money will lose the tax advantages of ISAs and cannot be replaced within this ISA without affecting your annual ISA allowance.

Withdrawals can be requested over the phone or in writing (limits apply and ID may be required). To make a withdrawal by phone, please call 0345 602 3409.

Alternatively, withdrawal requests can be sent to:

Post Office Money Savings
PO Box 5179
Brighton
BN50 9UY

Please include your name, address, ISA number, withdrawal amount and how you would like the payment to be made.

Withdrawals will be paid by Direct Credit to your Nominated Account or by cheque. Please note, you cannot withdraw money over the counter in a Post Office branch. Limits apply and ID may be required.

A Nominated Account is a UK personal bank or building society account which you can nominate to receive withdrawal payments. If you haven't already provided us with Nominated Account details and would like to set one up, please call 0345 602 3409 and we will send you a Nominated Account request form. If you decide to pay into your ISA by Direct Debit, the bank or building society account you use will also be used to set up a Nominated Account.

Interest is calculated daily and paid annually in March.

You can close your account over the phone or by writing to us. Limits apply and ID may be required.

To close your account by phone, please call 0345 602 3409.

Alternatively you can write to:

Post Office Money Savings
PO Box 5179
Brighton
BN50 9UY

Where you ask us to repay your money, you can choose to have the funds paid either by cheque or direct to your Nominated Account, providing you have one set up. Limits apply and ID may be required.

You can transfer your ISA in full to another ISA manager at any time. To arrange for the transfer, you will need to contact the new provider.

If you have a complaint, we want to know. In the first instance you should contact the Customer Service Centre on 0345 602 3409 or write to us at:

FREEPOST
Post Office Money Customer Care
PO BOX 3191
BS1 9HY Bristol

We will aim to provide you with a full response within four weeks of the date we receive your complaint and our response will be our final decision based on the evidence presented. If for any reason there is a delay in completing our investigations, we will explain why and tell you when we hope to reach a decision.

In any event, should you remain dissatisfied or fail to receive a final answer within eight weeks of us receiving your complaint, you may have the right to refer your complaint to an independent authority for consideration. That authority is the Financial Ombudsman Service (FOS) at:

Financial Ombudsman Service
Exchange Tower
Harbour Exchange Square
E14 9SR London

Telephone: 0800 0234 567 or 0300 1239 123
Email: complaint.info@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.ukopens in new window

Please note that if you wish to refer this matter to the FOS you must do so within 6 months of our final decision. You must have completed the above procedure before the FOS will consider your case.

Summary box and how to apply

Apply for a Premier Cash ISA

Summary Box
Key product information for our Premier Cash ISA 

Account name

Post Office Money Premier Cash ISA (Issue 13)
What is the interest rate? Interest rate without bonus 0.25% tax-free / AER Variable
Interest rate with bonus (includes a bonus of 0.45% gross for 12 months) 0.70 % tax-free / AER Variable
Interest is calculated daily and paid annually in March.
Can Bank of Ireland UK change the interest rate?

We have the right to change the interest rate on Premier Cash ISA. The reasons we may change your rate are outlined in the Interest rate section of your Terms and Conditions.

If we change your interest rate to your disadvantage, we will notify you personally 14 days before the change takes effect, as long as you have at least £100 in your account.

What would the estimated balance be based on a £1,000 deposit? After 12 months
 
£1007.00
After 24 months
 
£1009.52

These assumptions are based on a £1,000 deposit with no further deposits or withdrawals during the 24 months of the projection.

This projection is provided for illustrative purposes only and does not take into account a customer's individual circumstances.

How do I open and manage my account?

Eligibility

  • To apply you must be a UK resident or a resident in the UK for tax purposes
  • ISAs cannot be applied for in joint names
  • You haven't made deposits into another Cash ISA in this tax year
 

Opening and managing your account

  • You can apply for an account in branch, by post or online - or you can ring us and request an application pack
  • Minimum balance to open the account - £100
  • You can deposit up to £15,240 into your Premier Cash ISA this tax year (subject to any stocks and shares or innovate ISA contributions)
  • Unlimited transfers - in accepted from existing ISAs
  • You can manage your account by phone or by writing to us

If you wish to switch into or out of this product please ask in a Post Office branch, but note that if this is not an ISA transfer and you close your ISA, your money will not benefit from the tax advantages of ISAs in the future

Can I withdraw money?

Premier Cash ISA gives you the flexibility to make 2 free withdrawals each tax year.

  • You can make a withdrawal by calling us or writing to us
  • The minimum withdrawal is £10 or the value of your ISA whichever is less
  • We'll either send you a cheque or pay your money into a bank or building society account you have previously nominated
  • You cannot withdraw money over the counter at a Post Office branch

This ISA does not have flexible features. This means that once withdrawn, your money will lose the tax advantages of ISAs and cannot be replaced within this ISA without affecting your annual ISA allowance.

If you close your ISA, your money will no longer benefit from the tax advantages of ISAs in the future. If you’ve paid into your Premier Cash ISA in the same tax year you close it, you won’t be able to pay money into cash ISA in the same tax year.

Additional information

Tax Free. Interest is paid gross. The tax advantages of cash ISAs depend on your individual circumstance and the tax treatment may change in the future.

Before making a decision to transfer an existing ISA to us, you should check if your current provider will charge a fee.

 

Download the application, fill it in and pop in the post

Small print

Information correct as at 22nd August 2016

OneFamily is a trading name of Family Investment Management Limited and Family Equity Plan Limited, which are authorised and regulated by the Financial Conduct Authority. Registered in England and Wales. Registered numbers 1915516 and 2208249 respectively. Registered office: 16 - 17 West Street, Brighton, BN1 2RL.

Bank of Ireland UK is a trading name of Bank of Ireland (UK) plc which is registered in England and Wales. Registered number 07022885. Registered Office: Bow Bells House, 1 Bread Street, London, EC4M 9BE.

Post Office Limited is registered in England and Wales. Registered number 2154540. Registered Office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ. Post Office Money and the Post Office Money logo are registered trademarks of Post Office Limited.

The above details can be checked on the Financial Services Register by visiting the Financial Conduct Authority website.