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
How do I open and manage my account?
• You can open an account by submitting an application form or open an account in-branch. Please see our “What you need to open an account?” for more details.
• You can manage your account in branch, or using our i-bank online service provided you’re registered.
• The minimum opening balance allowed is £1.
To apply for our Cash ISA you must:
• Be aged 16 or above
• Be registered in the UK for tax purposes
In order to subscribe to our Cash ISA, you cannot have subscribed to a Cash ISA or used your total annual ISA allowance in any combination of permitted ISAs during the same tax year.
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.
• You must provide a valid National Insurance number within 30 days of opening the account to keep your ISA tax free status. If we don’t receive a valid National Insurance number your account will be made void and closed.
• You can only subscribe to one Cash ISA in a tax year. The 2020/21 tax year commenced 6th April 2020.
• If you make any subscription to a Stocks and Shares ISA in the 2020/21 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.