No. Money withdrawn at one provider cannot be replaced with another provider. Should you wish to maintain the tax free status of the money withdrawn, you would need to replace the money withdrawn before arranging the transfer to another provider. The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.
We will write to you at least 14 days before your account is due to mature and give you your options. You can ask us to;
Reinvest your account into another Fixed Rate Cash ISA with Tesco Bank (please note this can only be done on or after the maturity of the account)
Move your money to another account with Tesco Bank (if this account is not an ISA it will lose its tax free status)
Send your money to your linked or nominated account, (if this account is not an ISA it will lose its tax free status)
Transfer your funds to another ISA provider, see How do I move my ISA with Tesco Bank to another provider?
If we do not hear from you, at the end of your fixed rate term your account will become an Instant Access Cash ISA and it's terms and conditions will apply. Your account will earn interest at the Cash ISA Standard Rate and you can continue to make subscriptions and access the money in it as normal. If we no longer offer the Instant Access Cash ISA when your fixed term ends, we will write to you to let you know before this happens with full details. The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstance.
A linked account is an account you have told us about and held in your name at another bank in the UK or another Tesco Bank account.
You can use linked accounts to move money out of your Cash ISA Account. To add a linked account, login to Online Banking and select Add another account at the bottom of the page.
When you add a linked account we check that you are the owner of that account and that you are authorised to make payments to it. If this check doesn't complete successfully, you may be asked to send proof of ownership.
You can transfer money out of your account to another Tesco Bank Cash ISA once your account has matured. If you would like to do this, please contact us and we’ll arrange this for you. You will not have to complete another application or complete another Cash ISA Declaration, as long as your current Cash ISA Declaration hasn’t expired (we’ll tell you if this happens).
Interest is earned at a daily rate and we will calculate your interest on the money in the account at the end of each day. Interest is paid annually, at the end of the year we will add up the interest from each day over the year and the pay the total into your account. We will pay your interest on the anniversary of your account opening. This means if you opened your account on the 2nd April we will pay your interest on the 2nd April the next year and so on depending upon the term of your Cash ISA and how long you keep it open.
We will provide you with a statement free of charge each month when you've had any activity on your account excluding credit interest. We'll also provide you with an annual statement on the anniversary of your account opening.
If you have opted to go paperless on your account, we'll contact you by email or text to let you know that your statement is ready to view electronically.
If you need to transfer your Fixed Rate Cash ISA to another ISA before the end of your fixed rate term, we will charge you a 90 day interest penalty. You must transfer all of the funds in your account when you do this. We will always contact you to let you know if we are going to charge you a fee. If your fixed rate term has come to an end, we will not charge you a fee for making a transfer. If you would like to transfer your money to another ISA provider, you will need to ask the new provider to arrange this. They will contact us to arrange the transfer and, if you are transferring to another Cash ISA, we will ensure that your money is transferred to the new provider within 5 Business Days of receiving their request (transfers to Stocks and Shares ISAs and Innovative Finance ISAs may take up to 30 days).
Yes, you can withdraw current and previous years' subscription. Replacement money has to be paid back into your Instant Access Cash ISA in the same tax year it is withdrawn or you will lose the ability to replace it.
This means you will need to replace any money you have withdrawn before midnight on 5th April, however we recommend that you do so by 5pm on 5th April to ensure that any funds are in your Account before the cut off deadline at the end of the tax year.
- Are there exceptions to this?
Yes, there are certain circumstances when you cannot replace withdrawals. These are; transfers out to other providers, withdrawals by HMRC to cover a tax debt, withdrawals made on the instruction of HMRC to remove invalid subscriptions and cancellations (within 30 days of receiving your welcome pack).
You can choose to cancel your account at any time up to 30 days from the day you receive your Welcome Letter. If you want to cancel during this time, you must call us on 0345 678 5678* to let us know. When this happens we’ll return your money to the account that it came from or if you sent us a cheque, we’ll send you a cheque by post. If you cancel your account, we’ll treat this as if you never applied. This means that you could choose to open a new ISA this tax year and any money you paid into your account will not count towards your annual allowance. You can also write to us at: Tesco Bank, PO Box 27017, Broadway One, Glasgow , G2 9FH. Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.
Yes, but only if you are incapable of completing the application to open your account and/or operate your account by yourself. For example, if you have a mental disorder or incapacity or a physical disability or illness. We can also accept a Power of Attorney where you are unable to manage the account because you are a member of the armed forces on active service in a war zone. A Cash ISA cannot be operated under a Power of Attorney for any other reason. To arrange this, please call Customer Services 0345 678 5678*. Calls may be recorded. This number may be included as part of any inclusive call minutes provided by your phone operator.