Promise ISA

  • Open in branch
  • Save from £500 to £15,240
  • Interest is calculated daily and paid annually or monthly
  • Enjoy a bonus every year if you don't make more than 2 withdrawals per tax year
  • Enjoy the benefits of a flexible ISA
  • Withdraw your money at 30 days notice or immediately with a loss of 30 days interest
  • Closure permitted (and counted as a withdrawal)

Product details

Account name - Promise ISA Issue 8

Without conditional bonus

  Balance Tax-free^ p.a. AER†
Annual interest £500 - £15,240 0.65% 0.65%
Monthly interest £500 - £15,240 0.65% 0.65%

With conditional bonus

  Balance Tax-free^ p.a. AER†
Annual interest £500 - £15,240 1.15% 1.15%
Monthly interest £500 - £15,240 1.15% 1.15%
Open your account in branch

Once your account is open you can manage your account in one of our branches or by post, whichever you prefer.

We promise you an annual bonus every year

Every year you will enjoy a core interest rate, as well as having the opportunity to earn a fixed bonus of 0.50% paid annually as long as you make no more than 2 withdrawals per tax year.

Interest is calculated on your daily balance and can be paid annually or monthly

If you choose to have your interest paid annually, interest is calculated daily and paid on the 6th of April every year. You can choose whether to add your interest to your account, transfer it to another Principality account or have it transferred into another UK bank or building society account.

 

If you choose to have your interest paid monthly, interest will be calculated daily and will be paid on the 6th day (or next business) day of every month.

Invest your 2016/17 ISA allowance or move your existing cash ISA to us

You can save from £500 to £15,240 (the current annual Cash ISA limit) where you are investing your 2016/17 ISA allowance.

If you already have a Cash ISA with someone else, you could enjoy a better rate on those savings with Principality. We outline the simple steps to making a transfer when you apply.

Withdraw money with only 30 days' notice

You can access your savings by giving us 30 days’ notice by visiting your local branch or letting us know in writing. Alternatively, if you need access to your money immediately you can make a withdrawal subject to a loss of 30 days’ interest on the amount you withdraw. 

If you invest in your ISA, you are able to make a withdrawal and replace that money before the end of the same tax year, without it contributing any further towards your annual ISA allowance.

Closure will count as a withdrawal.

Service Charges and Cost Related Charges may apply to your account, these are outlined in our Tariff of Charges.

Variable account rates could increase or decrease. Customers will be given personal notification of any material reduction in interest rates a reasonable time before the change takes effect or, if the Account is a payment services account, 60 days before the change takes effect. To understand why rates may be reduced please refer to page 12 of the Savings Terms and Conditions.

In certain circumstances we may refuse an instruction to operate an account. These circumstances are outlined on page 5 of the Savings Terms and Conditions.

Summary information

Summary Box - key product information for our savings account(s)

Account name - Promise ISA Issue 8

Without conditional bonus

  Balance Tax-free^ p.a. AER†
Annual interest £500 - £15,240 0.65% 0.65%
Monthly interest £500 - £15,240 0.65% 0.65%

With conditional bonus

  Balance Tax-free^ p.a. AER†
Annual interest £500 - £15,240 1.15% 1.15%
Monthly interest £500 - £15,240 1.15% 1.15%

Tax status
Tax-free^

Conditions for bonus payments
Conditional bonus of 0.50% p.a. paid on 6 April in addition to the 0.80% AER† core rate provided that no more than 2 withdrawals (closure will count as a withdrawal) are made per tax year.

Withdrawal arrangements
Withdrawals from or closure of your Account is permitted subject to 30 days' prior written notice or loss of 30 days' interest on the amount you withdraw, if you do not give 30 days' prior written notice.

Access
Apply in branch. Once opened can be operated in branch or by post.

Service Charges and Cost Related Charges may apply to your account, these are outlined in our Tariff of Charges.

Variable account rates could increase or decrease. Customers will be given personal notification of any material reduction in interest rates a reasonable time before the change takes effect or, if the Account is a payment services account, 60 days before the change takes effect. To understand why rates may be reduced please refer to page 12 of the Savings Terms and Conditions.

In certain circumstances we may refuse an instruction to operate an account. These circumstances are outlined on page 5 of the Savings Terms and Conditions.

Help & guidance

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Terms & conditions
Promise ISA Issue 8 Terms & Conditions 

If you are only transferring previous years’ ISA subscriptions, please enter your initial deposit as £500 on the application form. We will advise you how to make your transfer at the end of the application process.

You can only open one Cash ISA per tax year. 

As you will be bound by the Account Terms of the ISA, you must read them. If you do not understand any of the terms and conditions please contact us for further information.
We recommend that you print and keep a copy of these terms and conditions for your records.
 Please also read the following:

  • 6th largest UK building society
  • A mutual building society, owned by and run for the benefit of our 500,000 members
  • Over 150 years experience
  • Taking care of over £7 billion of our customers' assets

^ Tax-free means the interest you earn is exempt from UK Income Tax and Capital Gains Tax. Tax treatment depends on your individual circumstances and may not be maintained in future.
† AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year.