Cash ISA FAQs
Q. Is a Cash ISA right for me?
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.
Q. How do I apply for an ISA?
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.
Q. Can I choose between a fixed or variable rate of interest?
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?
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 and Junior Cash ISA?
You can top up your Bank of Cyprus UK Cash ISA at any time at the variable rate subject to the maximum annual Cash ISA deposit limits. A minimum additional deposit amount of £100 applies for a Cash ISA.
Q. How do I keep track of my Cash ISA?
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?
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?
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?
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?
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?
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?
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?
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?
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?
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.