1. Account - Account number and the name of the account.
2. Balance - The balance of each account at 5 April 2018, including any interest added.
3. Interest - Interest paid on each account in the tax year 2017/2018.
4. Your rate of interest - The actual interest rate we pay you for each account you have with us, as at 5 April 2018, based on the balance in your account.
5. Interest Frequency - Frequency of interest payments and the next time interest is due to be paid.
6. Account Holders - If you hold an account jointly, your statement shows the interest for the tax year 2017/2018 divided between you and the other account holder(s).
7. Closed Account - Accounts closed between 6 April 2017 and 5 April 2018.
8. Offset - Your Offset savings are linked to your Offset mortgage to reduce the mortgage interest you pay.
9. Interest - Your total interest, between 6 April 2017 and 5 April 2018.*
10. ISA accounts - ISAs appear below the heading Interest because they are tax-free savings accounts and the interest earned does not form part of your Personal Savings Allowance.
11. Flexible ISA - If your ISA is flexible, it will show on your statement here.
12. Inactive ISA - An ISA becomes ‘inactive’ if you haven’t paid into it for a whole tax year.
13 Total Balance of the Accounts - The total balance of the account(s) you hold with us, as at 5 April 2018.
14. Accounts on which you are a Registered Contact - If you’re the Registered Contact for any Junior Cash ISAs, these appear under the heading Total Balance of the Accounts. These accounts don’t form part of your personal balance because the money is being held on behalf of the child.
The annual allowance for a junior ISA has increased from £4,128, up to £4,260.
There’s no change to the total adult ISA allowance, it’s still £20,000. Remember, you can split your annual allowance across the different types of ISA (e.g. cash, stocks and shares, innovative finance ISAs and lifetime ISAs). But you’re only allowed to pay some/all of your annual allowance into one cash ISA in any one tax year.
You can transfer your ISA allowance from one provider to another at any time. If you’re thinking about transferring your ISA savings, please get in touch and we’ll explain what to do.
When a member has passed away, their ISA begins to earn a gross interest rate which means if the deceased’s Personal Savings Allowance is exceeded, there may be a tax liability.
However, from 6 April 2018 interest on ISA accounts for those members who died on or after 6 April 2018, will continue to be paid tax-free up until either the completion of the administration of their estate, the date their ISA is closed or on the third anniversary of their death, whichever is the earliest.