Product overview

UBL UK’s Fixed Rate Cash ISA Accounts are a tax-efficient savings option with Financial Services Compensation Scheme (FSCS) protection, providing higher growth potential than a standard Easy Access Cash ISA for savers willing to lock in their savings over fixed terms of 1, 2, 3 or 5 years.

You can utilise your current year's subscription or transfer an ISA from your existing provider. The minimum balance requirement is £2,000.

YOU CAN NOW APPLY FOR UBL UK FIXED RATE CASH ISA'S ONLINE OR WITH YOUR MOBILE, SIMPLY SEARCH 'UBL UK MOBILE BANKING' IN YOUR APP STORE, OR VISIT DIGITALBANKING.UBLUK.COM AND SELECT 'REGISTER'.

 

Good for

  • Saving a lump sum for a specific date in the future in a tax efficient manner
  • Saving when you will not need to access your money before the end of the term
  • Achieving a higher rate of interest in return for locking your savings away for a fixed period
  • Transferring funds from another Cash ISA Provider in order to retain the tax free status on your savings

Not good for

  • You may need access to your savings before the end of the fixed term
  • You wish to save more than the Tax Year Annual Cash ISA Allowance
  • You have already subscribed to a Cash ISA in the current Tax Year
  • You have already used your Annual Allowance in other ISA products
  • You wish to add further sums to your Account over time
  • You do not wish to be charged for accessing your money before the end of the fixed term
  • What is the interest rate?

    It is a fixed rate as shown in the table below:-

    GBP FIXED RATE CASH ISA

    TERM

    INTEREST RATE (AER)

    1Year

    0.60%

    2 years

    0.91%

    3 Years

    1.06%

    5 years

    1.31%

     

    Rates correct as at 23.07.2021

    You can choose to have your interest paid monthly (for 2, 3, and 5 year terms), quarterly (for 3, and 5 year terms), annually (for 2, 3, and 5 year terms), or for all deposits (1, 2, 3 and 5 year terms) on the maturity of the deposit. Please refer to Interest Rate Sheet for Gross Rates on different interest payment options.

    Interest is calculated daily and credited monthly, quarterly, annually, or at maturity of the deposit depending on your selection. This selection cannot be amended once the selection is confirmed.

    Interest will be paid out to an account nominated by you at the time of account opening. This account must be in your name.

    Interest is not added to your principal amount at the selected frequency unless you have selected interest payment at maturity.

    UBL UK does not compound interest.

  • Can UBL UK change the interest rate?

    No. This account has a fixed rate of interest so the rate will not change during the term.

  • What would the estimated balance be at the end of the term based on the minimum required deposit?

    Below is an example of what the future balance might me after interest has been paid.

    GBP FIXED RATE CASH ISA

    TERM

    MIN. DEPOSIT

    INTEREST RATE (AER)

    BALANCE AT THE END OF THE TERM

    1 Year

    £2,000

    0.60%

    £2,012.00

    2 Years

    £2,000

    0.91%

    £2,036.40

    3 Years

    £2,000

    1.06%

    £2,063.60

    5 Years

    2,000

    1.31%

    £2,131.00

     

    Assumptions taken for the above calculations:

    • Calculations based on a minimum deposit of £2,000
    • No change in the amount (no deposits, no withdrawals)
    • No change to the interest rate during the fixed term
    • Interest payment on maturity assumed

    These projections are provided for illustrative purposes only and does not take into account individual circumstances

  • How do I open and manage my account

    Eligibility:

    You must;

    • Be aged 18 or over and resident in the UK for tax purposes
    • Only open this account in your sole name
    • Hold a valid National Insurance Number

    Minimum/Maximum Balance:

    • The minimum balance is £2,000
    • ISAs have an annual limit for the Tax Year 2019/2020 of £20,000 for new money, and you cannot pay more than this limit into any combination of permitted ISAs within the same Tax Year
    • You can only add new money into one Cash ISA in a Tax Year
    • You can also transfer your existing ISA to us

    How to open the Account:

    The fastest way to apply for UBL UK Fixed Rate Cash ISA is using internet or mobile banking with our fully digital application process, visit digitalbanking.ubluk.com and select 'Register' or search 'UBL UK Mobile Banking' in your app store, or follow the direct links below;

    Internet Applications

    Apple Devices

    Android Devices

    You may also complete the Application Form,  and then return it along with verified copies of your Photo ID and either a Bank Statement or Utility Bill as Proof of Address dated within the last 3 months. However this may take up to 15 Working Days to process, forms can be returned in the following ways:

    • In branch: Visit any of our branches Monday to Friday between 9:30am and 4pm
    • In writing: By post, sending instructions to: FREEPOST: RSSA-GJRS-KBCT, UBL UK Central Operations, 391-393 Stratford Rd, Birmingham B11 4JZ (all written instructions must be countersigned and dated by all named Account holders)

    Please make sure that you select the links below and read and understand the Personal Banking Terms and Conditions where you will find full details of the Account, before you apply:

    Personal Banking Terms and Conditions

    How we protect your deposits

    Interest Rate Sheet

    Personal Banking Schedule of Charges

    If you wish to transfer in from an existing ISA provider, you will need to do this by returning the completed ISA Transfer In Form to UBL UK using the FREEPOST address above.

    How to manage the Account:

    • Funding your Account

      • When you open your Account through internet or mobile banking, a 'Funding Account' will be opened. You may then send an electronic transfer to this Funding Account and once the committed amount has been deposited, your Fixed Rate Cash ISA will commence.
      • If you apply by post, you may send a cheque with your application in order to fund the Account. Please ensure that the cheque is payable to you, and is from an account which you own and operate.
      • If you apply in branch or by post and you wish to wait for your Account to be opened before you fund it - you will receive a Welcome Letter with your Account details. The fastest way to fund your account is using internet or mobile banking, and you can register using your account details and the answers to your security questions either on mobile (search 'UBL UK Mobile Banking') or at digitalbanking.ubluk.com.
      • You may send us a cheque but this may take longer to arrive in your account, send it to FREEPOST: RSSA-GJRS-KBCT, UBL UK Central Operations, 391-393 Stratford Rd, Birmingham B11 4JZ , or make an Electronic Transfer to:
        • Sort Code 60-91-66
        • Account number 81009001
        • With your Account number (from your Welcome Letter) as the reference.

      NB: You will have 10 working days to fund your Account, deposits after this period will be subject to the prevailing advertised Interest Rate.

      What is a Funding Account?

      A Funding Account is a non-interest bearing transit account that we use to help you set up your Fixed Rate Cash ISA. You should only transfer up to the committed amount into the Funding Account. Any additional funds will remain in the Funding Account, but you will not be able to move them through internet or mobile banking and will need to contact us by phone. If you make multiple deposits to fund your account, we will sweep them into your Fixed Rate Cash ISA once you have reached the minimum funding amount of £2,000.

      Managing your Account

      • Online or Mobile: If you applied via post or branch, once opened, you may register for New Internet Banking at digitalbanking.ubluk.com, or download our new Mobile App by searching for 'UBL UK Mobile Banking' in your app store. If you register on internet or mobile banking, this access will already be available to you.
      • In branch: Visit any of our branches Monday to Friday between 9:30am and 4pm
      • In writing: By post, sending instructions to: FREEPOST: RSSA-GJRS-KBCT, UBL UK Central Operations, 391-393 Stratford Rd, Birmingham B11 4JZ (all written instructions must be countersigned and dated by all named Account holders) - instructions can take longer to be executed if they arrive by post
      • Telephone: You can contact our Customer Services Team Monday to Friday from 9:15am to 5:15pm for support

      Our internet and mobile banking service enables you to view your balances, statements, provide instructions through secure messaging and manage your finances.

      If you need to, you can contact our Customer Services Team on 0121 753 6000 Monday to Friday between 9:15am and 5:15pm for more information.

  • Can I withdraw money?

    Only early withdrawal (and no partial withdrawal) is allowed before the full term expires.

    Early withdrawal charges are as follows:

    Term of Deposit

    Early Withdrawal Charges

    1 Year 90 days gross interest
    2 Year 180 days gross interest
    3 Year 270 days gross interest
    5 Year 365 days gross interest

    The Early Withdrawal Charge will be deducted from interest that has accrued on your Account. If interest has already been paid out to your nominated account, then the Early Withdrawal Charge will be deducted from your deposit with us.

    The total of the interest paid and deposit you receive back from us will be no less than your deposit at the Fixed Rate Cash ISA start date.

  • Additional Information

    This account can only be held in a sole name.

    Transfer-ins and Transfer-outs are allowed.

    There is a 14 day cooling off period for all Fixed Rate Cash ISAs. If you decide to cancel within14 days of funding the Account, UBL UK will not deduct Early Withdrawal Charges, but you will not be entitled to interest payments for the number of days the deposit has been held with UBL UK. If you cancel within the 14 day cooling off period, you will not lose your Cash ISA subscription allowance for the tax year and you may open a Cash ISA with any other ISA Manager.

    Gross rate means that UBL UK will not deduct tax from the interest we pay on money in your Account. It is your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC) or other tax jurisdiction.

    AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time. UBL UK does not compound interest.

    Before you apply for this Account, please ensure that you read:

    • Personal Banking Schedule of Charges
    • Personal Banking General Terms and Conditions
    • Personal Banking Specific Terms and Conditions

    All of the above form part of our agreement with you, to assess whether or not this product is suitable for you.

How to apply

By post or Branch

By post or Branch

You can bring your form to one of our Branches or return via post. Postal applications can take up to 15 days to be processed. If you need to make a transfer in, use the form below and return it to:

Freepost: RSSA-GJRS-KBCT, 
UBL UK Central Operations, 
391-393 Stratford Rd, 
Birmingham B11 4JZ