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Why choose a Direct ISA?
Tiered interest rates- from 2.00% AER* tax free (variable) from £1 and 2.75% AER* tax free (variable) from £9,000+ which includes a variable rate bonus of (see below).
Save tax free- up to £5,100 this tax year without paying tax on interest.
Transfer In - You can transfer in funds from cash ISAs you hold elsewhere.
How the account works:
You can open your cash ISA with as little as £1.
Access your Direct ISA online, at a cash machine, by post or over the phone.
All payments you make into your ISA count towards your ISA allowance. If you use up your allowance and then take money out of your ISA, you cannot pay that money back in until the start of a new tax year.
Direct ISA preferential variable rate for first 12 months from account opening.
|
Tier |
AER % (incl. bonus*) |
AER % (excl. bonus*) |
Tax free % (excl. bonus*) |
Tax free % (incl. bonus*) |
|
£9,000 plus |
2.75 | 0.50 | 0.50 |
2.75% |
|
£1 plus |
2.00 | 0.50 | 0.50 |
2.00% |
After 12 months from opening your account will automatically change to a variable tiered rate depending on the amount of money you have in your account (whatever the AER excluding bonus is at the time). All rates above are variable.
- Interest is calculated daily and paid each year after close of business on 1st March.
- You can choose to have interest paid into your Direct ISA account or into a different Santander account if you wish.
- We’ll send you a statement at least once a year, so you’ll always know exactly how your tax free savings are doing.
- Access your Direct ISA online, at a cash machine, by post or over the phone.
- If you are a new customer to Santander, you can open your cash ISA with as little as £1 or you can transfer in a Cash ISA from another provider. Once we have opened your account we’ll send a transfer form to you, just complete, sign and return it to us at the address we provide.
- If you wish to transfer an existing Santander Cash ISA to a Direct ISA this can be done simply by completing the transfer form and returning to us at the address stated on the form. You will not need to complete a new online application form. If you haven’t paid into your account for over a year, you’ll also need to complete an ISA declaration form .
*AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year. The tax free rate is the rate of interest payable where interest is exempt from income tax. The favourable tax treatment of ISAs may change in the future.
All our ISAs are provided by Santander ISA Managers Ltd.
Rates effective from 11 February 2010.
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