Fixed Rate ISA - Overview
Tax free savings
Save up to £5,640 in the 2012/13 tax year, and pay no UK income tax
on the interest you earn.
Flexibility
With a minimum of £500, choose a fixed rate for your tax free savings over 1, 2 or 3 years
Combine your
ISA savings
Transfer savings from ISA accounts you may hold elsewhere, and benefit from our rates.
Limited Offer
Apply from the
16 April to the 8 June
| Key dates for your application | |
| Closing date for applications (your Fixed Rated ISA must be opened by this date) | 8 June 2012 |
| Last day for receipt by us for external ISA transfer requests | 8 June 2012 |
| Last date for receipt by us for Ulster Bank internal transfer requests | 6 July 2012 |
| Last date for receipt by us of 2012/2013 tax year subscriptions | 6 July 2012 |
| Start date | 13 July 2012 |
To take advantage of our Fixed Rate ISA rates your account must be opened no later than 8 June 2012.
Initial deposit - You must open your Fixed Rate ISA with at least £500, and you have until the dates outlined above to add further deposits or to transfer in ISA balances from other accounts, held in Ulster Bank or elsewhere.
Pre start rate - You will earn interest equivalent to our variable rate Cash ISA up until the start date of your Fixed Rate ISA - 13 July 2012.
Interest Payments - Interest on the Fixed Rate ISA is applied to your account annually in October, and at maturity.
Tax year subscriptions - You cannot subscribe to another cash ISA in the same tax year in which you opened the Fixed Rate ISA. A Fixed Rate ISA is a cash ISA.
Top ups - are allowed up until 6 July 2012. So, if you haven't already subscribed to a cash ISA in the 2012/13 tax year, you can deposit up to£5,640.
Withdrawals are not allowed - however if you need access to your savings you can close your Fixed Rate ISA, incurring a penalty charge equivalent to:
- 90 days gross interest (1 year Fixed Rate ISA)
- 180 days gross interest (2 year Fixed Rate ISA)
- 270 days gross interest (3 year Fixed Rate ISA)
If the amount of interest charged is more than the interest accrued on the Fixed Rate ISA at the date of closure, this will be deducted from the rest of your account balance. This would mean the amount would be deducted from the capital sum deposited. In this situation the closing payment would be less than the amount of money you originally invested in the Fixed Rate ISA account.
The closing payment will be deposited into a variable rate Cash ISA, unless otherwise requested.
Maturity - Upon maturity your Fixed Rate ISA account will automatically convert into a standard Ulster Bank variable rate Cash ISA - this is an instant access account. We will send you a letter at this time to remind you about your maturity and to outline some of the options which will be available to you.
Please also read the following documents before applying for your Fixed Rate ISA:
Fixed Rate ISA Information Sheet
Personal Banking - Terms and Conditions
A Guide to Personal Accounts Fees and Interest
Savings and Financial Planning
Important Note: Tax reliefs referred to are those applying under current legislation, which may change. The availability and value of any tax reliefs will depend on your individual circumstances.
Anyone over 16 and resident in United Kingdom can open a Cash ISA.
You can transfer in your existing cash ISA balances from Ulster Bank and other financial institutions.
You simply need to complete a Cash ISA transfer form (PDF, 59KB) once you have opened your Fixed Rate ISA then take the completed form into your local branch or post it to:
Central Tax Unit,
Ulster Bank Limited,
Danesfort,
Stranmillis Road,
Belfast
BT9 5UB
We must receive your form no later than 8 June 2012 for transfers from other financial institutions and no later than 6 July for transfers from other Ulster Bank ISAs.
If you are transferring from another financial institution, your existing ISA provider has a maximum of 5 working days, or to the end of any required notice period, after receiving your transfer request to send your ISA monies to us. This period is specified within the ISA Regulations and Her Majesty's Revenue & Customs (HMRC) ISA Guidance Notes for ISA Managers.
Please ensure you have read our Common Questions so that you have all the relevant information you will need about cash ISAs before you request an ISA Transfer.
If you'd like more information on how to transfer your ISA, here is a simple guide provided by the British Bankers Association (PDF, 354KB).
