Back to savings account

Cash ISA

Why choose a Cash ISA?

Start saving with as little as £1, and take your money out when you need it.

Save up to £20,000 tax free.

Bring your ISA balances together in one place.

You must be a UK resident aged 18+. You can only subscribe to one Cash ISA with Ulster Bank in any tax year up to £20,000. Tax free Interest means interest payable is exempt from UK income tax. Tax reliefs referred to are those applied under current UK legislation, which may change.

Summary Box: Cash ISA

1. What is the interest rate?

Balance	AER / Tax-free p.a. (variable)
£1 - £24,999	1.15%
£25,000+	2.45%

Interest is paid on a tiered basis which means you'll earn one rate on your entire account balance. Interest is calculated daily and paid into your account on the last business day of October and at account closure. If you choose for interest to be paid into a nominated Ulster Bank account in your name(s), then interest will be paid into that account.

2. Can Ulster Bank change the interest rate?

Yes, these rates are variable. If the rates are going down and your balance is £100 or more, we'll give you at least 14 days' notice. If the rates are going down and your balance is less than £100, we'll inform you before the change or shortly afterwards. If the rates are going up, we'll inform you before the change or shortly afterwards. For more information, please see our Savings Account Terms (PDF, 605KB).

3. What would the estimated balance be after 12 months based on a range of deposits?

	Balance after 12 months	Interest earned
£1,000 deposited	£1,011.50	£11.50
£25,000 deposited	£25,612.50	£612.50

These are only examples and do not take into account your individual circumstances. The examples assume that: no further deposits or withdrawals are made, there is no change to interest rates and tiers and any interest earned stays in the account.

4. How do I open and manage my account?

Eligibility

Cash ISAs are open to customers aged 18+. You must be a resident of the UK for tax purposes.

You can only hold one cash ISA with Ulster Bank.

If you already have a cash ISA with us, keep paying into that account.

You must:

not have subscribed to another Cash ISA with us or have subscribed to more than the overall subscription limit in total to a Cash ISA, a Stocks & Shares ISA, an innovative finance ISA and or a lifetime ISA in the same tax year
hold the account solely in your name.

You can open and manage your account on our mobile app, online or by telephone.

To open in branch you must bring your own digital device such as a mobile or tablet and our staff can assist you opening the account yourself. You'll of course be able to phone us too if you need help managing your account. You can also pay money into your account at one of our cash deposit machine.

Balance and ISA allowance

There is no minimum deposit required to open the account, no minimum deposit needs to be made on a regular basis, and there is no maximum balance limit.

However, there is a limit on the amount you can pay into your account each tax year (6 April to 5 April). This annual limit, also known as your ISA allowance, is set by the Government and may change from time to time. For the current tax year it is £20,000.

If you pay in more than the limit any excess money will be returned to you.

If you make a payment for a tax year into your Cash ISA, you can’t make any payments for that tax year into any other cash ISA except for an Ulster Bank Help to Buy ISA.

5. Can I withdraw money?

Yes. No notice is required.

You can withdraw money:

in branch
by transfer to any other account based in the UK (online, by telephone or on the mobile app)
using your CashCard.

If you make a withdrawal, you will not be able to deposit more money into your account if it means you will exceed the annual limit.

You can transfer your ISA (or part of it) to another ISA manager.

Please note there are daily limits on the amount that can be transferred from your account online, through telephone or mobile banking.

Information on the current daily limits is available on our website or by contacting Anytime Telephone Banking.

6. Additional Information

Annual Equivalent Rate (AER) shows the interest rate if interest is paid and compounded once each year. AER helps you to compare the rates of interest on different accounts.

Compound interest is interest that is earned on interest that’s already been paid.

Gross means the interest rate you are paid on your savings with no compounding.

p.a. per annum (per year).

Tax-free. We pay all savings interest without the deduction of tax. You do not pay any UK tax on interest earned in ISAs. You may have to pay tax on interest earned in non-ISA accounts depending on your Personal Savings Allowance. The tax treatment may be subject to change in the future.

Important Information

Please take some time to review, print and/or save the important information.

Savings Account Rates including Information Sheet (PDF, 106KB)

Savings Account Terms (PDF, 605KB)

FSCS Information Sheet and Exclusions List (PDF, 26KB)

Instant Access ISA Key Features (PDF, 41KB)

It's important for you to understand how we use and share your information. Please read this short summary before you continue with your application.

As part of the checks that we will complete to verify your identity, we’ll take an image of your face so that it can be compared with your photo ID and this biometric data is captured.

By continuing you're confirming you've been provided with, and have acknowledged our important documents, including the FSCS information sheet.

All okay? You're nearly ready to start.

Apply for a new ISA

Great. Let's get your application started.

Remember, to apply for a Cash ISA, you must:

Have your National Insurance number. You’ll find it on your payslip, P60 or any letters from HMRC.
Be at least 18 years old and a permanent UK resident, or a Crown Servant serving overseas, their spouse or civil partner.
Have a phone number and email address we can contact you on.

Back to savings accounts