ISA FAQs

ISA FAQs
Q. What is the Bank of Cyprus UK Cash ISA?
A. The Bank of Cyprus UK Cash ISA combines the security of a fixed rate of interest with the flexibility to make further deposits (up to the Cash ISA annual subscription limit) at a variable rate of interest.

A fixed rate can be applied to new subscriptions once each tax year and to transfers in at any time. Additional deposits can be made at any time at the variable rate and transferred to the fixed rate when the next fixing opportunity arises.    
Q. Is a Cash ISA right for me?
A. Yes, if you are looking for tax-free earnings on your savings (up to the annual ISA Cash limit) and you are a UK resident of 16 or over. However, if you’re looking for a regular income from your savings, then another investment might be more suitable.

To discuss your savings needs, please contact Customer Service on 0845 850 5555 from 9.00am to 5.00pm Monday to Friday and 9.30am to 12.30pm Saturday (calls may be recorded for monitoring and training). 

Alternatively, you can email us at customerservice@bankofcyprus.co.uk   Tax-free is the contractual rate of interest payable where interest is exempt from income tax.   AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded once each year. 
Q. How do I apply?
A. You can choose the application method that suits you best, either:

• Apply online at www.bankofcyprus.co.uk or
• By calling Customer Service on 0845 850 5555
• By post – you can obtain an application online or by calling Customer Service
• In person at our North London branch.

Applying online or by phone takes about 10 minutes and you will require your National Insurance number and your Bank of Cyprus UK account number if you are an existing customer.
Q. How much can I deposit in a Cash ISA?
A. You can deposit a maximum of £5,760 into a Cash ISA in the 2013/2014 tax year.
Q. Is there a minimum account opening amount?
A. Yes, you can open a Bank of Cyprus UK Cash ISA with £500.
Q. Can I choose between a fixed or variable rate of interest?
A. Yes. The fixed rate option allows a single deposit at a fixed rate of interest with a choice of 1, 2 or 3 year terms and is designed for savers who want a guaranteed rate of interest. The variable rate option gives you the flexibility to make regular deposits.
Q. When can I fix the interest rate?
A. You can fix the interest rate with a Bank of Cyprus UK Cash ISA when you apply or at a later date during the tax year. The minimum amount you can fix is £500. You have a choice of 1, 2 or 3 year terms and you can switch your variable rate savings to the fixed rate. However, you can only fix the rate once in each tax year (except for transfers in from other providers).
Q. Can I make additional deposits into my Cash ISA?
A. You can top up your Bank of Cyprus UK Cash ISA at any time at the variable rate subject to the annual Cash ISA deposit limits. A minimum additional deposit amount of £100 applies.
Q. How do I keep track of my Cash ISA?
A. If you open your account online, you will receive an email confirmation that your account is open and the funds have been received. If you open your account by another application method, we will write to you to confirm that your account is open and the funds have been received. We’ll send you a full summary statement every April and you can also check your account online.
Q. Can I manage my Cash ISA using Online Banking?
A. Yes. You can use Online Banking to view a summary of all your Cash ISA deposits and provide instructions to renew all or part of, or mature your fixed rate balances at the end of the term. You can also transfer funds from another Bank of Cyprus UK account to the variable rate part of your Cash ISA or provide notice to withdraw funds from the variable rate part of your Cash ISA.
Q. Can I have more than one Cash ISA?
A. Yes, you can hold more than one Cash ISA, but you can only subscribe to one Cash ISA in any tax year.
Q. Can I transfer the Cash ISA I hold with another provider to Bank of Cyprus UK?
A. Yes. To transfer your existing Cash ISA to Bank of Cyprus UK, download an ISA transfer application form here and return a completed form to us.
Q. When is the interest paid on the fixed rate?
A. Interest on fixed rate deposits is paid on the anniversary of the start of the fixed rate. The interest is added to your fixed rate Cash ISA deposit.
Q. When is interest paid on the variable rate?
A. Interest is added to the variable rate deposit annually on the last working day in March.
Q. What happens when my Fixed Rate Cash ISA matures?
A. When any of your fixed rate terms are nearing maturity, we’ll send you a reminder to advise you of your options.
Q. How do I close my Cash ISA?
A. By calling Customer Service on 0845 850 5555. You will need to provide your password and answer security questions. Fees apply for early withdrawals or closure.
Q. Can I withdraw part of my Cash ISA?
A. Part withdrawals from funds in the variable rate part of the Cash ISA are permitted. 35 days’ notice is required for all withdrawals from the variable rate part of the account.  If you do not give notice you can access your money with the loss of 35 days’ interest on the amount withdrawn. Part withdrawals and transfers from the fixed rate part are not possible during the term. If you choose to break a fixed term, the funds will mature early and the loss of 180 days’ interest will apply. At the end of the term you will have the option to withdraw some or all of the fixed rate balance without incurring a fee.
Q. Can I transfer my Bank of Cyprus UK Cash ISA to another provider?
A. Yes. To transfer your Bank of Cyprus UK Cash ISA to another provider, you should contact your new provider and complete their ISA transfer form. Your new provider will then contact us. Please note, if you transfer your funds from the fixed rate part before maturity, it is subject to 180 days’ loss of interest. If you transfer from the variable rate part without providing the required notice, it is subject to 35 days' loss of interest.
Junior Cash ISA FAQs
Q. Who is eligible for a Junior Cash ISA?
A. Any child under the age of 18 who is ordinarily resident in the UK and does not have a Child Trust Fund.
Q. Who can open a Junior Cash ISA?
A. Any person with parental responsibility for an eligible child can open a Junior Cash ISA. In addition, young people between the ages of 16 and 18 can open both a Junior and adult Cash ISA and subscribe up to the maximum allowed for both.
Q. How do I apply?
A. You can choose the application method that suits you best, either:

• Apply online at www.bankofcyprus.co.uk
• By calling Customer Service on 0845 850 5555
• By post – you can obtain an application online or by calling Customer Service
• In person at our north London branch.

Applying online or by phone takes about 10 minutes and you will require your National Insurance number, name and date of birth of the child (and their national insurance number if they have one) and your Bank of Cyprus UK account number if you are an existing customer.
Q. How much can I save with a Junior Cash ISA?
A. The limit for the 2013/2014 tax year is £3,720. Each child can hold a maximum of two Junior ISAs, a Junior Cash ISA and a Junior Stocks and Shares ISA. Bank of Cyprus UK only offers a Junior Cash ISA. The £3,720 can be split between a Junior Cash ISA and a Junior Stocks & Shares ISA. Both the Junior Cash ISA and Stocks and Shares ISA can be paid into during the same tax year providing the child’s overall tax-free subscriptions do not exceed the annual limit.

Tax-free is the contractual rate of interest payable where interest is exempt from income tax.   AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded once each year. 
Q. Is there a minimum account opening amount?
A. You can open a Bank of Cyprus UK Junior Cash ISA with £25.
Q. Can I choose between a variable or fixed rate of interest?
A. Yes. The fixed rate option allows for a single deposit at a fixed rate of interest for 1 year and is designed for savers who want the security of a guaranteed rate of interest. The variable rate option gives you the flexibility of making regular deposits. Alternatively, you can choose a combination of both interest rates.
Q. When can I fix the rate?
A. You can fix the interest rate with a Bank of Cyprus UK Junior Cash ISA when you apply or at a later date during the tax year. The minimum amount you can fix is £25. You can only have one fixed rate at a time and you can switch variable rate savings to the fixed rate, or add new funds to the fixed rate on the maturity date.
Q. Can I make additional deposits into the Junior Cash ISA?
A. You can top up your Bank of Cyprus UK Junior Cash ISA at any time at the variable rate subject to the annual Junior Cash ISA deposit limits. A minimum additional deposit amount of £25 applies.
Q. Who can deposit into a Junior Cash ISA?
A. Anyone can deposit funds into a Junior Cash ISA making it easy for parents, grandparents, family and friends to save on behalf of a child.
Q. How do I keep track of the Junior Cash ISA?
A. If you open your account online, you will receive an email confirmation that your account is open and the funds have been received. If you open your account by another application method, we will write to you to confirm that your account is open and the funds have been received. We’ll send you a full summary statement every April and you can also check your account online.
Q. Can I manage a Junior Cash ISA using Online Banking?
A. Yes. You can use Online Banking to view a summary of all your Junior Cash ISA deposits and provide instructions to renew or mature the fixed rate balances at the end of the term. You can also transfer funds from another Bank of Cyprus UK account to the variable rate part of your Junior Cash ISA.
Q. Can I have more than one Junior Cash ISA?
A. No, Junior Cash ISA regulations permit only one Junior Cash ISA to be held at any one time for each child. In addition to a Junior Cash ISA, a Junior Stocks and Shares ISA can also be held.
Q. Can I transfer a Junior Cash ISA held with another provider to Bank of Cyprus UK?
A. Yes. To transfer your existing Cash ISA to Bank of Cyprus UK, download an ISA transfer application form here and return it to us. If you transfer a Junior Cash ISA to us you must ensure that you close and transfer the total balance from the Junior Cash ISA held with the other provider.
Q. When is the interest paid on the fixed rate?
A. Interest on fixed rate deposits is paid on the anniversary of the start of the fixed rate. The interest is added to your fixed rate Junior Cash ISA deposit.
Q. When is the interest paid on the variable rate?
A. Interest is added to the variable rate deposit annually on the last working day in March.
Q. What happens when my fixed rate matures?
A. When your fixed rate term nears maturity, we’ll send you a reminder and advise you of your options.
Q. Can I access the funds before the child is 18?
A. The Junior ISA is designed for long-term saving and therefore no money can be withdrawn until the child reaches their 18th birthday. A Junior ISA can be transferred, in its entirety only, from one provider to another and funds may be transferred from a Cash Junior ISA into a Stocks and Shares Junior ISA, and vice versa.
Q. Can I withdraw part of a Junior Cash ISA?
A. No.
Q. Can I transfer my Bank of Cyprus UK Junior Cash ISA to another provider?
A. Yes. To transfer your Bank of Cyprus UK Junior Cash ISA to another provider, you will need to contact your new provider and complete their Junior Cash ISA transfer form. Your new provider will then contact us. You will need to transfer all the balance to the new provider and close your Bank of Cyprus UK Junior Cash ISA. Please note, if you transfer your funds from the fixed rate before maturity, it is subject to 95 days’ loss of interest. If you transfer from the variable rate without providing the required notice, it is subject to 95 days' loss of interest.
Q. How do I transfer my Junior Cash ISA?
A. By calling Customer Service on 0845 850 5555. You will need to provide your password and answer security questions.
Q. What happens when the child becomes 18?
A. The account will automatically become an adult Cash ISA and we will be permitted to accept instructions from or frovide information only to the "child", subject to the confirmation of password and security questions.

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