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. This number may be included as part of any inclusive call minutes provided by your phone operator.
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.
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.
We are changing our Instant Access Cash ISA Account Terms and Conditions with effect from 14 June 2019.
Here are some of the changes:
Protecting your Account – we’ve added wording to help you keep your account safe
Standardised terminology updates to align with industry terminology
General updates to wording to make our Terms and Conditions clearer, simpler and easier for you to understand.
For more information please contact us.
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. *This number may be included as part of any inclusive call minutes provided by your phone operator. 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
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. 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.
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 ISA's 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.
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 to let you know when the bonus period will end shortly before this happens.
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, or you can contact us.