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, 4 or 5 years.

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

You can apply for UBL UK Fixed Rate Cash ISAs 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 do not need to access your money before the ISA maturity date
  • 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
  • If you wish to transfer your Stocks and Share ISAs
  • 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

    4.56%

    2 years

    4.68%

    3 Years

    4.37%

    4 Years

    4.05%

    5 years

    4.16%

     

    Rates correct as at 21.02.2024

    You can choose to have your interest paid monthly (for 2, 3, 4 and 5 year terms), quarterly (for 3, 4 and 5 year terms), annually (for 2, 3, 4 and 5 year terms), or for all deposits (1, 2, 3, 4 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 be 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

    4.56%

    £2,091.20

    2 Years

    £2,000

    4.68%

    £2,191.60

    3 Years

    £2,000

    4.37%

    £2,273.83

    4 Years 

    £2,000

    4.05%

    £2,344.22

    5 Years

    £2,000

    4.16%

    £2,452.08

     

    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 do 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 2023/2024 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 the 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 our branch Monday to Friday between 9:30am and 4pm
    • In writing: By post, sending instructions to: FREEPOST: RUEE-STYR-XYKE, UBL UK, 2 Brook Street, London W1S 1BQ (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: RUEE-STYR-XYKE, UBL UK, 2 Brook Street, London W1S 1BQ, or make an Electronic Transfer to:
        • Sort Code 60-93-68
        • Account number 81009001
        • With your Account number (from your Welcome Letter) as the reference.

      NB: You will have 10 calendar 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 transfer the funds from the funding account 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 London branch Monday to Friday between 9:30am and 4pm
      • In writing: By post, sending instructions to: FREEPOST: RUEE-STYR-XYKE, UBL UK, 2 Brook Street, London W1S 1BQ (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?

    Early withdrawal in full (and no partial withdrawal) is allowed before the full term expires. However, there will be an early withdrawal charge for withdrawing the deposit before the end of the term of the deposit.

    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
    4 Year 365 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 Terms and Conditions
    • Specific Terms and Conditions section in relation to your account

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

  • Frequently Asked Questions

     

       

    1

    How can I open a UBL UK Fixed Rate Cash ISA Account?

    You can open a UBL Fixed Rate Cash ISA in the following ways:

     

    • Online: digitalbanking.ubluk.com
    • Mobile App: Search ‘UBL UK Mobile Banking’ in your App Store.
    • In Branch: Visit our London Branch located at 2 Brook Street, London, W1S 1BQ.
    • By Post: Complete an ISA Application Form and return this to Freepost: RUEE-STYR-XYKE, UBL UK, 2 Brook Street, London W1S 1BQ.

     

    If you are applying in branch or by post, you will need to provide certified copies of your photo ID (passport or UK driving licence) and Proof of Address (Utility bill or bank statement dated within the last 3 months).

    2

    How do I close my ISA account?

    Online: Please log onto digital banking and send us a secure message stating that you would like to close your UBL UK Fixed Rate Cash ISA and our ISA team will action your request.

    Email: Please send us an email from your registered email address to enquiries@ubluk.com stating that you would like to close your UBL UK Fixed Rate Cash ISA and our ISA team will action your request.

    Post: You can provide us with written and signed instructions stating that you would like to close your UBL UK Fixed Rate Cash ISA and send it to Freepost: RUEE-STYR-XYKE, UBL UK, 2 Brook Street, London W1S 1BQ.

    Please note that account closures before the maturity date are subject to an early withdrawal penalty. Please see UBL UK’s Personal Banking Terms and Conditions for further details.

    3

    What type of ISAs does UBL UK offer?

    UBL UK only offers the Cash ISA product to customers.

    4

    How do I fund my ISA account?

    If you have applied online, you will receive a Welcome Email, which contains details of your funding account, (sort code and account number). Please follow the email instructions to fund your ISA account. If you have opened your account through the Branch or by Post, you will receive a Welcome Letter, which will contain the details regarding how to fund your account.

    5

    How do I transfer in an ISA from my existing provider to UBL UK?

    For digital applications, you will be prompted to enter your transfer-in details during the online application process. If you are applying in the Branch or by post, you will need to provide us with a completed ISA Transfer In Form.

    6

    What interest rate will I get?

    The latest Fixed Rate Cash ISA interest rates can be found on the UBL UK ISA Webpage.

    7

    What happens to my ISA at the end of the term / maturity?

    As per our Personal Banking Terms and Conditions, we will write to you at least fourteen (14) days before your Cash ISA matures to ask for your instructions with respect to what you would like to do with your Cash ISA money at maturity.

    Upon maturity, you may:

    1)      Re-invest your funds with UBL UK.

    2)      Transfer your funds to another ISA Provider.

    3)      Close your ISA and have your funds returned to a nominated account.

    You can send us your instructions via secure message,  or by post to the following address: FREEPOST: RUEE-STYR-XYKE, UBL UK, 2 Brook Street, London W1S 1BQ.

    If you do not provide us with instructions before the Maturity Date or if we cannot reasonably comply with your instructions on the Maturity Date, we will automatically rollover your Cash ISA into a Cash ISA, which is either identical or reasonably similar to your matured Cash ISA. The interest rate applicable to the new Cash ISA account will be at the prevailing interest rates offered by UBL UK at that time.

    8

    Can I move my UBL UK ISA to another UBL UK ISA to get a better rate?

    If you would like to move your existing UBL UK ISA to another UBL UK ISA to get a better rate, we will have to break your existing deal and book a new deal under your new chosen term at the prevailing rate. Please note that there will be a penalty charge when your deal is broken prematurely. For further information, please contact our Customer Service Team 0121 753 6000, Monday to Friday from 09:15 to 17:15, excluding Bank Holidays, for support.

    9

    Why have I not received my interest payment?

    Please allow 24-48 hours for the funds to reflect in your account. If you have any questions, please send us a secure message via digital banking. Alternatively, you can send us an email to enquiries@ubluk.com or contact our Customer Services Team on 0121 753 6000, Monday to Friday from 09:15 to 17:15, excluding Bank Holidays, for support.

    10

    What is a Funding Account?

    A funding account is a non-interest-bearing transit account that we use to help you to set up your Fixed Rate Cash ISA. You should only transfer up to the committed amount into the Funding Account.

    11

    What is the Funding Period for my ISA?

    You will have 10 working days to fund your account. Any deposits after this period will be subject to the prevailing interest rate.

    12

    Can I fund my account via cheque?

    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 made payable to you and is from an account in your name.

    13

    How much can I invest in a single tax year?

    As per HMRC regulations, the total annual ISA allowance (current year’s subscription) is £20,000 for the 2023/24 tax year.

    14

    Can I have more than one Cash ISA?

    You can have as many Cash ISAs as you like, however, you can only open and pay into one Cash ISA in a single tax year and you cannot pay more than your annual ISA allowance, which is £20,000 for the Tax Year 2023/2024.

    15

    Are my funds in a Cash ISA protected?

    UBL UK is covered by the Financial Services Compensation Scheme (FSCS). Deposits of up to £85,000, per eligible person are protected under FSCS. For more information regarding FSCS, please visit https://www.fscs.org.uk.

    16

    When does the tax year begin?

    The tax year runs from 6th April for one year to 5th April in the following year.

    17

    Do I have to pay tax on my Cash ISA?

    As long as you do not exceed the ISA allowance (£20,000), you are not liable to pay income tax on the interest you earn from your UBL UK Cash ISA.

    18

    How long does it take to process an ISA Application?

    It can take up to 15 days to process your ISA application.

    19

    Can I change the interest rate option once I have opened the account?

    The interest rate on a Cash ISA is fixed for the duration of the term. If you would like to switch to a different UBL UK Fixed Rate Cash ISA that offers a better interest rate, you will be subject to a penalty charge. Please contact us to find out more information.  You can send us a secure message via digital banking. Alternatively, you can send us an email to enquiries@ubluk.com or contact our Customer Services Team on 0121 753 6000, Monday to Friday from 09:15 to 17:15, excluding Bank Holidays, for support.

    20

    Do I need to open a Current Account to apply for the Cash ISA Account?

    You do not need a UBL UK Current Account to open a Cash ISA.

    21

    Can I transfer funds to my nominated account?

    Please provide us with written instructions via secure message using digital banking or by post to the following address: Freepost: RUEE-STYR-XYKE, UBL UK, 2 Brook Street, London W1S 1BQ. Please state that you would like to transfer your funds to your nominated account, provide your nominated account details within the instructions and ensure that the letter is signed.

    22

    Can I view my account online?

    You are able to view your account online through Digital Banking and Mobile Banking. If you have not registered for Digital or Mobile Banking, please visit digitalbanking.ubluk.com and select 'Register' or search 'UBL UK Mobile Banking' in your App Store and follow the instructions.

    23

    Can I add funds to my existing ISA account?

    You are not allowed to add additional funds to your ISA.

    24

    Can I apply for an ISA to utilise my current year subscription?

    Yes, you can apply for an ISA to utilise your current year subscription allowance of £20,000. Please note that you can only open 1 Cash ISA each tax year.

How to apply