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Inheritance ISA

What is APS?
An additional permitted subscription (APS) is an additional allowance that can be used by the spouse or civil partner of a deceased ISA customer in addition to their normal annual ISA limit. The value of this allowance is determined by the value of the deceased’s ISA at the date of death. Only eligible to the spouse or civil partner of the deceased, the APS cannot be transferred to another person. There will be no change in the administration of the deceased's estate after death. Any ISAs held by the deceased at the date of death will still be closed and any interest paid after the date of death will be paid gross. APS does not entitle you to the funds held by the deceased in their ISA at date of death and no actual funds will be transferred.
 
Are you eligible?
You must be a UK resident aged 16 or over and you must be a spouse or civil partner of Individual Savings Accounts (ISA) savers who died on or after 3 December 2014.
You must have been living with the deceased at the time of their death, not separated under an order of a court or a deed of separation or not separated in circumstances where the separation was likely to become permanent. Please be aware that those living apart, at the date of death, in a care home are not considered to be separated under this rule. This account will enable the spouse or civil partner of a deceased ISA saver to benefit from an additional ISA allowance. Individuals will be permitted to save an additional amount in an ISA, up to the value of their deceased spouse or civil partner’s ISA savings at the time of death, without this amount counting against their normal ISA subscription limit. 

  Interest rates up to and including 31 October 2016 Interest rates from 1 November 2016
Balance AER Tax-free (variable) AER Tax-free (variable)
£1 - £9,999  0.25%  0.10%
£10,000+  0.75%  0.50%

You can open the account in your local Santander branch. Find your nearest branch

Deposits can be made in branch or via post.

The favourable tax treatment of ISAs may change in the future.

Inheritance ISA is a cash ISA and is subject to availability. Rates are variable and effective from 18 August 2016.

Your interest is calculated daily and paid into your account annually at the beginning of March.

Deposits must be made within 3 years of date of death or 180 days of the completion of the administration of the estate, whichever date is latest. For deaths between 3 December 2014 and 5 April 2015, the time limit commences from 6 April 2015. Deposits can be made in branch or via post and must be accompanied by a completed APS declaration.

Individuals will be permitted to save an additional amount in their ISA, up to the value of their spouse or civil partner’s ISA savings at the time of death, without this amount counting against the normal ISA subscription limit. APS does not entitle you to the funds held by the deceased in their ISA at date of death and no actual funds will be transferred.

Cash withdrawals can only be made in branch.

A 14-day cancellation period applies. If within 14 days of opening this account it no longer meets your needs, the account can be cancelled and the money will be returned to you in full with interest and without penalty. It is not possible to cancel a transfer of an APS allowance once the transfer process is completed. If you don’t exercise your right to cancel; the cash ISA will continue with us.

If your deceased spouse had an ISA with another ISA provider you can transfer in the additional allowance from that ISA provider. If you have already made an APS subscription with that provider you will then not be able to transfer the remaining APS allowance to another ISA provider. The account does not accept the transfer in of existing ISA funds held with other ISA managers.

Whilst interest is currently paid tax-free on cash ISAs, you should be aware that the favourable tax treatment of ISAs may change in the future.
Inheritance ISA is subject to availability.

Deposits

You can make deposits into your Inheritance ISA:
In Branch
Via Post

Deposit requests must be accompanied by a completed Additional Permitted Subscriptions Eligibility Declaration Form. Requests should be sent to the address below

ISA Team
Santander
9 Nelson Street
Bradford
BD1 5AN

Additional Permitted Subscriptions Eligibility Declaration Form.

Transferring an APS allowance from an external provider

You must complete the APS transfer Authority form and have an open Inheritance ISA.

Inheritance ISA Transfer form

If your deceased spouse had an ISA with another ISA provider you can transfer in the additional allowance from that ISA provider. If you have already made an APS subscription with that provider you will then not be able to transfer the remaining APS allowance to another ISA provider. The account does not accept the transfer in of existing ISA funds held with other ISA managers.

Once you have funded this cash ISA, you can transfer the funds held in this cash ISA, in full or part, both to another Santander cash ISA and also to another ISA provider. If you wish to transfer out funds held in your cash ISA please contact your new ISA provider who will arrange the transfer for you. Any funds paid into this cash ISA in this tax year will not count towards your current tax year limit if transferred to another ISA.

Everything you need to know before you apply

We recommend reading the information in the documents below before you apply. You may like to save or print them so you can refer to them in the future.

Inheritance ISA Key Facts Document (pdf)

General Terms & Conditions (pdf) 

To view these documents, you may need to download Adobe Reader.

Please read full product details and terms & conditions before applying.

You can apply for an Inheritance ISA if you:

  • are at least 16 years of age

  • are the spouse or civil partner of Individual Savings Accounts (ISA) savers who died on or after 3 December 2014 and were living with the deceased at the time of their death, not separated under an order of a court or a deed of separation or not separated in circumstances where the separation was likely to become permanent. 

Apply in branch
Find your nearest branch or call 0800 085 1553 to make an appointment. Lines are open 8am to 9pm Monday-Friday and 8am to 4pm Saturday. You will need to bring proof of your name and address and ID along with the details of the original account holder.

Rates and information correct as at 18 August 2016.

Frequently asked questions

  • If you have not already made any APS payments with the deceased's ISA provider, you can transfer your APS allowance to us by completing the APS transfer authority form. You must have an open Inheritance ISA. Inheritance ISA Transfer form

  • You can deposit the funds in branch or send a cheque to the address below. Please note that Deposit requests must be accompanied by a completed APS declaration. Additional Permitted Subscriptions Deposit declaration Form

    ISA Team
    Santander
    9 Nelson Street
    Bradford
    BD1 5AN
     

  • You must be a UK resident aged 16 or over and you must be a spouse or civil partner of Individual Savings Accounts (ISA) savers who died on or after 3 December 2014.

  • The easiest way to change your address and contact details (including your telephone number and email address) is to do it via Online Banking. It will be changed instantly.

    If you have a joint account you can only change your own name and/or address within Online Banking. If both names and/or addresses need to be changed, both account holders must log on to their own Online Banking and change their own details.

    You can also change it by telephone or in branch.

    1. Online Banking (instant):

      Log on and update your details instantly from within the "My Details & Settings" tab.

      • Choose 'Change personal details' from the left hand menu and then click 'Change address'.

      • Enter your new details (including postcode) and follow the onscreen instructions.

      • Please note: You will need to enter a One Time Passcode (OTP) to complete this change, so make sure you have your mobile phone to hand.

    2. By telephone (for current account and savings customers):

      • Call our Telephone Banking line on 0800 9 123 123. Lines open 7am to 11pmMonday to Saturday and 8am to 10pmSundays.

    3. In branch:

      • Complete a change of details form by

        • Printing off and completing the Change of details form (pdf) *

        • Requesting a copy of the form by calling us on 0800 9 123 123. Lines open 7am-11pm Monday to Saturday and 8am-10pm on Sundays.

        • Collect a form from your local branch.

      • Take the form to your local branch together with relevant account documentation:

        • Your cash card, passbook or certificate and;

        • Signature bearing identification such as a full UK driving licence or valid EEA passport (this includes UK passport).

    If you would like to discuss our identification requirements please call us on 0800 9 123 123 and we will be happy to help. Lines open 7am to 11pm Monday to Saturday and 8am to 10pmSundays.

    Important information for customers with alerts: If you have Account alerts set up on your account and you want these to be sent to your updated telephone number and/or email address, then you will need to amend your alerts via the 'Account Services' tab in Online Banking as they are not automatically updated when you change your details.

    * To open these documents you will need to have Adobe Reader. If you don't already have Adobe Reader you can download it for free

  • All our ISAs allow access to your money but there may be restrictions or charges that vary depending on which ISA it is that you hold.
    Be aware that if you take money out, and you wish to put it back later, this will count against your annual ISA allowance for that tax year. This means that if you have already used up your annual ISA allowance, any money you take out cannot then be put back in during the same tax year.

     

    From 6 April 2016 Santander cash ISAs will continue to work as they do today, we will not be offering additional flexibility but some providers will be changing the way in which their ISAs work. Take a look at our information pages to learn more.

  • Can't find what you are looking for? More help can be found at on the ISA FAQs page.

AER explained
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.

Tax Free explained
The tax free rate is the rate of interest payable where interest is exempt from income tax.
 

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