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Cash ISA

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We’ll refund the payment which caused the over-subscription and contact you to let you know we’ve done this. If you send us a cheque that caused you to exceed the annual subscription allowance, we will return the cheque. Please note that we will only know if you have reached your allowance on your Cash ISA with Tesco Bank, not on any other ISA accounts you may have with other providers. Remember you can only subscribe to one Cash ISA in any given tax year. Learn more about ISA's by visiting the HMRC website. It will be your responsibility to keep track of how much of your ISA allowance you have used in the tax year.
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For Cash ISAs, the transfer from your previous provider should be complete within 15 Business Days of receiving your form and we will start paying your interest as soon as we receive your funds, or no later than 16 Business Days from receiving your form if the transfer does not complete within this time. Transfers from Stocks and Shares ISAs and Innovative Finance ISAs may take up to 30 days.
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You will be told about any Bonus Rate on your Account when you apply. If it is for a limited time then we’ll write to you at least 14 days in advance to let you know when the bonus period will end. We’ll never change a Bonus Rate during a bonus period, but please remember that our standard ISA interest rate is variable and may change from time to time, which means that your overall interest rate might change. You can also check how much interest you’re earning at any time by checking your interest rates in Online Banking.
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For security reasons there are daily withdrawal limits which apply. These are:   All of your money using Telephone Banking Up to £10,000 per day using Online Banking Conditions apply to Fixed Rate Cash ISA's, for more information read 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. For more information, please see our existing FAQ Instant Access Cash ISA - How do I move money out to another account?   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. Learn more about Cash ISAs by visiting the HMRC website. The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.
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You can make as many deposits as you like within the first 30 days from account opening up to the annual allowance.   After 30 days, any funds transferred will be returned to you.
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You must tell us immediately if you are moving out of the UK. Your money will continue to earn interest which will remain tax free. You can continue to make subscriptions to your account until the end of the tax year of leaving the UK (remember if you are a Fixed Rate Customer you are only able to fund the account during the first 30 days from opening your account) but you will not be able to make any subscriptions in the following tax year unless you are UK resident for that tax year. Your money will continue to earn interest, which will remain tax free while you are resident outside the UK but you will not be able to make further subscriptions until you become a UK resident again. For more information about whether or not you are resident in the UK, please contact HMRC. We can only offer Tesco Bank Cash ISAs to UK residents. If you are a Crown Employee (or married to, or in a civil partnership with a person who performs such duties) and you change your address to outwith the UK, or are otherwise UK resident for tax purposes, you will need to contact us. The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.
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If your funds have been sent via Faster Payment or BACS, then you will start earning interest as soon as we receive your funds. Cheques If we receive and process your cheque on a business day, your money will be available to spend and will start earning interest before midnight on the next business day. For example, if we receive your cheque on a Friday, your money will be available and start earning interest before midnight on Monday. You can check your payment has been successful by logging into our Mobile Banking App or by logging into Online Banking. ISA Transfers For Cash ISAs the transfer should be completed within 15 business days of us receiving your form. We will start paying interest from the day your existing 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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Yes you can transfer a Stocks & Shares ISA to a Cash ISA. Learn more about ISAs by visiting the HMRC website.
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Once your application is submitted, we will send you your Welcome Pack. This contains information on how to use the account and helpline numbers if you need to contact us. If we need more information to confirm your identity we will write to you and explain what we need. We will process your application as soon as we have received this from you. We'll also ask you to register for Online Banking by requesting a Temporary Security Number from our Online Helpdesk on 0345 300 3511*. This will enable you to register securely and we'll send you this by post or SMS. When you receive it, visit our Login page and select Sign up. Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.
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If we receive and process your cheque on a business day, your money will be available to spend and will start earning interest before midnight on the next business day. For example, if we receive your cheque on a Friday, your money will be available and start earning interest before midnight on Monday. You can check your payment has been successful by logging into our Mobile Banking App or by logging into Online Banking.
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