| Individual Savings Accounts (ISAs) allow your savings to grow tax-efficiently through a wide range of investments to suit different needs. There are two types of ISAs both of which are offered by Northern Bank:
You have the opportunity to choose from these types and subscribe up to £7,200 in each tax year (your overall annual ISA subscription limit). Subject to this overall limit, you can subscribe to each type of ISA up to the limits laid out below:
- Cash £3,600
- Stocks and Shares £7,200
For example, you could subscribe:
- £3,600 to a cash ISA and £3,600 to a stocks and shares ISA; or
- £2,000 to a cash ISA and £5,200 to a stocks and shares ISA; or
- Nothing to a cash ISA and £7,200 to a stocks and shares ISA.
Subject to the limits above, you may choose to invest by way of a lump sum and/or by making regular monthly payments. There is currently no minimum lump sum/regular monthly payment for a cash ISA, however a stocks and shares ISA is subject to a minimum lump sum/regular monthly payment of £50.
General Information
You can invest in a cash ISA and a stocks and shares ISA with different ISA managers. This allows you to choose up to two different ISA providers if you so wish.
Each tax year you will need to decide whether to put your full allowance in a stocks and shares ISA with a single manager, or choose to split this between cash and stocks and shares subject to the maximum limits for each type of ISA.
All proceeds from your Northern Bank ISA are currently free from UK income tax and capital gains tax. This means that you do not need to provide details of your ISA in your annual tax return.
You can monitor your ISA via eBanking if you have registered for this service. (This service may be temporarily unavailable during periods of routine maintenance).
ISA Transfers
You can transfer from a cash ISA with another ISA provider to a cash ISA or a stocks and shares ISA with Northern Bank. If you have a cash ISA with Northern Bank it is also possible to transfer this into a stocks and shares ISA with Northern Bank.
To transfer your ISA to us, contact your local branch.
If you wish to transfer your Northern Bank ISA to an alternative ISA provider, please contact your new ISA provider to arrange the transfer.
Risk Factors
The rate of interest on the Cash ISA is variable.
The favourable tax treatment of ISAs may change in the future.
Stocks and Shares ISAs: Past performance is not a guide to future returns. The value of investments and any income from them can go down as well as up. It is possible that the value may fall below the original investment and you may get back less than originally invested.
Important Information
You cannot invest in two (or more) cash ISAs or two (or more) stocks and shares ISAs in the same tax year. By investing in a cash ISA you will be limiting the amount you can invest in a stocks and shares ISA.
Depending on the fund invested in, you can choose to have investment income from a stocks and shares ISA either reinvested within the fund or paid to an account specified by you.
Further information about our ISAs:
Key Features and Terms and Conditions of the Northern Bank Cash ISA
CF Danske Fund Product Information Incorporating the Simplified Prospectus, features of the Northern Bank Stocks and Shares ISA and Terms & Conditions
The ISA is managed by Northern Bank Limited which is authorised and regulated by the Financial Services Authority. Credit facilities other than regulated mortgages are not regulated by the Financial Services Authority. Northern Bank Limited is a member of the Danske Bank Group. Registered in Northern Ireland R568. Registered Office: Donegall Square West, Belfast, BT1 6JS. | | |