The interest rate is a Bank-managed rate of 2.35% Gross/AER.

Interest accrues on the daily balance at the above rate. This rate may vary from time to time and we will notify you of any changes.

Interest is compounded to the account on 5 April each year.‍

Yes.

As this account pays a variable rate of interest, it can change over time – our account conditions explain how this happens. We will always let you know of any planned changes to the rate. For example, we may review our interest rates if the Bank of England base rate changes.

If you deposit £1,000 when you open the account, the balance after 12 months will be £1,023.50.

This assumes:

• You do not withdraw any money and interest is paid into this account.
• The interest rate stays the same.
• You do not add any more money.

You must be 16 or over, a resident in the UK for tax purposes and have a National Insurance number to open an ISA.

The account must be opened in your sole name with a minimum deposit of £1.

Once a fully completed application form is received in the post and the necessary checks have been carried out by our team, we will be delighted to open your account with us.

If you change your mind, you can advise us in writing and we will cancel the account free of charge within 14 days of opening.

You can transfer an ISA you already have with Kingdom Bank to a 32-day ISA by sending a signed letter of authority stating that you wish to do this.  If transferring in from an ISA with another bank, please complete this ISA transfer form and send this to us.

If you have already saved into another cash ISA this tax year, you will need to do an ISA transfer and to move over the money you saved in this tax year. This includes Cash ISAs with us or another bank.

Deposits can be added at any time via online banking, standing order or post

Information can be requested via online banking or over the phone. If you would like to make a withdrawal, this can be arranged via online banking, over the phone or by post.

As with all ISAs, there are some rules which apply:

• You may not deposit more than the maximum allowed in any tax year – the current limit for the 2022/2023 tax year is £20,000.
• You can only save into one cash ISA in a tax year, unless you do an ISA transfer. This includes Help to Buy ISAs, Lifetime ISAs and Cash ISAs with other banks.

All withdrawals are subject to a 32-day notice period.

On request, we may permit withdrawal at shorter notice. This is at the Bank’s discretion and there will be an associated charge in accordance with our Terms and Conditions.

No charges apply to this account (except for those referred to in our terms and conditions, where we permit early withdrawal at our discretion with charges on transfer before notice period served).

All withdrawals must be made to an account in the same name.

Any money you move to an account that is not an ISA will lose its tax-free status. Tax treatment depends on your individual circumstances and may change in the future.

‘AER’ stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER – this means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.