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Internet Only Cash ISA

Key features:

  • Competitive tax-free interest rates up to 2.00% AER*
  • Fixed interest rate for 1, 2, 3, 4 or 5 years
  • Transfer in ISAs from other tax years
  • Apply and access your account online

Financial Services Compensation Scheme

Your eligible deposits with Wesleyan Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

Please click here for further information or visit the www.fscs.org.uk.

Summary

The longer you invest, the more interest you get

Sometimes it pays to take the long-term view of your finances. If you don’t need to be able to access your savings for a year or more, you can benefit from better tax-free interest rates when you invest for longer.

Wesleyan Bank’s Internet-only Cash ISA is a fixed term deposit account that gives you the option to decide how long you want to invest your money for. Competitive, tax-free interest rates are based on the length of your investment, ranging from 1.55% AER* for one year to 2.00% AER* for five years. With the same interest rate, you’ll also be able to save the proceeds of ISAs from previous years if you wish. At the end of your term, your interest rate becomes variable, but it will still be tax-free within an ISA.

The Internet-only Cash ISA at a glance

Managing the account - available online only.

Minimum investment - you’ll need a minimum of £20,000 to open this account. This can be funded by

  • Depositing £20,000 to use your full ISA allowance for the current tax year,
  • By transferring the full £20,000 from another ISA provider, which has been deposited in the current tax year
  • Transferring a minimum of £20,000 from another ISA provider, from previous tax years' deposits 

Your opening deposit must be made by cheque unless it is funded by a transfer from another ISA.

Interest rate - fixed rate for 1, 2, 3, 4 or 5 years. Interest paid at the end of each tax year.

Withdrawals - you can withdraw money before the end of your fixed term, but an interest penalty charge applies. You can’t take money out and put it back in during the same tax year. For further information, read the Internet Only Cash ISA Terms and Conditions

At the end of the term - interest goes back to being variable, but still tax-free within an ISA.

Transfers - you can transfer an existing ISA to the Wesleyan Bank Internet Only Cash ISA only at the point you open the account. If you want to transfer an ISA you have paid into in the current tax year, you will have to transfer the £20,000 current tax year subscriptions in full. You can transfer all or part of any subscriptions made in previous tax years.

Paying in - once you’ve made your initial investment, you can’t top it up within the same tax year.


Internet-only Cash ISA interest rates

 Term  Gross**/AER*
 1 Year  1.55%
 2 Years  1.65%
 3 Years  1.75%
 4 Years  1.90%
 5 Years  2.00%


The rates and terms offered are only available for a limited period and may be withdrawn at any time.

* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest rate was paid and compounded each year. As every advert 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.

** Without UK tax deducted

Ready to start saving?

Apply online today, or call us on 0800 358 1122 to find out more. Alternatively, fill in our contact form and we’ll call you back.
Further information

What is an ISA?

  •  An ISA is a type of savings account with tax advantages. HM Revenue & Customs (HMRC) set how much you can invest each tax year (the tax year runs from 6 April one year to 5 April the following year).
  • You don’t pay income tax on any income made from an ISA.
  • You don’t pay capital gains tax on any money made from an ISA.
  • You can invest in a Stocks and Shares ISA, a Cash ISA, an Innovative Finance ISA, a Lifetime ISA or a combination of all four in a single tax year.
  • You can choose one ISA Manager for your Stocks and Shares ISA, one for your Cash ISA, one for your Innovative Finance ISA and one for your Lifetime ISA.

Who can open an ISA?

You can open a Cash ISA if you are aged 16 or over and you are:

  • a UK resident for tax purposes (ask your local tax office if you’re not sure);
  • a crown employee (such as a diplomat or a member of the armed forces), working overseas and paid by the Government; or
  • the husband, wife or registered civil partner of a crown employee working overseas.
With Profits ISA

With Profits ISA

The With Profits ISA is a Stocks and Shares ISA, giving you access to our With Profits Fund with no tax to pay on the returns.
Call our team free on 0800 358 1122 Monday to Friday 8.00am - 6.00pm, or contact Wesleyan Bank

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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