Cash ISA frequently asked questions
What is an ISA?
What is an ISA?
ISA stands for Individual Savings Account and these were introduced by the Government to encourage UK residents to save for the future by investing in tax free savings.
What type of ISA does ING Direct offer?
ING Direct offers Cash ISAs.
What are the benefits of saving with a Cash ISA?
The rates are often higher than other savings products and your savings will grow tax free (free of income tax and capital gains tax).
How much can I invest in a Cash ISA?
The maximum you can save in each tax year (running 6 April to 5 April every year) is £5,640
Can I have a Cash ISA and a savings account?
Yes, if you have an ING Direct Savings Account or any other savings account, it will be treated completely separately to your Cash ISA.
Who can open an ING Direct Cash ISA?
To open a ING Direct Cash ISA:
Please note that ISAs cannot be held in joint names or by businesses, clubs or associations. If you want to operate your Cash ISA over the phone you will also need access to a touch-tone telephone.
- You must be a UK resident and aged 18 years or over
- You must hold a UK current account (with a cheque book and Direct Debit facility)
- You will need a National Insurance number
- You cannot already hold an active Cash ISA for the current tax year
Please note that ISAs cannot be held in joint names or by businesses, clubs or associations. If you want to operate your Cash ISA over the phone you will also need access to a touch-tone telephone.
What types of ISA are available?
There are two types of investment options currently available.
ING Direct offers Cash ISAs
A Cash ISA can be held with one or more financial providers. For example, your Cash ISA can be with ING Direct and your Stocks and Shares ISA could be held with another financial provider.
A Stocks and Shares ISA is managed by one ISA Manager/financial provider. It must offer stocks and shares with or without the cash element.
Please note, if you open a Cash ISA you cannot open another Cash ISA in the same tax year with another provider. However you could open a Stock and Shares ISA in the same tax year, provided you remain within the subscription limits.
For more information regarding the changes please visit http://www.hmrc.gov.uk/isa/welcome.htm
- Cash ISA
- Stock and Shares ISA
ING Direct offers Cash ISAs
A Cash ISA can be held with one or more financial providers. For example, your Cash ISA can be with ING Direct and your Stocks and Shares ISA could be held with another financial provider.
A Stocks and Shares ISA is managed by one ISA Manager/financial provider. It must offer stocks and shares with or without the cash element.
Please note, if you open a Cash ISA you cannot open another Cash ISA in the same tax year with another provider. However you could open a Stock and Shares ISA in the same tax year, provided you remain within the subscription limits.
For more information regarding the changes please visit http://www.hmrc.gov.uk/isa/welcome.htm
What combinations of ISAs can I invest in a tax year?
If you open a Cash ISA you cannot open another Cash ISA in the same tax year with another provider. However you could open a Stocks and Shares ISA in the same tax year, provided you stay within the subscription limits.
If you are unsure what types of ISAs you have, you should check with your other ISA providers or your financial advisor if you have one.
If you are unsure what types of ISAs you have, you should check with your other ISA providers or your financial advisor if you have one.
How do I open a Cash ISA?
How do I open a Cash ISA
New customers:
You can apply online or over the phone to open an ING Direct Cash ISA. Opening an account online is easy and should only take a few minutes.
Please click here and follow the simple instructions.
Existing customers:
Login online as usual and click on the ‘Our range of products’ tab at the top of the screen. Select 'Cash ISA 2012/2013' and follow the simple instructions Click here to login.
Please make sure you read “when is the latest I can open a Cash ISA” for the latest information on when you need to fund your Cash ISA
You can apply online or over the phone to open an ING Direct Cash ISA. Opening an account online is easy and should only take a few minutes.
Please click here and follow the simple instructions.
Existing customers:
Login online as usual and click on the ‘Our range of products’ tab at the top of the screen. Select 'Cash ISA 2012/2013' and follow the simple instructions Click here to login.
Please make sure you read “when is the latest I can open a Cash ISA” for the latest information on when you need to fund your Cash ISA
Can I open a Cash ISA over the phone?
You can open an Cash ISA over the phone in minutes.
- New Customers - please call 0800 587 3151
- Existing Customers - please call 0845 603 8888
How do I return to complete my online savings application?
Please click on the 'Savings' tab and click on the button 'Click for details'. Then click on 'Continue your application' on the left-hand navigation menu. You will then be asked to enter your customer number, last name, date of birth and postcode.
To continue your application click here
To continue your application click here
Why do I need to hold a UK current account to open a Cash ISA?
We need to set up a link between your Cash ISA and an external account in order to enable you to make withdrawals and deposits quickly and efficiently, either over the telephone or online.
We require this external account to be a personal UK current account which provides a cheque book and accepts Direct Debit Instructions. In order to ensure a high level of security you may be asked to send us a cheque deposit from every current account that is to be linked to a Cash ISA. The pre-printed name on the cheque must match the name in which the Cash ISA is held and the cheque must not be drawn on a business account.
You can also deposit money into your Cash ISA by posting a cheque to our Freepost Address. Click here to view our freepost address.
We require this external account to be a personal UK current account which provides a cheque book and accepts Direct Debit Instructions. In order to ensure a high level of security you may be asked to send us a cheque deposit from every current account that is to be linked to a Cash ISA. The pre-printed name on the cheque must match the name in which the Cash ISA is held and the cheque must not be drawn on a business account.
You can also deposit money into your Cash ISA by posting a cheque to our Freepost Address. Click here to view our freepost address.
Do you accept Cash ISA transfers in from other providers?
We are able to accept Cash ISA transfers in from other providers for previous tax year subscriptions only. This offer is available to existing savings customers only and a minimum transfer balance of £1,000 applies. For details of our current Cash ISA Transfer offers and to request a Transfer Authority Form to initiate a transfer in, please call us on 0845 650 0122
For more information about transferring your Cash ISA click here
For more information about transferring your Cash ISA click here
How do I transfer my ING Direct Cash ISA out to a different provider?
If you wish to transfer out a Cash ISA currently held with ING Direct to another provider it is important that you do not close your account as it needs to remain open for the transfer process to be completed.
To initiate the transfer out you will need to contact your new provider and give them your details and the following address details for ING Direct:
ING Direct N.V.
410 Thames Valley Park Drive
Reading
Berkshire
RG6 1RH
Once we receive the transfer request from the new provider, ING Direct will aim to complete the transfer out process within 30 days.
Alternatively, you can call ING Direct Customer Services on 0845 603 8888 and give us the details of your new ISA provider (their name, address and the amount your want to transfer). Once we have all of the details, we will initiate the transfer out request within 7 days and aim to complete the process within 15 days.
Please Note: If you are transferring out funds relating to the current tax year, you will need to transfer the full value of your Cash ISA to the new provider. If you are transferring out funds which relate to a previous tax year, you may choose to transfer out either the full value or a partial amount
To initiate the transfer out you will need to contact your new provider and give them your details and the following address details for ING Direct:
ING Direct N.V.
410 Thames Valley Park Drive
Reading
Berkshire
RG6 1RH
Once we receive the transfer request from the new provider, ING Direct will aim to complete the transfer out process within 30 days.
Alternatively, you can call ING Direct Customer Services on 0845 603 8888 and give us the details of your new ISA provider (their name, address and the amount your want to transfer). Once we have all of the details, we will initiate the transfer out request within 7 days and aim to complete the process within 15 days.
Please Note: If you are transferring out funds relating to the current tax year, you will need to transfer the full value of your Cash ISA to the new provider. If you are transferring out funds which relate to a previous tax year, you may choose to transfer out either the full value or a partial amount
When is the latest date I can open a Cash ISA for the current tax year?
To open a Cash ISA for the current tax year you will need to open and fund your Cash ISA before the end of the tax year, 5 April. You can fund your account with £1 up to £5,640
How do I manage my Cash ISA?
How do I move money into my Cash ISA?
You always have access to your money and it's easy to transfer funds to and from your Cash ISA safely and securely.
To transfer money into your Cash ISA you can either:
To transfer money into your Cash ISA you can either:
- Move money online
- Contact your bank and arrange for them to transfer money into your Cash ISA by quoting your account number and our sort code 40-61-98
- Send us a cheque made payable to yourself and write your Cash ISA number on the back of the cheque. If your cheque is being drawn by your bank, please ask them to ensure they print your Cash ISA number on the front or back of the cheque
How often can I move money into an Cash ISA?
You can choose to pay in your entire maximum annual Cash ISA allowance in one single payment or move smaller amounts into your Cash ISA whenever you want (up to your annual Cash ISA allowance subscription of £5,640.
How do I move money out of my Cash ISA?
You always have access to your money and it’s easy to transfer funds to and from your ING Direct ISA safely and securely.
To make withdrawals from your ING Direct ISA , you can move money electronically to your linked account via the telephone or internet. Payments from your account to your linked account will take up to two business days.
Interest cannot be withdrawn automatically monthly, but can be transferred after it has been applied each month. The interactive telephone banking service and website are available 365 days a year, although system updates and maintenance will mean that these services are unavailable for short periods in the early hours of each morning.
If you take money out of your Cash ISA and you have already deposited the full allowance that year, you will not be able to make further deposits into any Cash ISA until the following tax year.
To make withdrawals from your ING Direct ISA , you can move money electronically to your linked account via the telephone or internet. Payments from your account to your linked account will take up to two business days.
Interest cannot be withdrawn automatically monthly, but can be transferred after it has been applied each month. The interactive telephone banking service and website are available 365 days a year, although system updates and maintenance will mean that these services are unavailable for short periods in the early hours of each morning.
If you take money out of your Cash ISA and you have already deposited the full allowance that year, you will not be able to make further deposits into any Cash ISA until the following tax year.
How do I change my regular monthly savings payment or become a regular saver?
You can set-up or change Regular Saver payments into your Cash ISA simply by clicking on the 'Change regular saver' on the Account Summary screen. Alternatively, please call Customer Services on 0845 603 8888 who will be able to help you. To become a regular saver and save on a monthly basis, simply log onto your Cash ISA account and click the 'Move my money' button.
Please note that your Regular Saver payments can only be made up to the Cash ISA subscription limit per tax year. Your Regular Saver payment will therefore be cancelled at the end of the current tax year (5th April).
If a payment would cause you to exceed the limit on your Cash ISA before the end of the tax year, we will not collect that payment, and we will cancel any remaining regular payments. Don't worry, we will write to you to tell you if this happens.
Please note that your Regular Saver payments can only be made up to the Cash ISA subscription limit per tax year. Your Regular Saver payment will therefore be cancelled at the end of the current tax year (5th April).
If a payment would cause you to exceed the limit on your Cash ISA before the end of the tax year, we will not collect that payment, and we will cancel any remaining regular payments. Don't worry, we will write to you to tell you if this happens.
Will I get charged for moving money out of my Cash ISA?
With ING Direct you are able to move your money in or out of your Cash ISA without
being charged.
being charged.
How do I close my Cash ISA?
Please note, you are not able to close your Cash ISA online
To close your account please call Customer Services on 0845 603 8888, Monday - Friday 8am - 5:55pm. We will then arrange for any balance, plus interest to be transferred back into your linked account(s) and will confirm the final amounts due to you.
Due to the Payment Services Regulations (From Nov 09), we are obliged to only close an account where the funds are able to leave the account and be sent back to you on the same business day. Therefore, if you call outside these hours, on a weekend or Bank Holiday, you will be able to advise us that you would like to close your account however we will not be able to action the request until the next business day.
To close your account please call Customer Services on 0845 603 8888, Monday - Friday 8am - 5:55pm. We will then arrange for any balance, plus interest to be transferred back into your linked account(s) and will confirm the final amounts due to you.
Due to the Payment Services Regulations (From Nov 09), we are obliged to only close an account where the funds are able to leave the account and be sent back to you on the same business day. Therefore, if you call outside these hours, on a weekend or Bank Holiday, you will be able to advise us that you would like to close your account however we will not be able to action the request until the next business day.
What do I need to do to open a Cash ISA?
Before starting your application, you will need to have to hand your:
- Bank sort code
- Current account number
- National Insurance number
What if I've forgotten or lost my National Insurance Number?
If you don’t have a National Insurance number or can’t remember it, visit www.direct.gov.uk . Alternatively, you can contact the National Insurance Contributions Office on 0845 302 1479.
Why am I being asked to re-confirm my agreement to the Cash ISA terms & conditions and declaration?
If you did not fund your ING Direct Cash ISA in the previous year but would like to fund your
ING Direct Cash ISA in the new tax year starting 6 April, we will ask you to re-confirm your personal details, your agreement to the ING Direct Cash ISA terms & conditions and to the ISA declaration. It’s a requirement of HM Revenue and Customs to have an up-to-date declaration registered with us.
When will a payment from my Cash ISA reach my linked account?
Payments from your account to your linked account will take up to two business days.
If your payment request is made on a business day before our cut-off time (6pm) and the amount is equal to or less than our Same Business Day Withdrawal Limit (£500) your funds should arrive by the end of that day.
If we receive your payment instruction on a non-business day or after our cut-off time we will not process your instruction until the next business day.
If your payment request is made on a business day before our cut-off time (6pm) and the amount is equal to or less than our Same Business Day Withdrawal Limit (£500) your funds should arrive by the end of that day.
If we receive your payment instruction on a non-business day or after our cut-off time we will not process your instruction until the next business day.
How much is the Same Day Withdrawal Limit?
Our Same Business Day Withdrawal Limit for payments to your linked account is £500.
If your payment request is made on a business day before our cut-off time (6pm) and the amount is equal to or less than our Same Business Day Withdrawal Limit your funds should arrive in your linked account by the end of that day.
Cash ISA - general information
How and when will I receive interest on my Cash ISA?
Interest will be calculated daily and paid monthly, on the last day of the month, directly into your Cash ISA account.
Will I receive a statement?
You will receive a quarterly statement and you can choose whether you would like to receive this by post or online. If you apply online you will receive an electronic statement.
What happens to my Cash ISA if I move abroad?
You cannot continue to hold an Cash ISA if you move abroad, if you stop being ordinarily resident in the United Kingdom we will write to you (by e-mail or post) giving you at least 30 days notice of our intention to close your Cash ISA account.
After your account has been closed, a final quarterly statement and a tax certificate at the end of the financial year will be issued to your UK mailing address. If you would like a duplicate statement to be sent to your foreign address please contact our Customer Service Team on 0845 603 8888, Monday - Friday 8am - 10pm, Saturday, Sunday and Bank Holidays 9am - 9pm.
After your account has been closed, a final quarterly statement and a tax certificate at the end of the financial year will be issued to your UK mailing address. If you would like a duplicate statement to be sent to your foreign address please contact our Customer Service Team on 0845 603 8888, Monday - Friday 8am - 10pm, Saturday, Sunday and Bank Holidays 9am - 9pm.