FAQs - Online ISA Application (2024)

The Online ISA allows you to manage your cash ISA savings online. Every Online ISA includes a Holding Account, for more information please see the "What does my Holding Account do?" FAQ below. Once your account is open you can split your savings across different types of products (fixed rate with different terms or variable rate products), or put it all into a single product offered within the Online ISA. When your Online ISA is open and you have logged in, you’ll be able to make deposits, transfer in other ISAs, open new products and move money between products (providing this is allowed in the Summary Box^†).

You can also view your personal details, view and create statements and important documentation related to your ISA.

You can change your residential address, email address and telephone numbers by accessing your account online. If any other personal details need updating you can request these changes by sending a secure message.

A Holding Account is automatically set up for you when you open the Online ISA. You can use the Holding Account to consolidate funds before paying into a product, or to distribute one lump sum deposit across multiple products of your choice within the Online ISA.

If you hold a Fixed Rate product, at the end of the fixed term we will automatically close the product and move the value, along with any interest earned, to your Holding Account. You will then be able to move the money into other products or make withdrawals to your Nominated Account (where the money will lose its tax advantages).

Consolidating funds

Some products within the Online ISA only accept a single deposit when funding them (such as Fixed Rate products). If you have ISAs with several different providers, you could transfer all the funds to the Holding Account. This would then offer you a single, larger sum that could be paid as a single deposit.

Splitting funds

If you wished to use a lump sum deposit to pay for the opening of one or multiple products, you have the option of paying this into the Holding Account. You can then split the funds in the Holding Account to fund the opening of one or more products. For example, if you had £1,100 available, you could split this according to your needs, and choose to pay in £100 into product A, £500 into product B, and £500 into product C.

Please note, the products or rates of interest on offer can be changed or withdrawn at any time. If you are using the Holding Account to consolidate or split your ISA savings before opening a specific product, there is a risk that the product or rate of interest you wanted will no longer be available by the time any funds are received.

We do not charge for any of our standard services (as described in the Online ISA Terms and Conditions).

If we agree to provide you with a non-standard service, such as issuing you a paper copy of your annual statement, we may make a reasonable charge for it. We will tell you the amount of our charges before we provide you with any non-standard service.

If you close a Fixed Rate product during its fixed term, a Breakage Charge will be applied as as detailed in the Terms and Conditions. The Breakage Charge will also be applied to a Fixed Rate product if we need to close the product during its fixed term because you've asked to close or transfer your Online ISA. If a Breakage Charge is applied, it will be deducted from any interest earned on the product but if not enough interest has been earned to cover the Breakage Charge, it will be deducted from the balance of the product. The Breakage Charge will be calculated assuming a 365 day year.

Please note, the Breakage Charge will not be applied if you request to close Fixed Rate product in the first 14 days of it having been opened.

Charges may change in the future. For more details about charges and changes to charges, please see the Key Information Pack, which contains the Terms and Conditions of the Online ISA.