Easy Access ISA (Issue 21)
What is the interest rate?
AER/tax-free (variable) for the first 12 months from account opening
|Tier||Easy Access ISA|
- We work out the interest we’ll pay on the account each day.
- We pay interest into the account once a year in March.
Can Santander change the interest rate?
Yes, we can change the interest rate on this account as explained in the general terms.
What would the estimated balance be after 12 months based on a £1,000 deposit?
|Account name||Interest earned||Balance after 12 months|
|Easy Access ISA||£17.00||£1,017.00|
To work out the estimated balance, we’ve assumed that:
- The account is opened and the initial payment into the account is made on the first day of the month.
- You don’t pay in any more money or take any out.
- There is no change to the interest rate.
These illustrations are only examples and don’t take into account individual circumstances.
How do I open and manage my account?
You can have this cash ISA if you’re 16 or over and a UK resident. You can only open this account in your sole name – joint ISAs aren’t allowed.
How to open the account
You can apply for an account in branch, by mobile or online.
Managing the account
You can manage your account using Online or Mobile Banking, by branch or by telephone.
Paying money in
Under UK law, you can only pay into one cash ISA each tax year, either with us or another ISA provider. If you pay into this Easy Access ISA you won’t also be able to pay into another cash ISA this tax year. A tax year runs from 6 April in one year to 5 April the next.
The UK government sets an ‘annual allowance’ which is the maximum you can pay into all of your ISAs in any tax year, either with us or another provider. The ISA allowance for the 2023/24 tax year is £20,000 and deposits can be made from 6 April 2023 up to and including 5 April 2024. You can subscribe your ISA allowance into a cash ISA, a stocks and shares ISA, an innovative finance ISA and a lifetime ISA or a combination of the four.
- Minimum balance: £500. You can open the account with a zero balance if you are transferring in existing ISAs with a balance of at least £500.
- Maximum balance: £2 million – but you can only pay in up to your ISA allowance each tax year.
You can pay money in electronically or you can ask us to do a transfer for you from an existing ISA with another provider.
This product doesn’t accept additional permitted subscriptions
Can I withdraw money?
You can take money out of your account at any time using Online or Mobile Banking, by Branch or by telephone. If you want to make cash withdrawals by card, you can also ask us for a cash card.
Or, you can link the account to a Santander cash card you already have. This will let you take money out at Santander and other cash machines.
This ISA isn’t flexible. That means if you take money out, it will lose its tax-free status. If it’s repaid into an ISA, it’ll count towards your ISA allowance for the current tax year.
You can also transfer your cash ISA to another provider by contacting the new ISA provider.
At the end of term
The term of this account is 12 months. At the end of the term, we’ll transfer your account to an ISA Saver. We’ll contact you with more details, together with your new interest rate, closer to the time.
Tell us if you change your mind
You can cancel your account at any time during your ‘cancellation period’ – we won’t charge you for it. This is 14 days, starting the day after we confirmed your account is open.
If you do this, we’ll return your money together with any interest we owe you. We’ll do this as soon as we can (and within 30 days from when you tell us).
If you transferred money from another ISA provider and you cancel this account, that provider may not accept the return of the money. If that happens, you can keep the account open or transfer your money in full to another ISA provider. You’ll need to contact your new ISA provider to arrange the transfer.
You can also close your account at any other time outside this cancellation period – we won’t charge you.
An ISA allows you to earn interest on your savings without paying tax. That means any interest you receive won’t contribute towards your Personal Savings Allowance.
ISAs are subject to the Individual Savings Account Regulations 1998 and other government rules.
If you don’t follow those rules, your ISA might become ‘void’ and you may need to pay tax on interest paid.
We’ll send you a statement once a year in March.
The favourable tax treatment of ISAs may change in the future and is subject to individual circumstances.
Subject to availability and may be withdrawn without notice. Rates and information correct as at 4 December 2023.