Cash ISA

The Cash ISA is no longer available to new customers with effect from 5th May 2022.

Summary

We are no longer accepting new applications for our Cash ISA with effect from 5th May 2022. If you are an existing customer, we have recently contacted you to inform you that we are closing all Cash ISA accounts. You would have been provided with all the information you need to make the necessary arrangements for your existing ISA. If you have not done so already, please get in touch and we can help you arrange for your ISA to be transferred to another provider.

If you wish to continue to save with Reliance Bank, we have several alternative savings options that you can open if you choose:

Save with us and your money will make a positive social impact
Although our Cash ISA is no longer available you can save with us by opening a Reliance Bank Savings account – we have the following accounts available:

Instant Access Personal Savings Account: Click here
35 Day Notice Personal Savings Account: Click here
90 Day Notice Personal Savings Account: Click here

We will pay you interest when you save with us and the money you deposit with us will enable us to continue to provide loans to organisations, charities and social enterprises that deliver positive social impact in the UK.

The power to change lives for the better
We know that money has the power to change lives for the better. In the right hands, it can be a force for good. As a Bank we’ve supported businesses and charities for over 130 years and we prioritise business lending to organisations that deliver positive social impact in the UK, so you’ll be joining a group of like-minded people.

Reliance Bank are proud of its shareholder The Salvation Army International, whose mission it is to help people whose lives have been affected by emergencies, disasters, poverty and social inequality.

Please be mindful that if you close your Cash ISA account, and the money is deposited to an account which is not an ISA product, you will lose your tax-free status.
You can find all the information about our alternative savings accounts on the savings pages of this website or you can call our customer experience team on 020 7398 5400.
The information provided on this website serves as informational purposes and is not intended as tax, legal, or accounting advice. It’s advisable to consult your relevant advisors before making any decisions based on this content.

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if we as a Bank fail to meet our financial obligations. In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website for the Finanacial Services Compensation Scheme.

*AER stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different savings accounts. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

Features

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

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.

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