Premier Cash ISA FAQs

What is an ISA?

ISA stands for Individual Savings Account. ISAs were launched by the Government to give people a tax-efficient way to save for the future. There are two types of ISA – cash ISAs (which can have a fixed or a variable interest rate) and stocks and shares ISAs where your money is usually invested in stocks and shares.

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 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 and one stocks and shares ISA in each 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 and a stocks and shares ISA this tax year (that’s the period from 6th April to 5th April). You can only invest in one cash ISA and one stocks and shares 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)

How are my savings with Post Office Money protected?

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 of 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.

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.

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.

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