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Cash ISA

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We'll include a Cash ISA transfer form with your Welcome Pack if you requested to fund your account with a transfer during your application.   After you have returned any documents requested in your Welcome Pack, you can also download a Cash ISA transfer form from Online Banking by clicking on your Tesco Bank Cash ISA account and clicking the “Find out more” button next to “Cash ISA transfer".   Once you return the form to us, we’ll ask your existing Cash ISA provider within 5 business days to arrange for your funds to be transferred to your Tesco Bank Cash ISA. For Cash ISAs, they have 5 Business Days from receiving the request to do this and the transfer should be completed within 15 Business Days of us receiving your form. We will start paying interest from the day your existing Cash ISA provider sends us your money or 16 Business Days after we receive your form (if this is earlier). Transfers from ISAs other than Cash ISAs may take up to 30 days.
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Your account will become an Instant Access Cash ISA at our standard rate. If the Instant Access Cash ISA is no longer available we will write to you before your fixed term ends.
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Yes , you can subscribe to one Stocks and Shares ISA, one Innovative Finance ISA and one Cash ISA each tax year. However, Tesco Bank do not offer Stocks and Shares ISAs or Innovative Finance ISAs. Learn more about ISAs by visiting the HMRC website.
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HMRC sets an annual ISA subscription limit each tax year (6 April to the following 5 April). This is the maximum amount a person can save in total in ISAs (i.e a Cash ISA, Stocks and Shares ISA and Innovative Finance ISA or any combination of these), each year. How much you can pay into your Tesco Bank Cash ISA each year depends on how much you pay into a Stocks and Shares ISA and Innovative Finance ISA each year. For example, in a tax year where the annual allowance is £15,240 you could pay in:   £15,240 to your Cash ISA and nothing to a Stocks & Shares ISA or Innovative Finance ISA £15,240 to a Stocks and Shares ISA and nothing to your Cash ISA or Innovative Finance ISA £15,240 to an Innovative Finance ISA and nothing to a Cash ISA or Stocks & Shares ISA Any combination of amounts between a Cash ISA, a Stocks & Shares ISA and an Innovative Finance ISA. So you can save up to your whole annual allowance in your Tesco Bank Cash ISA, provided you don’t go over your total ISA allowance for the tax year. Tesco Bank only offers Cash ISAs and not Stocks and Shares but you can open a Stocks and Shares ISA or an Innovative Finance ISA with another provider.   The current limit can be viewed in Online Banking and is detailed in our Key Features Document and in your Welcome Letter which you will receive with your Welcome Pack.   You can also view your subscribed amount in Online Banking.   You can register for Online Banking at www.tescobank.com. Simply select ‘Savings’ from the Online Banking menu on screen and then the ‘Register’ button. You’ll be guided through the process.   If you need help registering or logging in to Online Banking you can view our registration and login demonstrations.   Alternatively you can contact us.
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If you want to close your account please call us on 0345 678 5678* or write to us at:   Tesco Bank Broadway One PO Box 27017 Glasgow G2 9FH   *This number may be included as part of any inclusive call minutes provided by your phone operator.   We can close your account immediately and repay the balance to you, or any person authorised by law with any interest due (if that is appropriate).   Remember when you take money out of an ISA it will lose its tax free status. If you are simply looking to withdraw from your ISA and not close the account, you are able to withdraw and replace money as often as you like from both current and previous years’ subscriptions on your Instant Access Cash ISA. Should you wish to replace what you have withdrawn, we recommend you do so by 5pm on the 5th April in the same tax year it was withdrawn . This will ensure that any funds are in your account before the cut off deadline at the end of the tax year at midnight on 5th April.   Learn more about ISAs by visiting the HMRC website.
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If you wish to withdraw your money, your account will be closed. If 30 days have passed since you opened your account and you are within the fixed rate period, you will be charged a fee to do this.   If you close your Account and withdraw your money, it will lose its tax free status. To avoid this, you can transfer all of the money in your Cash ISA to another ISA during the fixed term, using the ISA transfer process. We will also charge you a fee to do this. For more information on the transfer process, please see below.   If you opened your Fixed Rate Cash ISA prior to 6th April the closure or transfer fee will be equal to 30 days interest on the balance of your account.   If you opened your account after 6th April this fee will be equal to 90 days interest on the balance of your account.   Please note you can only withdraw or transfer the full balance. We do not allow you to make partial withdrawals or transfers.   We will waive our fee for making a withdrawal should you need to access your money early due to exceptional circumstances. The following are examples of what we think are “exceptional circumstances” – death or diagnosis of terminal illness.   Instant Access Cash ISA - you can make as many withdrawals as you wish without giving any notice and without fee provided your account remains in credit.   Remember when you take money out of an ISA it will lose its tax free status. If you are simply looking to withdraw from your ISA and not close the account, you are able to withdraw and replace money as often as you like from both current and previous years’ subscriptions on your Instant Access Cash ISA. Should you wish to replace what you have withdrawn, we recommend you do so by 5pm on the 5th April in the same tax year it was withdrawn. This will ensure that any funds are in your account before the cut off deadline at the end of the tax year at midnight on 5th April.   You can transfer the money in your Account to another ISA using the ISA transfer process, which will ensure that your money will remain tax free when you send it to another ISA provider. The current limit can be viewed in Online Banking and is detailed in our Key Features Document and in your Welcome Letter which you will receive with your Welcome Pack.   Learn more about Cash ISAs by visiting the HMRC website.   Please Note: for security reasons a daily limit for online withdrawals does apply.
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You can view the Current Interest Rates for our Cash ISA products on our website.   If you have a Tesco Bank Cash ISA account, you can check the current interest rate on your account by logging in to Online Banking. Once logged in, select the ‘Manage’ button and on your Account Overview, choose your Cash ISA account from the Balances section. On the right hand side you’ll find a summary of your account, which includes your current interest rate.   You can check how much interest you’re earning at any time by contacting us on 0345 678 5678*.    *This number may be included as part of any inclusive call minutes provided by your phone operator.
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You can pay money into your account in the following ways: 1. Tesco Bank Online Banking - make one-off payments into your account from your linked account, or set up a direct debit to make regular deposits. Once you’ve logged in, you’ll see the Online Banking Overview. Select the ‘Manage’ button beside your account summary to go to your Account Overview. Click on ‘Move my Money’ then ‘Money in’ from the menu on the left hand side, and choose how you’d like to make your payment. 2. Tesco Bank Telephone Banking - just call 0345 678 5678* and one of the savings team will be happy to help you. Make one-off payments into your account from your linked account or debit card, or set up a direct debit to make regular deposits. 3. From Your Current Account - contact your bank or use their online banking service to make one-off payments into your account or set up a Standing Order to make regular payments. You’ll need your Tesco Bank Savings sort code and account number to do this – you’ll find this on your statement or your welcome letter.   *This number may be included as part of any inclusive call minutes provided by your phone operator. 4. If Your Tesco Bank Cash ISA Accepts Transfers In, transfer from another ISA using the ISA transfer process If you have a Fixed Rate Cash ISA you are only able to pay money into your account for the first 30 days from account opening so regular payments such as standing orders and Direct Debits will not be available. You can only deposit into a Cash ISA up to the annual subscription limit each year.
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You can move money out of your account by logging into Online Banking and selecting the Move Money section if you have an Instant Access Cash ISA. Alternatively, you can telephone us to make the transfer for you.   If you have a Fixed Rate Cash ISA see With a Fixed Rate Cash ISA, can I withdraw money?   Remember when you take money out of an ISA it will lose its tax free status. If you are simply looking to withdraw from your ISA and not close the account, you are able to withdraw and replace money as often as you like from both current and previous years’ subscriptions on your Instant Access Cash ISA. Should you wish to replace what you have withdrawn, we recommend you do so by 5pm on the 5th April in the same tax year it was withdrawn. This will ensure that any funds are in your account before the cut off deadline at the end of the tax year at midnight on 5th April.   You can view your balance and your subscribed amount in Online Banking.   If you haven't yet registered for Online Banking, you can view our registration and login demonstrations. Alternatively you can contact us.
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No. Money withdrawn at one provider cannot be replaced with another provider. Should you wish to maintain the tax free status of the money withdrawn, you would need to replace the money withdrawn before arranging the transfer to another provider.
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