Freestyle Cash ISA

Terms & conditions

Additional conditions

These additional conditions relate to Direct Cash ISA and Freestyle Cash ISA, which supplement and amend the general conditions of your Customer Agreement with us (Barclays Bank PLC), and should be read in conjunction with the declaration you made when opening your account.  In the event of any inconsistency between these additional conditions and the general conditions of the Customer Agreement, these terms will apply in relation to your cash ISA.
 

Definition

1.1 Direct Cash ISA and Freestyle Cash ISA are cash ISAs.
 

Eligibility

2.1 To have this account you must be at least 16 and resident and ordinarily resident in the UK for tax purposes. Accounts must be held in your sole name only.

2.2 The ISA investments will be, and must remain in, the beneficial ownership of the investor and must not be used as security for a loan.

2.3 In accordance with HM Revenue & Customs ISA Regulations, you are not eligible to apply if you have already subscribed to a cash ISA, or have already subscribed the maximum allowance to a stocks and shares ISA, either with us or another ISA manager, in the same tax year as you are applying for this ISA.
 

Cash ISA Terms

Payments into and out of the account

3.1  You must make an initial deposit of at least £1 (with the exception of transfers-in) when you open the account after which you can make deposits at any time.

3.2  The maximum amount you can subscribe is the maximum cash ISA limit per tax year as prescribed in the HM Revenue & Customs ISA Regulations irrespective of any withdrawals made.  Any deposit counts towards your maximum subscription limit for the relevant tax year even if you subsequently make a withdrawal.

3.3 If you make deposits into your ISA more than the amount prescribed in the ISA Regulations the excess will be returned to you.

3.4 Payments out of the account are allowed at any time with no notice.

Transfers-in

4.1 Transfers-in of ISA funds held in another ISA are not allowed.

Interest

5.1 Interest can only be paid into the account.

5.2 Current interest rates and tiers are set out in our interest rate leaflet and on our website.

5.3 Interest is payable without the deduction of tax as long as you comply with the relevant ISA Regulations. The value of tax relief depends on individual circumstances.

Closure of your account

6.1  You can close your ISA at any time without notice by providing written instructions signed by you.  If you have subscribed to your ISA during a tax year and then close the account, you will not be able to re-open the account or subscribe to another cash ISA either with us or any other ISA manager in the same tax year.

6.2 If you wish to close your ISA and notify us within 14 days of the opening day of the account or within 14 days of the day you receive these Terms and Conditions, whichever is the later, the agreement between us will be cancelled.  The balance on your account and any gross interest earned will be repaid to you.

6.3  We may close your account by immediate written notice to you if we are directed to close it by HM Revenue & Customs.

6.4 We may close your account by immediate written notice in the circumstances set out in condition 9.4 if the failure cannot be corrected or if you fail to take any action requested by us in writing within a reasonable period

Transfer of your ISA to another ISA Manager

7.1 To transfer your ISA (or part of the balance on your ISA) to another ISA manager you must give written instructions to your new ISA manager who will forward your request on to us.
These instructions must:

(a) be in writing;
(b) be signed by you; and
(c) state when you want the transfer to occur. 
 
7.2 Once we have received the transfer instructions from your new ISA manager, we will send the cash and relevant information to the new ISA manager within 5 business days.

Death

8.1 ISA tax exemptions will no longer apply if you die during the term of your ISA. Interest will be paid without the deduction of tax only up until the date of death.  When we receive notification of your death we will close your ISA and transfer the balance to a Barclays Net Personal Estate account which we will open in your name.  We will pay any amount held in that account to your legal personal representatives when we receive the necessary legal confirmations.

General

9.1 You may not transfer the ownership of your ISA to anyone else or use your ISA as security for any borrowing.

9.2  If you fail to subscribe to your ISA in any tax year, under ISA Regulations you will be required to make a new ISA declaration should you wish to continue to make further contributions.

9.3 We will only delegate our duties under the terms of this agreement to another account manager or a third party acting as our agent if we are satisfied that they are competent to carry out those duties.

9.4  We will notify you if, for any reason, your ISA has or will become void because of a failure to satisfy the ISA Regulations.