e-ISA Account Terms
e-ISA Account Terms
1. You must read these Account Terms which include the relevant ‘Summary Box’, with our product specific information for this ISA on our website and General Terms (including the ‘Account Specific: ISA Account Terms’, which are in our ‘Savings terms and conditions’ leaflet), which also apply to this ISA. If there is any conflict between these Account Terms and the General Terms, these Account Terms will prevail.
2. All ISAs are governed by the ISA Regulations, which are set by the Government, and your ISA will operate as required by the ISA Regulations. If there is any conflict between any Account Terms and the ISA Regulations, the ISA Regulations will prevail.
3. Your ISA can only be opened and operated online and you must have a UK bank or building society account from which payments to and from your ISA can be made ('Connected Account').
4. Unless you are making an Additional Permitted Subscription in accordance with the section of the General Terms entitled ‘ISA Terms’, you must be aged 16 or over and be:
a. Resident in the UK (excluding the Channel Islands and the Isle of Man) for tax purposes; or
b. A Crown employee working overseas; or
c. Married to, or the civil partner of, a Crown employee working overseas.
5. The minimum investment in your ISA is £1 and the maximum total Investment in the 2016/2017 ISA Year (which ends on 5 April 2017) is £15,240.
6. Provided that you open your ISA with an investment of at least the minimum required amount specified in Condition 5 (above) you can add further payments to it provided that the total balance in your ISA does not exceed the 2016/2017 ISA allowance of £15,240 during the 2016/2017 ISA Year. Any payments into your ISA after 5th April 2017 will be outside your 2016/2017 ISA allowance and will count towards your ISA allowance for the ISA Year in which they are made.
7. You are permitted to replace an amount withdrawn from your ISA during the current ISA Year with an amount (not exceeding the amount withdrawn) provided the replacement is made in the same ISA year (“Replacement Subscription(s)”).
8. If you have transferred your ISA in full from another Principality variable rate ISA product, retaining the same account number, then you are entitled to make Replacement Subscriptions up to the amount withdrawn from the previous variable rate ISA during the current ISA Year.
9. A Replacement Subscription in respect of the current year’s subscriptions or in respect of the previous years’ subscriptions (withdrawn during the current year) may be made only to the account from which the withdrawal it is replacing was made. A Replacement Subscription may be made to another ISA product from us, provided it is made to the same account number.
10. Any withdrawal in any year is to be deemed to be made first out of the current year’s subscriptions.
11. Any Replacement Subscription is to be deemed to be a replacement first of any withdrawal made out of the previous years’ subscriptions.
12. If you transfer the whole of your previous years’ subscriptions from your ISA Account, you will lose the right to make Replacement Subscriptions in respect of withdrawals from the ISA Account made before the transfer.
13. Transfers-in of previous ISA Years' subscriptions are permitted. Any Additional Permitted Subscription that you are entitled to make in accordance with the section of the General Terms entitled ‘ISA Terms’ is also permitted and will be treated in the same way as a previous ISA Year’s subscription. References to the ISA allowance for ISA Year 2016/2017 and subsequent years and the maximum limits in Account Terms 5 and 6, do not apply to transfers-in, Replacement Subscriptions or to any Additional Permitted Subscription that you are entitled to make.
14. The interest rate applicable to your ISA is a Variable Account Rate and may be varied in accordance with the General Terms. On the date you open your ISA the interest rate will be the rate set out in the Summary Box.
15. Interest on your ISA is calculated daily and added to your ISA on 6th April (or the next Business Day).
16. Withdrawals from your ISA are permitted without notice and will be made via your Connected Account. However any Investment to your ISA will count towards your ISA allowance for the relevant ISA Year even if it is subsequently withdrawn, so withdrawn funds cannot be replaced with further Investments. Additional Investments may be made, provided that your ISA allowance for the relevant ISA Year is not exceeded.
17. Closure of your ISA is permitted without notice but please note that if you close your ISA it cannot be reinstated.
18. Your ISA may be transferred directly to another approved ISA provider following a transfer request. Where you instruct an ISA transfer to take place, all of the Investment that you have made in the current tax year prior to transfer must be transferred. Investments made in previous tax years may be transferred in whole or in part.