Cash ISA

Features

We are no longer accepting new applications for our Cash ISA with effect from 5th May 2022.

If you are an existing customer, the following information will apply to your existing Cash ISA with Reliance Bank:

• 0.30% AER% tax-free per year variable on balances of £1 or more
• Instant Access to your funds by i-mail or in writing
• The tax status of your ISA is not affected, and we will continue to pay you interest in line with our published rate
• You may continue to add to your existing Cash ISA within the permitted allowance for this tax year (2022/23)
• From April 2023 we will not accept deposits into the Cash ISA for tax year 2023/24 or for any future tax years.

What is the interest rate?

• 0.30% AER*/tax-free
• Interest is calculated daily using your statement balance and is paid annually on the 5th April or the previous working day if that day is not a working day.

Can Reliance Bank change the interest rate?

• Yes, rates are variable and we can increase or decrease the interest rates for reasons listed within our Personal Terms and Conditions.
• We’ll notify you of any changes by post, email, or any other form of communication
• If a change is not to your benefit, you’ll be given 14 days’ notice if in response to the Bank of England Base Rate and at least 2 months’ notice if for any other reason.
• If the change is to your benefit, we’ll tell you by publishing the new rates on our website at least three working days from making the change
• For more information please refer to ‘ISA Terms and Conditions’ which can be found on the Reliance Bank website

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

On a deposit of £1,000, the estimated balance would be £1,003.00. This is based on:

• Interest calculated daily and compounded annually on or around the 5th April each year
• £1,000 being deposited in the account at the time it is opened and no further deposits or withdrawals being made over the 12 month period
• The interest rate as detailed in this Important Information Summary and doesn’t take into account any changes in the rate of interest over the 12 month period

Can I withdraw money?

• Yes, you’ll have instant access to your money so you can make withdrawals
• You have unlimited access to your money
• You can transfer funds to a Reliance Bank or non Reliance Bank account. Transfers to other Reliance Bank accounts are instant.

Additional information

• You can only subscribe to one Cash ISA in a tax year.
• If you make any subscription to a Stocks and Shares ISA in the 2022/23 tax year these subscriptions will be part of your overall £20,000 ISA limit
• If you cease to be resident in the UK, you will retain the benefits of your account up to that date, but no further deposits to your account may be made until you become a UK resident
• For more details on current interest rates, visit the Reliance Bank website at www.reliancebankltd.com or call us on 0207 398 5400.

*AER stands for annual equivalent rate. It shows how much the interest rate would be if the interest was worked out once a year. You can use it to compare different financial products.