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Online Bonus 5 Access Cash ISA

Issue 3

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Is this account right for me?

There are a few reasons why an ISA could suit you. Save up to £20,000 this tax year without paying tax on your interest. This account is... 

For the ones who
  • Want a tax-efficient savings option
  • Want a variable interest rate
  • Want a variable bonus for one year
  • Want to transfer money in from another ISA
  • Are happy with a limited number of withdrawals
Not for the ones who
  • Want to manage their account in branch
  • Want the certainty of a fixed rate
  • Want to make unlimited withdrawals

Summary box

This summary contains key information about our Online Bonus 5 Access Cash ISA. You should read it carefully before applying.

Interest is calculated each day on the money in the account and paid into the account on 6 April every year. 
 
The interest you receive will be the rate with bonus for the first 12 months. After 12 months the rate will change to the rate without bonus. We will notify you to remind you before this happens. 

Length of time Rate
After the first 12 months 

3.15% Tax-free^/AER† (Variable) each year 

The interest rate without the variable bonus rate included 
For the first 12 months 

4.55% Tax-free^/AER† (Variable) each year 

Variable bonus rate of 1.40% included for the first 12 months 

Yes, both the interest and bonus rates can go up or down. If you have £100 or more in the account, we will give notice of any reduction in interest or bonus rates at least 14 days before the change takes effect. 

When the rate changes to the rate without bonus, we will send you a reminder 14 days before this happens, no matter how much money you have in the account. 

For more information, see the section Changes to interest rates in our Savings Terms and Conditions. 

This is based on: 

  • No further money being put in or taken out of the account  
  • No change to the interest rate or bonus rate. 

This calculation is for guidance only, to show you what a future balance could look like. It does not consider your individual circumstances. 

Length of time Estimated balance
After 12 months

£1,045.50

(Interest rate of 4.55% AER, includes variable bonus rate of 1.40% Tax-free for 12 months) 
After 24 months

£1,078.43 

(Only the underlying interest rate of 3.15% AER is paid for months 13 to 24) 

  • You must be a UK resident and satisfy the minimum age requirements to open a cash ISA (see your Online Bonus 5 Access Cash ISA account terms). 
  • You must open your ISA online. 
  • You have to link your Online Bonus 5 Access Cash ISA to a current account in your name with another UK bank or building society in order to move money when you need it. 
  • You can't have more than one of this issue number of the Online Bonus 5 Access Cash ISA in your name. 
  • You must keep at least £1 (the minimum balance) in the account. 
  • You cannot pay in more than the ISA Allowance each tax year. The ISA Allowance for the current tax year (2024/2025) is £20,000. You can only pay your ISA Allowance into one Principality cash ISA in the current tax year. 
  • You can transfer unlimited amounts from ISAs from previous tax years (subject to the maximum balance), as these are not part of your current year’s ISA Allowance. 
  • If your ISA reaches £1,000,000, you cannot pay any more money in. 
  • If we do not receive the first payment within five business days of the account opening, we may close it. 
  • You must manage the account using a secure online profile with Principality. 

Yes, you can make five withdrawals from the account every tax year or close your ISA at any time using your linked account. 

You can close or transfer your ISA at any time. 

This is a flexible ISA. This means you’ll be able to take money out of it and replace that money before the end of the same tax year, without the replacement contributing to your annual ISA Allowance. 

Service charges and costs may apply to the account. These are set out in our Tariff of Charges. 

In certain circumstances we may refuse an instruction for using an account. These circumstances are set out in our Savings Terms and Conditions. 

The tax treatment of your savings depends on your individual circumstances and may change in the future. This is set by HM Revenue and Customs (HMRC). Further information can be found at gov.uk.

The interest rates quoted above were correct on 12/12/2024. 

Downloadable documents

Please take some time to review this important information. We recommend you download these and keep copies somewhere safe; you may choose to print them.

Start saving today

Already have an online only Principality ISA? You can transfer your balance to an Online Bonus 5 Access Cash ISA without applying for a new account. Just send us a secure message via your online profile. You'll need to confirm you have read and agree to the account terms and summary box above.

Still need to open a new account? You need to apply for this account online. When you apply online you can:

  • Open your account in around 10 minutes
  • Fund your account straight away
  • Name your account and set a goal to work towards

Additional information

*Gross interest is the rate of interest before income tax is deducted at the rate set by law.
†AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
^Tax-free means the interest you earn isn't subject to UK Income Tax and Capital Gains Tax. Tax treatment depends on your individual circumstances and could change in future.