What is the interest rate?
- 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?
|Balance||Interest earned||Balance after 12 months|
To work out the estimated balance, we’ve assumed that:
- The account is opened and the initial payment into the account is made on 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 open this cash ISA to use an Additional Permitted Subscription (APS) if you’re 16 or over and a UK resident. You can only open this account in your sole name – joint ISAs are not allowed. You can only have one of these accounts. An APS is an additional ISA allowance above the normal ISA allowance which you can use if:
- your spouse or civil partner died, and
- you were living with them at the time of their death, you weren’t legally separated, or you weren’t separated in circumstances where the separation was likely to become permanent.
Where the deceased held ISAs with a number of different providers, you’ll have APS allowances with each provider.
How to open the account
You can apply for this account at a branch.
If your deceased spouse had an ISA with another ISA provider, you’ll have to complete an APS transfer form to transfer in the additional allowance from that provider. You can only do that if you haven’t already made an APS deposit with that provider.
Managing the account
You can only manage your account at a branch.
Paying money in
You can pay money in at a branch or by post and must be accompanied by a completed APS Additional Permitted Subscription Eligibility Declaration Form. You can’t transfer in any existing ISA funds.
- Minimum balance: None.
- Maximum balance: How much you can save depends on the date of the deceased ISA holder’s death.
If the date of death was on or before 5 April 2018, you can save the value of the deceased’s ISA savings at the date of their death.
If the date of death was on or after 6 April 2018, you can save whichever value is higher:
- The deceased’s ISA savings at the date of their death, or
- The deceased’s ISA savings at the point the ISA wrapper is removed (this happens on the earlier of the completion of the administration of the estate, the closure of the ISA or the third anniversary of the death).
But if you have used any of your APS allowance or you transfer the allowance to another provider before the wrapper is removed, you’ll no longer be able to benefit from a higher allowance at the point the wrapper is removed.
To use this account, you must pay in any APS deposits within:
- 3 years of the date of the death, or
- 180 days of completion of the administration of the estate, whichever date is later.
Once you’ve made an APS deposit to this cash ISA, any further APS deposits towards the particular APS allowance you have with us must be made into this cash ISA.
You can’t transfer any unused APS allowance to another ISA provider. But, if the deceased held ISAs with a number of different providers, you’ll have APS allowances with each provider.
Can I withdraw money?
Yes, you can take money out of your account in a branch.
This ISA is not flexible. That means that if you take money out of this cash ISA, it’ll lose its tax-free status. If you pay it back in again, it’ll count towards your APS allowance. But if you pay it into another ISA, not as an APS deposit, it will count towards your current tax year’s ISA limit.
You can also transfer your cash ISA (in full or in part) to another Santander cash ISA or to another provider by contacting the new ISA provider.
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).
It isn’t possible to cancel a transfer of an APS once the transfer process is completed.
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.
Statements and other information
We’ll send you a statement once a year in March.
We’ll send you a certificate or email confirmation after you’ve opened the account.
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.