Account Services

Account Name

Cash ISA

What is the interest rate?

• A tiered interest rate structure applies to this account and the interest rate, which is variable, will depend on the amount of funds you have deposited into this account.
• Interest is calculated daily and will be paid quarterly.

Can BEA change the interest rate?

Yes, the interest rate can go up or down e.g. in response to market conditions. If the rate goes down, we will give you two months' notice unless the change is triggered by a transaction that moves your balance into a different interest rate tier. Please refer to clause 10 of our General Terms and Conditions for more details.

What would the estimated balance be after 12 months based on a £1,000 deposit?

For the purpose of these calculations, it is assumed:

• Initial deposit of £1,000
• No further deposits
• No withdrawals
• No change to the interest rate during the 12 months

The above projections are provided for illustrative purposes only and do not take into account individual circumstances.

How do I open and manage my account?

Eligibility:

• Be a UK resident individual for tax purpose or a Crown employee serving overseas (or married to, or in civil partnership with, a Crown employee serving overseas).
• Aged 18 or over

How to open the account:

You can open the account in branch.

Minimum/maximum balance:

• The minimum opening sum and interest earning balance is £10. You must maintain this minimum balance throughout the term of the Cash ISA.
• The maximum amount you can deposit is subject to annual subscription limits in the ISA Regulations prescribed by the HM Revenue & Customs. The limit for the 2023/2024 tax year is £20,000 (tax year means 6^th April one year to 5^th April the next).

How to manage the account:

You can manage the account in branch, via BEAUK Cyberbanking and Mobile Banking.

ISA transfers:

We only accept the transfer of Cash ISA subscriptions in whole to us. This include previous and current year subscription. You may transfer out the whole or any part of your Cash ISA subscriptions. However, we are a Cash ISA only provider; we cannot accept inward transfers held in stocks and shares ISA, Innovative Finance ISA and Lifetime ISA.

Can I withdraw money?

Yes, you have instant access to your account and withdrawal can be made in branch.

If you withdraw funds from your Cash ISA account they cannot be replaced. But you may add funds to your account up to the limit of your Cash ISA allowance.

Additional information

• The account is available in GBP only.
• We are a Cash ISA provider
• You are allowed to make subscriptions to multiple ISA of the same type in a tax year. This means you will be able to make subscriptions to multiple Cash ISAs in the same tax year with different Cash ISA providers, as long as you stay within the overall annual subscription limit set out in the ISA Regulations.
• You may cancel your account within 14 days of your first payment into the account. We will pay you the balance with any gross interest earned.
• For further information on ISA, please visit the Government website: https://www.gov.uk/individual-savings-accounts.
• Please refer to Cash ISA Terms and Conditions for further information on this account.

Definitions:

• ISA stands for Individual Savings Account.
• AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.
• Tax-free means free of UK income tax and capital gains tax.

Rates updated on 6^th April, 2024