Cash ISA - Savings Support
Current interest rates
Rates for accounts opened from 04/09/2016
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 1.00% |
Rates for accounts opened from 01/05/2016 to 02/01/2017
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 1.50% |
Rates for accounts opened from 01/12/2015 to 30/04/2016
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 1.00% |
Rates for accounts opened from 09/08/2014 to 30/11/2014
| Balance tiers | Annual AER/gross p.a. |
| £1 + | 0.50% |
Rates for accounts opened from 06/04/2014 to 08/08/2014
Rates effective from 03/09/2016
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 1.00% |
AER stands for annual equivalent rate and illustrates what the interest would be if interest was paid and compounded each year. Variable interest paid tax free, annually. Interest is calculated daily and paid on the anniversary of account opening.
Previous interest rates
Rates for accounts opened from 01/02/2017 to 30/04/2017
Rates effective from 15/04/2016 to 02/09/2016
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 1.50% |
Rates for accounts opened from 01/02/2017 to 05/04/2017
Rates effective from 20/02/2017 to 02/09/2017
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 1.60% |
Rates for accounts opened from 03/10/2016 to 31/10/2016
Rates effective from 22/03/2016 to 02/09/2016
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 2.00% |
Rates effective from 03/10/2016 to 02/01/2017
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 2.80% |
Rates for accounts opened from 17/09/2016 to 02/10/2016
Rates effective from 15/03/2016 to 02/01/2017
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 2.00% |
Rates effective from 03/10/2016 to 02/01/2017
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 3.01% |
Rates for accounts opened from 24/12/2015 to 16/09/2016
Rates effective from 22/03/2016 to 02/09/2016
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 2.00% |
Rates effective from 24/12/2015 to 21/03/2016
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 2.80% |
Rates for accounts opened from 01/12/2015 to 23/12/2015
Rates effective from 22/03/2016 to 02/09/2016
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 2.00% |
Rates effective from 24/12/2015 to 21/03/2016
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 2.80% |
Rates effective from 01/12/2015 to 23/12/2015
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 2.50% |
Rates for accounts opened from 01/12/2014 to 30/11/2015
From 01/12/2015 the special offer conditions were removed for all eligible accounts. (See Terms & Conditions for full details).
Rates effective from 22/03/2016 to 02/09/2016
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 2.00% |
Rates effective from 01/12/2015 to 21/03/2016
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 2.50% |
Rates for accounts opened from 01/11/2014 to 30/11/2014
Rates effective from 22/03/2016 to 02/09/2016
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 2.00% |
Rates effective from 06/04/2015 to 21/03/2016
| Balance tiers | Annual AER/gross p.a. |
| £1 - £499 | 0.50% |
| £500 + | 2.50% |
For accounts opened between 1st November 2012 and 5th April 2013 the special condition also applies:
Variable Rate Individual Savings Account (Variable Rate ISA) Special Offer rate conditions (1st November 2012 to 5th April 2013): This Variable Rate ISA offer is only available for a limited period and may be withdrawn at any time. For qualifying Variable Rate ISA accounts opened during this offer period, this variable rate (currently 1.00% AER/gross p.a) and conditions, will apply for 12 months from your account opening date. Your first deposit must be a minimum of £500 and the maximum deposit must not exceed the annual Cash ISA limit, currently £5,100. Transfers in from other providers are also allowed. At the end of the 12 month period or if your account balance falls below £500, the rate will revert to the standard Variable Rate ISA interest rate at that time (currently 0.50% AER/gross p.a.).
Rates for accounts opened from 09/08/2014 to 31/10/2014
| Balance tiers | Annual AER/gross p.a. |
| £0 - £499 | 0.50% |
| £500 + | 2.60% |
Variable Rate Individual Savings Account (Variable Rate ISA) Special Offer rate conditions: This Variable Rate ISA offer is only available for a limited period and may be withdrawn at any time. For qualifying Variable Rate ISA accounts opened during this offer period, this variable rate (currently 2.60% AER/gross p.a) and conditions, will apply for 12 months from your account opening date. Your first deposit must be a minimum of £500 and the maximum deposit must not exceed the annual Cash ISA limit, currently £5,100. Transfers in from other providers are also allowed. At the end of the 12 month period or if your account balance falls below £500, the rate will revert to the standard Variable Rate ISA interest rate at that time (currently 0.50% AER/gross p.a.).
Rates for accounts opened from 06/04/2014 to 08/08/2014
Rates effective from 15/03/2016 to 02/09/2016
| Balance tiers | Annual AER/gross p.a. |
| £0 - £499 | 0.00% |
| £500 + | 2.00% |
Rates effective from 06/04/2016 to 02/01/2017
| Balance tiers | Annual AER/gross p.a. |
| £0 - £499 | 0.00% |
| £500 + | 2.30% |
Cash ISA variable rate and conditions:This offer is only available for a limited period and may be withdrawn at any time. The interest rate is variable from your account opening date and is currently 2.30% AER/gross pa. Interest starts to accrue from the date on which cleared funds are paid into your Cash ISA. Your first deposit must be between £500 and £5,100 and you must fund your account within 30 days of opening it.
AER stands for annual equivalent rate and illustrates what the interest would be if interest was paid and compounded each year. Variable interest paid tax free, annually. Interest is calculated daily and paid on the anniversary of account opening.
First steps
Once you've successfully applied for a Cash ISA, there are just two simple steps you need to complete to fully open your account:
- We may need to verify your identity
- Make a payment to your Cash ISA, see below for details
Verifying your identity
To comply with Money Laundering regulations, we need to verify your identity. This means we will, in the first instance, attempt to electronically confirm your name and address. If we can't do this, we'll ask you to send us specific documents.
Due to legislation, we are unable to accept National ID Cards to verify your identity. We are sorry for any inconvenience this may cause.
Making a payment to your account
To keep your account open you'll need to make a payment to it within 30 days. There are four easy ways to do this.
- By cheque, make sure the cheque is payable to yourself
- Transfer funds from an existing Cash ISA with another provider using our transfer in form
- By bank transfer from your main bank account or existing BACB savings account to your Cash ISA
- Set up a standing order to your Cash ISA.
You’ll find more information about this in how to pay in.
How to pay in
There are four easy ways to save:
• Bank transfer
You can transfer money from your existing BACB savings account or your main bank account to your Cash ISA. You'll need your account sort code and account number, which can be found on your welcome letter or on your account summary page, if you are registered for online banking. If you are depositing money from your main bank account please use a BACS or CHAPS transfer.
• Set up a standing order
Top up your Cash ISA regularly on a date that suits you each month by setting up a standing order to your Cash ISA.
• Transfer an existing Cash ISA
If you already have a Cash ISA with another institution and want to take advantage of our BACB Cash ISA you can transfer to us free of charge using our transfer in form and send it to the address on the form.
• Post a cheque
Please write your sort code and account number on the back of the cheque and send your cheque, making it payable to yourself to:
BACB
8-10 Mansion House Place London, EC4N 8BJ, UK
Managing your account online
If you are registered for BACB Online Banking you can securely access your account anytime, anywhere. You can:
- View your statements online
- See your transactions for the past 12 months
- Transfer money to your main bank account **
- Transfer funds between your BACB savings accounts
- Change your address online
- Check or change your account details
If you haven't already registered for BACB Online Banking you can simply register by clicking on the button below.
Need help?
You can find out more about registering for BACB Online Banking to access, view and manage your account online in our online support section or you can call our Online Helpdesk.
Here are some general points about managing your account online:
Payments being debited
When you've made a payment, it will be debited from your available balance and current balance as soon as the payment has been sent. Your available balance will not reduce until the payment leaves your account.
For payments made before 4pm on a bank working day your current balance and available balance will change one working day later. So if you've made a payment on Monday at 3pm, your current balance will change on Tuesday.
Available balance
This is the balance in your account which is available for you to withdraw or make an immediate payment. It is the current balance minus the value of any cheques paid in which are still being cleared. This balance may change throughout the day as transactions are made.
You can only fund one Cash ISA during any one tax year and you cannot deposits more than £5,760 per tax and remember any amount you withdraw from your Cash ISA cannot be replaced during the same tax year.
Current balance
This balance may include cheques that have been paid in but are still being cleared. This balance may change throughout the day as transactions are made.
Payment beneficiaries
If you are making a payment to a non-BACB savings account including payments to a BACB Credit Card, the payment will take up to three full working days to reach the account.
If you are making a payment to another BACB savings account the payment will take up to one full working day to reach the account.
Account transfers
Payments processed through the Faster Payments should arrive in your account no later than the next bank working day. Transfers between BACB accounts are normally treated as arriving in your account straightaway, except when they are made after 8pm or on a non bank working day. Payments made to external beneficiary accounts will be received by midnight on same day the payment is instructed, provided instruction is made by 5pm. Transactions instructed after these times will be treated as next business day.
Power of Attorney
To manage a Cash ISA on someone else's behalf, you will need to hold an Enduring Power of Attorney authorisation.
What you need to use the online facility
You will need an Enduring Power of Attorney document which gives you - the attorney - full authority to manage the financial affairs of another person - your Donor - now and in the future. If you don't have a Enduring Power of Attorney document you will not be able to open a Cash ISA.
How to register for the online facility
If your Donor does not have any existing BACB savings accounts and you want to open a new savings account on their behalf and manage it using the online Power of Attorney facility, you will need to hold an Enduring Power of Attorney. Then send it along with your original Power of Attorney document or a certified copy, plus any anti-money laundering documentation as specified on the application form to:
BACB
8-10 Mansion House Place London, EC4N 8BJ, UK
Already hold a Power of Attorney for an existing savings account?
In order to open a Cash ISA you will need to hold an Enduring Power of Attorney, once you have this simply complete the Power of Attorney and BACB Online Banking Application then send it to the above address.
Already registered online?
You will still need to register with a separate username and password to be able to manage your Donor's accounts online.
Need to cancel the online facility?
To cancel your Power of Attorney online facility or to let us know that your Power of Attorney has been revoked, please contact us.
If you're calling about your partner's account
To comply with our Data Protection Act, we can only discuss accounts or online registration with the account holder unless they have given you authority by registering a valid Power of Attorney Document with BACB.
Power of Attorney and BACB Online Banking Application
Contact us to request your Power of Attorney and BACB Online Banking Application
Frequently Asked Questions
What is the minimum age limit to open a BACB Cash ISA?
18 years old.
What does tax free mean?
By tax free, we mean free from income tax. The tax treatment is subject to HM Revenue and Customs rules and may be subject to changes in the future.
Is there a minimum limit?
The minimum amount you can invest with our Cash ISA is £500.
Is there a maximum limit?
The maximum amount you can invest with our Cash ISA is £5,760 in any one tax year. You can transfer previous years ISA subscription(s) in whole or in part from another provider at any time over and above your £5,760 limit for this tax year.
How is interest paid?
Interest is calculated daily and paid annually on the anniversary of when the account was opened.
How do I make a payment into my account?
You can deposit into your Cash ISA in the following ways:
- Send us a cheque made payable to yourself
- Transfer funds from an existing Cash ISA with another provider using our transfer in form.
- By bank transfer from your main bank account or existing BACB savings account
How do I transfer - in my existing Cash ISA(s)?
Savers can transfer current year ISA subscription(s) in whole, and/or previous years ISA subscription(s) in whole or in part from another provider at any time. However, the terms and conditions for ISAs can vary between ISA managers, so it's a good idea to check with your provider before requesting the transfer. To transfer in funds, complete our transfer in form, send it to the address detailed and we will take care of the rest of the process. We aim to complete the transfer process within 15 working days of receiving your completed transfer application form. Your existing provider will pay interest until the day they close the account and send the money to us. We’ll pay interest at the new rate from the day they close your account, even if we haven’t received your money. If the transfer process takes longer than 15 working days, we’ll pay you interest at the new rate from the 16th working day (even if your old provider has not closed your old account), as long as your ISA was ready (i.e. was not subject to a notice period or was a fixed rate that had yet to mature) to be transferred when your existing provider received our request.
How do I withdraw money?
You can use the telephone service or BACB Online Banking Service once registered. You can also set up payment mandates so that you can transfer money to your nominated account.
Is there a limit on the number of withdrawals?
No. You can make unlimited withdrawals from your Cash ISA. Remember if you have paid in your full Cash ISA allowance, any amount you withdrawl cannot be replaced during the same tax year.
How long will it take to transfer funds?
- Payments processed through the Faster Payments scheme and deposits made using SaveBack should arrive in your account no later than the next bank working day.
- Payments made to external beneficiary accounts will arrive in the account by midnight the same business day, provided instruction is made by 5pm Monday to Friday. If we receive your instruction after this time, the money will reach the account by midnight of the next business day.
- Transfers between BACB accounts are normally treated as arriving in your account straightaway, except when they are made after 8pm or on a non bank working day.
What happens if I switch my account with another provider?
Where we are notified by a UK banking industry payment scheme such as the Current Account Switch Service that an account you have asked us to pay has switched to another bank, we will write asking you to call us to confirm that these instructions are correct. Once we have received your confirmation we will update your instruction with the new sort code and account number to make sure that any future payments you make reach the correct account within the agreed timescale.
Can I set up direct debits?
No, this account is specifically for savings, although you can transfer money into a nominated account in your name by using BACB Online Banking Service or our telephone service.
How will you advise me about rate changes?
Whenever our rates change we will let you know by:
- Updating our website
- Publishing our new rates in the following national newspapers, The Times, Daily Mail and the Daily Telegraph
- Or by writing to you.
Can I use this account to pay bills?
No.
Are there any standard charges on the account?
There are no standard charges. If you require an additional Banking service there may be a charge, which we will tell you about at the time.
Can this Cash ISA be used for a business, club or association or a charity?
No, the account is only available for personal use.
Can I open a joint Cash ISA?
No, this is an Individual Savings Account (ISA).
How can I register for gross interest?
You do not need to register for gross interest as interest paid on your Cash ISA is paid tax free.
What happens if I decide to close my Cash ISA?
If you close the Cash ISA account within the 14 day Cancellation Rights Period the cancelled subscription does not count as a subscription to a Cash ISA within the current tax year. If you close the Cash ISA account after the 14 day Cancellation Rights Period the cancelled subscription will count as a subscription to a Cash ISA within the current tax year.
What option should I choose for marital status in the application if I'm a civil partner?
You can select a marital status of either single or married depending on your preference.
How can I advise BACB of a change to my address?
You can change your address online if you are registered for our Online Banking Service. Alternatively, you can call us.
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We would recommend that you upgrade your Internet Browser to a version as outlined on our operating system & browser compatibility page.
