For some accounts, we pay interest on a specific date each year and it might be that you opened your account less than a year ago and that date hasn’t happened yet. Or it may be that the date happened before you’d had your account for a full year so it wasn’t a full year’s interest. Don’t worry, you’re earning interest every day you have money in your account.
A flexible ISA means that you can take money out of your ISA and put it back within the same tax year without it counting further towards your annual ISA allowance, so long as you pay it back in before the end of the same tax year. The Specific Terms for your account will tell you if your ISA is flexible.
Depending on your tax allowance, you may need to pay tax on any interest you earn over your Personal Savings Allowance. That’s £1,000 if you’re a basic rate taxpayer and £500 for higher rate taxpayers. If you do your own tax returns, you’ll need to refer to this statement and let HMRC know how much interest you earned. You don’t ever pay any tax on ISAs. There’s more information at www.hmrc.gov.uk
Is it still earning interest? Your ISA shows as ‘inactive’ because you haven’t paid any new money into it for a whole tax year (that doesn’t include any money you took out of a flexible ISA and paid back in). Any money in there is still earning interest. You can only have one active cash ISA.
If you believe your statement is incorrect, get in touch by visiting any branch or calling our UK-based Customer Service Centre for free on 0800 121 8899. We’ll be happy to go through your Annual Statement
Your Offset savings account is linked to your mortgage reducing the interest you pay, this is called the ‘Offset benefit’, making your monthly payments smaller or to pay off your mortgage sooner. If the account balance is more than you owe on your Offset mortgage, you won’t get any benefit on the excess amount. If you don’t have money in your Offset savings account you won’t get any benefits.
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