What you can get
- You’re aged 16 or over
- You were living with the deceased at the time of their death, not separated under court order, a deed of separation or in circumstances where the separation was likely to become permanent
- Your spouse or civil partner held an ISA or ISAs and died on or after 3 December 2014
|Effective date||Tier||AER/tax-free (variable)|
|Before 22 May 2020||£1+||0.35%|
|From 22 May 2020||£1+||0.01%|
Interest is calculated daily and added to this account annually in March.
Yes, the rate can go up or down e.g. in response to industry and market conditions. If the rate goes down, we’ll let you know around 14 days before the rate changes.
|Effective date||Balance||Interest earned||Balance after 12 months|
|Before 22 May 2020||£1,000||£3.50||£1,003.50|
|From 22 May 2020||£1,000||£0.10||£1,000.10|
Estimates assume that the account is opened and deposit made on 1st March and no change to interest rates.
These illustrations are only examples and don’t take into account individual circumstances.
This account will enable the spouse/civil partner of a deceased Individual Savings Accounts (ISA) saver to benefit from an additional ISA allowance. Where the death of an ISA customer happens on or before 5 April 2018, 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.
Where the death happens on or after 6 April 2018, individuals will be permitted to save an additional amount in an ISA, which will be the higher of:
- the value of the deceased's ISA at the date of their death; or
- the value of the deceased's ISA at the point that the ISA wrapper is removed.
If the spouse/civil partner uses their APS limit, in full or part, or transfers their APS limit to another ISA manager before the point in which the ISA wrapper is removed from the deceased’s ISA, they will no longer be eligible to receive the APS limit at the point the ISA wrapper is removed, if this is higher.
To open the account you must be:
- a UK resident, account can only be held in single name;
- aged 16 or over; and
- you must be a spouse/civil partner of an Individual Savings Accounts (ISA) saver who died on or after 3rd 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.
- Visit any Santander branch.
APS allowance transfers
If your deceased spouse had an ISA with another ISA provider you can transfer in the additional allowance from that ISA provider, you must complete the APS transfer authority form after you have opened your Inheritance ISA. If you have already made an APS deposit 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 including APS deposits, already paid to another ISA provider.
There is no minimum deposit required. The maximum balance you can have in this cash ISA at any time is £2 million. 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 3rd December 2014 and 5th April 2015, the time limit commences from 6th April 2015.
Deposits can be made in branch or via post and must be accompanied by a completed APS Additional Permitted Subscription Eligibility Declaration Form.
Manage the account
- Branch only.
- A receipt or confirmation letter (certificate if applicable) will be issued after account opening.
- Statements are issued annually in March.
Yes, withdrawals can be made in the branch.
Any money that you withdraw yourself from this cash ISA will lose its tax-free status and if repaid back into this cash ISA, will count towards your APS allowance. If repaid back into another ISA, it will count towards your current tax years ISA limit.
We aren’t offering additional flexibility on ISAs but some providers are offering this feature. Those providers may allow you to replace funds that you have withdrawn with them without affecting the ISA limit.
You can cancel the account within 14 days of opening and your money will be returned in full with interest. It’s not possible to cancel a transfer of an APS allowance once the transfer process is completed.
The tax treatment of ISAs depends on your circumstances and may change in the future.
Subject to availability and may be withdrawn without notice. Rates and information correct as at 6 April 2020.
You must complete the APS transfer form and have an open Inheritance ISA.
Inheritance ISA transfer form (pdf)
If your deceased spouse had an ISA with another provider you can transfer in the additional allowance from that provider. If you’ve 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 doesn’t accept the transfer in of existing ISA funds held with other ISA managers.
Once you’ve 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.
You can make deposits into your Inheritance ISA in our branches or by post.
You’ll need to fill in an Additional Permitted Subscriptions eligibility declaration form (pdf)
The address for postal deposits is:
9 Nelson Street
Any money withdrawn from your cash ISA rather than transferred will be considered a withdrawal and will lose tax free status. If you replace the money back into an ISA it will count towards your current tax year ISA limit.