Stretch.

As well as the tax-free benefits of an ISA, Our Flexible Cash ISA also offers you the convenience of making deposits and withdrawals whenever you want, without charge. It offers a variable rate of interest that can increase or decrease.

Under HMRC guidelines, your Flexible Cash ISA is classed as a Flexible ISA. Flexible ISA rules allow you to withdraw and replace money from the same ISA account in the same tax year without losing any of your tax-free entitlement. This means that any amount you withdraw will be added to your remaining allowance figure on this account for the tax year.

If you’re 16 years of age or older, a UK resident taxpayer with a National Insurance number then you’re eligible to open a Flexible Cash ISA. If you don’t have a National Insurance number, then it still may be possible for you to open one. Call us on 0345 266 1231 for further details.

You can also open a Flexible Cash ISA on behalf of someone else, either under a Power of Attorney or as a Deputy for someone deemed incapable of making their own financial decisions.

Your right to cancel

Should you decide it’s not for you, you can cancel your Flexible Cash ISA within the first 14 calendar days of account opening. The balance on your account, and any interest earned, will be repaid in full either to you, or to the previous ISA provider (if you transferred-in an ISA balance). Any money deposited will not count towards your ISA annual allowance for the tax year. If you close your Cash ISA within the 14-day cooling-off period, you can still open a subsequent Cash ISA with us or another financial institution, up to your annual allowance for the tax year.

Balance

Your balance must at all times be between £1 and £2,000,000. The maximum amount of new money you can subscribe to a Cash ISA per tax year is determined by HMRC ISA Guidelines.

Interest

From the day we receive your initial deposit, your Flexible Cash ISA will earn interest daily, based on the balance at the end of each day and calculated as 1/365^th of the annual rate.

Transfers-in from existing Cash ISAs usually take 15 business days. Your Ford Money Cash ISA will earn interest from the next business day (inclusive of the ISA transfer process) or from the date of receipt from your previous ISA provider, whichever is earlier.

Interest can be paid annually or monthly on the anniversary date of your initial deposit and can be paid into:

• the same Flexible Cash ISA where it’s earned, 
• any other Ford Money savings account you hold (subject to its Terms and Conditions), 
• your Nominated Account. 

Having interest paid into an account other than the Flexible Cash ISA will count as a withdrawal which can be replaced without counting towards your annual ISA subscription limit.

If you have selected your interest to be paid to your Nominated Account and the interest due date is a non-business day (Saturday, Sunday and Bank Holidays), we’ll send your interest payment via BACs on the next business day.

If the anniversary date falls on February 29^th, we’ll pay your interest on February 28^th, except in leap years when we will pay it on February 29^th itself.

Transfers

You can request to transfer current or previous ISA savings into your Ford Money Flexible Cash ISA during the application process. Or, if you already have a Cash ISA with us you can download the appropriate transfer form below.

You may transfer an existing Stock & Shares ISA to fund your Ford Money Cash ISA but please be aware that some or all of the investments within your Stocks and Shares ISA will be sold as only cash may be deposited into a Ford Money Cash ISA. Restrictions or fees specified within the Terms and Conditions of your Stocks and Shares ISA may apply to these sale transactions so it is advisable to check with your existing ISA provider for full information.

Transfers must be completed within 14 calendar days of the date we receive your application.

A Cash ISA transfer form is available as a downloadable PDF here.

A Stock and Shares ISA transfer form is available as a downloadable PDF here.

You can transfer your balance to another provider at any time without charge. You’ll need to contact your new provider and instruct them to request a transfer from us.