Make the most of your ISA allowance
Explore our Cash ISA
Overview Open in new window
Interest rate Open in new window
Balance examples Open in new window
Opening and managing your account Open in new window
Apply for a Cash ISA Open in new window
Make the most of your savings
- Start saving with as little as £1, and take your money out when you need it
- Save up to £20,000 tax free for tax year 2023/2024
- New Customers have until the 27 March 2024 to apply for tax year 2023/2024 any applications after this date will be for Tax Year 2024/2025
- Existing customers have until 5th April 2024 to apply for Tax Year 2023/2024
- Save up to £20,000 tax free
- Bring your ISA balances together in one place
ISA stands for Individual Savings Account where you don't pay tax on any interest you earn
Summary Box
Account name: Cash ISA
1. What is the interest rate?
Balance
£1 - £24,999
£25,000+
AER/Tax-free p.a. (variable)
1.75%
3.20%
Interest is paid on a tiered basis which means you'll earn one rate on your entire account balance. Interest is calculated daily and paid into your account on the last business day of October and at account closure.If you choose for interest to be paid into a nominated Ulster Bank account in your name(s), then interest will be paid into that account.
2. Can Ulster Bank change the interest rate?
Yes, these rates are variable. If the rates are going down and your balance is £100 or more, we'll give you at least 14 days' notice. If the rates are going down and your balance is less than £100, we'll inform you before the change or shortly afterwards. If the rates are going up, we'll inform you before the change or shortly afterwards. For more information please see theYour Savings Account Terms (PDF, 342 KB)
3. What would the estimated balance be after 12 months based on a range of deposits?
Initial deposit at account opening
£1,000.00
£25,000.00
Balance after 12 months
£1,017.50
£25,800.00
Interest earned
£17.50
£800.00
These are only examples and do not take into account your individual circumstances. They assume that no further deposits or withdrawals are made; there is no change to interest rates and tiers; and any interest earned stays in the account.
4. How do I open and manage my account?
Your eligibility
Cash ISAs are open to existing Ulster Bank current account customers aged 16+. You must be resident in the UK for tax purposes.
You can apply for a Ulster Bank current account at the same time as your cash ISA application if you don't already have one.
You can only hold one cash ISA with Ulster Bank.
If you already have a cash ISA with us, keep paying into that account.
You must:
- not have subscribed to another cash ISA (including a Help to Buy ISA with another provider) or have subscribed more than the overall subscription limit in total to a cash ISA, a stocks and shares ISA, an innovative finance ISA and a lifetime ISA in the same tax year;
- hold the account solely in your name.
You can open and manage your account on our mobile app, online or by telephone.
To open in branch you must bring your own digital device such as a mobile or tablet and our staff can assist you opening the account yourself. You'll of course be able to phone us too if you need help managing your account. You can also pay money into your account at one of our cash deposit machine
Balance and ISA allowance
There is no minimum deposit required to open the account, no minimum deposit needs to be made on a regular basis, and there is no maximum balance limit.
However, there is a limit on the amount you can pay into your account each tax year (6 April to 5 April). This annual limit, also known as your ISA allowance, is set by the Government and may change from time to time. For the current tax year it is £20,000.
If you pay in more than the limit any excess money will be returned to you.
If you make a payment for a tax year into your Cash ISA, you can’t make any payments for that tax year into any other cash ISA except for an Ulster Bank Help to Buy ISA.
Making payments to both an Ulster Bank Cash ISA and an Ulster Bank Help to Buy ISA
You can make payments to a Help to Buy ISA in the same tax year as an Ulster Bank Cash ISA provided that:
- the Help to Buy ISA is held with us; and
- you don’t pay in more than the ISA allowance between the Cash ISA and the Help to Buy ISA.
You can transfer all or part of any ISA held with another provider to us.
5. Can I withdraw money?
Yes. No notice is required.
You can withdraw money:
- in branch;
- by transfer to any other account based in the UK (online, by telephone or on the mobile app)
- using your CashCard
If you make a withdrawal, you will not be able to deposit more money into your account if it means you will exceed the annual limit.
You can transfer your ISA (or part of it) to another ISA manager.
Please note there are daily limits on the amount that can be transferred from your account online, through telephone or mobile banking.
Information on the current daily limits is available on ourwebsiteor by contacting Anytime Telephone Banking.
6. Additional Information
Definitions
AER:Stands for the Annual Equivalent Rate. It shows you what the rate would be if interest was paid and compounded each year.
Gross:The interest rate you are paid without the deduction of UK income tax.
p.a.:per annum (per year)
Information Message
Bring all your ISAs together to one place
You can transfer funds from an ISA with another provider by completing our Cash ISA transfer form, or if you bank online you can use the paperless transfer request, remember it can take up to 7 days to complete your ISA transfer request.
Information Message
Find out more Open in new window
How do I get additional support with my banking?
Banking My Way is a free service that allows you to record information about the support or adjustments you need to make banking easier. You can also let us know any additional support you may need to ensure all of our colleagues are aware of this. The information will be shared on our internal systems and therefore you will not need to repeat these requirements every time you interact with us.
Once your account is open, you can record this through Anytime Banking or with our colleagues in branches or over the phone.
Learn more about Banking My Way
Information Message
Financial Services Compensation Scheme
Your eligible deposits held by a UK establishment of Ulster Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.
SeeFSCS Protecting Your Money (PDF, 3.7 MB)for more information about the scheme and how it protects your money.
Get ready to apply
Before you apply we need to check you're happy with a few things and ask you a few questions up front, then we can make your application as quick and simple as it can be.
First things first. You can apply if you:
- are aged 16 or over
- permanently live in the UK for tax purposes
Once your account is open we'll provide your statements within Anytime Banking
Important information
If you carry on applying, it means you're happy with what's in these documents, including the FSCS information sheet. And happy to view your statements in Anytime Banking - not posted.Please take some time to review, print and/or save the important information.
Here you'll find our interest rates for each of our products, including balance examples to see how much you could earn.
View our guide to personal account fees and interest(PDF, 277 KB)
All kinds of general info about our savings accounts. Including details about the Cash ISA account.
Your Savings Account Terms (PDF, 342 KB)
Very important information about how your money is protected. Just in case.
FSCS information sheet (PDF, 157 KB)
Key information about our Cash ISA products, in a short and snappy two page summary.
Download PDF (96 KB)
How your information might be used
It's important for you to understand how we use and share your information. Please read thisshort summarybefore you continue with your application.
As part of the checks that we will complete to verify your identity, we’ll take an image of your face so that it can be compared with your photo ID and thisbiometric datais captured.
