Premier Cash ISA

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

0.95%tax-free/AER variable for the first 12 months. After 12 months this reverts to 0.65% tax-free/AER variable.

 

Is this right for you?

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 a 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 a year
  • Are under 16
     

Premier Cash ISA Interest rates

0.95% gross/AER variable which includes a 0.30% tax-free/AER fixed bonus for the first 12 months. After 12 months the rate will revert to our underlying rate of 0.65% 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 key terms used, please see the Definitions tab.

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
Summary Box

Summary Box

Key account information for the Post Office Money Premier Cash ISA

Account name Post Office Money Premier Cash ISA
Interest rates (AERs) The interest rate is variable. A bonus rate is also payable for the first 12 months. Interest is calculated daily and paid annually in March
Tax Status Tax-free
Conditions for bonus payment None
Withdrawals arrangement
You can make a maximum of up to 2 withdrawals each tax year – if you need access to your money after this, you'll 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 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. 
 
The minimum withdrawal is £10 or the value of your ISA whichever is less.
Access

Account details:

You can obtain the current value and any other details about your account by calling us or writing to us.

Paying money in*:

Deposits can be made:

  • at most main Post Office branches
  • by post
  • by phone (once your account is open)

 

Withdrawing money*:

You can make a withdrawal by calling us or writing to us. 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.

*Limits apply and ID may be required.

For details of all the Terms and Conditions that apply to the Post Office Money Premier Cash ISA, please see the key information pack.

FAQs

Answers to some of your most common questions

What is an ISA?

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. 

Why invest now?

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.

Who can open a Premier Cash ISA?

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

How long does the application process take?

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

What is the maximum I can deposit/invest in an ISA?

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.

Do I pay tax on my savings in an ISA?

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.

.

How do I make an additional payment to my Premier Cash ISA?

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)

Can I transfer funds from another provider to a Premier Cash ISA?

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. Calls to 0800 numbers are normally free from UK landlines and mobile phones. Calls may be monitored or recorded for training and compliance purposes. Our Customer Call Centre is UK based and open from 9am-7pm weekdays and 9am-1pm on Saturdays, closed Sundays and bank holidays.

Are there any fees or charges?

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.

How do I make a withdrawal?

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. Calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.

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.

What is a Nominated Account?

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.

Calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.

When do I receive my interest on my Premier Cash ISA?

Interest is calculated daily and paid annually in March. For more details, call 0345 602 3409. Calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.

Our Customer Call Centre is UK based and open from 9am-7pm weekdays and 9am-1pm on Saturdays, closed Sundays and bank holidays.

How do I close my account?

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. Calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.

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.

How do I make a complaint?

If you need to make a complaint, please contact us and we will do everything we can to resolve your complaint as soon as possible, but please allow up to 5 working days for a reply.

Please contact us on 0800 169 7500 (opening hours). Our Customer Call Centre is UK based and open from 9am-7pm weekdays and 9am-1pm on Saturdays, closed Sundays and bank holidays. Calls to 0800 numbers are normally free from UK landlines and mobile phones. Calls may be monitored or recorded for training and compliance purposes. 

Alternatively, you can write to us at:
Post Office Money Savings
PO Box 5179
Brighton
BN50 9UY

When we first write to you, a summary of the procedures used when resolving your complaint will be sent to you. A copy of these procedures is also available on request.

If you are not satisfied with the response you have received, the Financial Ombudsman Service may be able to help. They are independent and can help resolve disputes between firms and their customers.

You can contact them by writing to:
The Financial Ombudsman Service
Exchange Tower
London
E14 9SR

Phone: 0300 123 9123

Email: complaint.info@financialombudsman.org.uk

Website: financial-ombudsman.org.uk

Definitions

Definitions

0800: Calls to 0800 numbers are normally free from UK landlines and mobile phones. Calls may be monitored or recorded for training and compliance purposes.

0345: Calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.

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

ISA: An ISA is an Individual Savings Account. They are a tax-efficient way to save money as you pay no tax on the interest you earn. There are three types of ISA - cash ISAs (which have a fixed or variable rate), stocks and shares ISAs and innovative finance ISAs. You can invest up to £15.240 between a cash ISA, a stocks and shares ISA and an 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.

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.

Prevailing rate: The current rate of interest.

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

Tax-free: Tax-free means the 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.

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

Start the application online, print and post it to us (you'll need your National Insurance number).

Other Post Office Money ISAs you might be interested in

Post Office Money ISAs are provided by OneFamily. Savings in Post Office Money Cash ISAs are deposited with Bank of Ireland UK.

Online ISA

Key features:

  • Choose as many variable or fixed rates as you like
  • Access online 24/7

FIND OUT MORE

Fixed Rate Cash ISA

Key features:

  • Choose your term – 1 or 2 years
  • Tax-free savings from just £500

FIND OUT MORE

Small print

Information correct as at 6th April 2016

About OneFamily

OneFamily is a trading name of Family Investment Management Limited (Co. No. 1915516) and Family Equity Plan Limited (Co. No. 2208249), which are authorised and regulated by the Financial Conduct Authority. Registered in England and Wales at 16-17 West Street, Brighton, BN1 2RL, United Kingdom. 

About the Post Office

Bank of Ireland UK is a trading name of Bank of Ireland (UK) plc which is registered in England and Wales (No. 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.