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Flexi Cash ISA

Flexi Cash ISA Content

  • A savings account which allows you to earn interest on money you save, tax free.
  • Flexibility to make unlimited number of withdrawals at no notice with an option of replacing the withdrawn funds without affecting the annual allowance, as long as it is replaced in the same tax year
  • No fixed tenure of the account
  • Minimum amount required to open the account is £1.
  • Transfer-In is allowed from any ISA provider and the transfer process will take about 15 business days from the day we have received the Transfer Authority form duly filled and signed.
  • Maximum subscription is £20,000 in the 2020/2021 tax year (subject to any stocks and shares ISA subscriptions you have made for the 2020/2021 tax year) plus accrued interest credited to the account plus previous year’s subscription, if any
Balances Gross Rate
maturity interest
AER*
£1 & above 0.25% 0.25%
     

 

Flexi Cash ISA Account
Product Summary & Terms and Conditions
Account name Flexi Cash ISA
What is the interest rate? 0.25% for balances between £1 and above


AER/tax-free. Interest is earned daily and paid on every anniversary of account opening into the Flexi Cash ISA
Can SBI UK Ltd change the interest rate? Yes, the interest rate is variable. Please refer to Section 8 of our General Terms & Conditions which explains why we may change the rate.
How do I open and manage my account ? To subscribe to a Flexi Cash ISA you must:
  • be aged 18 or over
  • be resident in the UK for tax purposes, If not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or married to, or in a civil partnership with, a person who performs such duties.
  • have a permanent UK address

This account can be opened in branch or via post. It can be managed online, in branch or via post
Can I withdraw money ? Yes, you can withdraw money from your Flexi Cash ISA without notice.
Withdrawals can be done online or at a branch.
The Flexi Cash ISA is flexible which means you can take money out and replace it later, without it counting towards your annual ISA allowance. All you have to do is replace the money in the same tax year it was withdrawn.
You can also transfer to another ISA provider using the ISA transfer process.
   
  • To qualify for a SBI UK Flexi Cash ISA fixed deposit account, you must :
    • be aged 18 or over
    • be resident in the UK for tax purposes, If not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or married to, or in a civil partnership with, a person who performs such duties.
    • have a permanent UK address
  • There is no tenure for this account.
  • The interest rate is variable and the bank will inform you before changing the rate applicable to your account. Please refer to Section 8 of our General Terms & Conditions for more details.
  • Minimum amount required to open the Flexi ISA is £1
  • Transfer-In is allowed from any ISA provider and the transfer process will take about 15 business days from the day we have received the signed Transfer Authority form
  • You can make unlimited number of withdrawals at no notice with an option to replace the withdrawn funds, without it counting towards your annual ISA allowance. All you have to do is replace the money in the same tax year it was withdrawn
  • The first payment to the Flexi Cash ISA can be made by a UK debit card or UK cheque, from another SBI account or electronic payment from another UK bank or building society
  • Interest is paid either annually or monthly
  • You can subscribe only to one Cash ISA in a tax year. However, you can also have a Stocks and Share ISA in the same tax year with another ISA provider. Existing ISA customers will also be allowed to open a Flexible ISA.
  • Maximum subscription is £20,000 in the 2020/2021 tax year (subject to any stocks and shares ISA subscriptions you have made for the 2020/2021 tax year) plus accrued interest credited to the account plus the previous years’ subscription, if any, across all ISAs.
  • Subscription limits in any tax year are set by HM Revenue and Customs (HMRC) and therefore may change.
  • Our deposit rates are available for a limited period and we may withdraw them at any time.

For more information, see our Flexi ISA Terms & Conditions.

State Bank of India are unable to provide any tax advice. If you are unsure about your tax liabilities, you should seek guidance from an independent tax advisor.

It's easy to apply for our Cash ISA if you're aged 18 or more, resident in the UK for tax purposes, and have a permanent UK address

Complete the application form and visit our nearest branch.

Please note: If you do not have any account with SBI UK, please complete a new account opening form for a new non ISA Savings or Current Account. This is provided along with the application form.

Download an application form >

Any questions?

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