Fixed Rate ISAs Account Terms
Fixed Term Cash ISA (‘ISA’) - Account Terms
These Account Terms are for our 18 month, 3 Year and 5 Year Fixed Rate Cash ISAs only.
1. You must read these Account Terms which include the relevant ‘Summary Box’ with the relevant section of the ‘Your Cash ISA Rate Guide’ and General Conditions (including the ‘Account Specific: ISA Account Terms’, which are in the current edition of the ‘Savings terms and conditions’ leaflet), which also apply to these ISAs. 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. The minimum Investment in your ISA is £500 and the maximum Investment is the 2016/17 Cash ISA subscription limit of £15,240.
4. If you have transferred your ISA in full from a Principality variable rate ISA product, retaining the same account number, then you are entitled to replace an amount withdrawn from the variable rate ISA during the current ISA Year with an amount paid into the Fixed Term Cash ISA (not exceeding the amount withdrawn) provided the replacement is made in the same ISA year (“Replacement Subscription(s)”). A Replacement Subscription can only be made whilst the Fixed Term Cash ISA remains open for new applications.
5. Provided you do not exceed the maximum Investment specified in Account Term 3 you can continue to invest in your ISA (including Replacement Subscriptions) whilst the ISA remains open for new applications. We reserve the right to withdraw the sale of this ISA without notice.
6. The Fixed Account Rate for your ISA from the date of opening until the end of its fixed term will be as shown in the relevant section of the ‘Your Cash ISA Rate Guide’ applicable at the time of ISA opening, which must be read with the Summary Box.
7. Withdrawals from your ISA are not permitted prior to Maturity.
8. Following Maturity the Account Terms and Account Rate for your ISA will be the Account Terms and Variable Account Rate that apply to our Variable Rate Cash ISA, or its nearest equivalent then available.
9. The ISA has a fixed term, which will start on the date you open your ISA and will end on:
(a) The same calendar day as the opening date, eighteen months after the ISA opening date (‘Maturity’) where your ISA is an 18 Month Fixed Term Cash ISA;
(b) The third anniversary of the ISA opening date (‘Maturity’) where your ISA is a 3 Year Fixed Term Cash ISA;
(c) The fifth anniversary of the ISA opening date (‘Maturity’) where your ISA is a 5 Year Fixed Term Cash ISA.
10. 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 2016/17 and subsequent years and the maximum limits in Account Term 3, do not apply to transfers-in, Replacement Subscriptions or to any Additional Permitted Subscription that you are entitled to make.
11. 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.
12. Interest on your ISA is calculated daily.
13. If you choose Monthly Interest your interest will be paid one month after the date on which your Bond is opened, and then monthly after that, and may be paid to another Principality Account or another UK bank or building society account by direct credit transfer. Direct credit transfers are subject to a minimum of £5 being payable as set out in Condition 40 of the General Conditions.
14. If you choose Annual Interest, your interest will be on paid on:
(a) Maturity where your ISA is a 18 Month Fixed Term ISA;
(b) Annually on the anniversary of your ISA opening if your ISA is a 3 or 5 Year Fixed Term ISA.
Annual Interest may be added to your Bond, paid to another Principality Account or paid by direct credit transfer to another UK bank or building society account.
15. Prior to Maturity, closure of your ISA will be permitted subject to loss of:
(a) 150 days’ interest where your ISA is an 18 Month Fixed Rate Cash ISA;
(b) 270 days’ interest where your ISA is a 3 Year Fixed Rate Cash ISA;
(c) 360 days’ interest where your ISA is a 5 Year Fixed Rate Cash ISA.
Please note if you close your ISA it cannot be reinstated.
16. On your instructions and within the time stipulated by you, your ISA or part of your ISA, shall be transferred to another ISA manager in accordance with the ISA Regulations relating to transfers. If you instruct such transfer to take place prior to Maturity the transfer will be subject to the loss of:
(a) 150 days’ interest where your ISA is an 18 Month Fixed Rate Cash ISA;
(b) 270 days’ interest where your ISA is a 3 Year Fixed Rate Cash ISA;
(c) 360 days’ interest where your ISA is a 5 Year Fixed Rate Cash ISA.
Please note that 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.
17. Any amount due to us under Account Term 15 or 16 may be deducted from the balance of your ISA prior to its closure or transfer.
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