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Legacy Cash ISA

Earn 2.05% AER variable on your savings

  • 2.05% tax-free pa/AER variable (annual interest)
Summary Box Ready to apply

Legacy Cash ISA

This account might be right for you if you:

  • your spouse or civil partner had savings in ISAs and either died in the last three years, or if earlier, it's less than 180 days since the administration of their estate was completed.
  • you want to keep any tax-free entitlements they'd built up, known as Additional Permitted Subscription (APS)
  • you would like easy access to your money.

Summary Box

It is important that you read all parts of the Summary Box before you apply.

Account Name

Legacy Cash ISA

What is the interest rate?

Balance:

£1

Annual interest:

2.05% tax-free pa/AER

  • This account earns interest daily and it’s added to the account on 5 April.
  • There is no monthly interest option available.
  • If you ask us to pay interest to a different account, we’ll pay it on the first business day after the day we’d have added it to this account. Business days exclude Saturday, Sunday and bank holidays. Interest due in the first three days of the new tax year may arrive up to three business days later.

Can Skipton Building Society change the interest rate?

  • Yes, the interest rate is variable, so it can go up or down.
  • Section 8 of our Savings Account Terms and Conditions [PDF] explains why we may change the interest rate.
  • If there is at least £100 in the account, we'll notify you in advance if we intend to reduce the interest rate.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Opening balance:
£1,000

Estimated balance after 12 months:
£1,020

The estimated balance above assumes that:

  • the account is opened with £1,000 and starts earning interest straight away.
  • no further deposits or withdrawals are made.
  • the interest is paid annually.
  • the interest is added to this account.
  • there is no change to the interest rates stated.

Estimated balances are for illustrative purposes only. They may be less for accounts opened by debit card or cheque, because interest won’t be earned until the account receives the deposit.

How do I open and manage my account?

  • This account is only available to UK residents aged 18 or over who are the surviving spouse or civil partner of a person who held an ISA. However, if you’re not a UK resident, you may still be able to open this account if you meet the government’s ISA requirements. Please see the ISA Declaration [PDF] on our application form for more details.
  • You can open and manage it in branch or by post. You may be required to set up appropriate security and access measures, and these might differ depending on how you choose to manage the account.
  • The minimum opening and operating balance for this account is £1. You must keep at least this amount in the account to keep it open.
  • The minimum operating balance must be met for interest to be earned.
  • You can pay money into the account once we’ve received the APS Eligibility Declaration from your deceased spouse or civil partner’s ISA provider. The account will only be open from the date we receive the money and ISA declaration. If no money is paid within three months of application, the application will be cancelled, and the account won't be opened.
  • Once the account is open, you can pay in until three years after the date your spouse or civil partner died, or up to 180 days after the administration of the estate is complete, whichever is later.
  • You can pay in up to your APS allowance, subject to the maximum balance for this account which is £1 million.
  • You can’t transfer in any of your own ISA savings or pay in any of your own ISA allowance for the current tax year.
  • Any money paid into the Legacy Cash ISA will be treated as your previous years’ ISA subscriptions. It will count towards your APS allowance but not your current tax year ISA allowance.
  • Joint accounts aren’t allowed.

Can I withdraw my money?

  • Yes, as long as you’ve set up the relevant security and access measures, you can withdraw in branch or by post, subject to the minimum operating balance.
  • The minimum withdrawal amount is £1. You don’t need to give us notice before you withdraw and there are no penalties.
  • This account is flexible, so you can withdraw money and put it back without affecting your APS allowance, as long as it’s done in the same tax year and the account is still open.
  • If you withdraw by electronic payment this must be to a UK bank or building society account in your name. We won’t make an electronic payment to any other type of account.

Additional information

  • The Annual Equivalent Rate (AER) shows what the interest rate would be if interest was paid and added each year.
  • All ISA interest is paid tax-free, which means it’s exempt from income tax. Tax rules may change in future.
  • Accounts can be withdrawn from sale at any time and without notice.

APS rules allow the APS allowance value to reflect either the balance as at the date of death or the earlier of one of the following events:

  • completion of estate administration
  • account closure
  • three years from the date of death.

Where multiple ISAs are held with the same ISA provider, the same date must be used for the calculation of the APS; it can’t be calculated on a combination of the balance at the date of death for some ISAs and the balance at the time of one of three events listed above for others.

You can choose which date to use for the calculation of your APS allowance. If you choose to use the balance as at the date of death, you cannot later ask for the APS to be calculated on one of the three events above.

Ready to apply?

In branch

Pop to your nearest branch.

By post

Download our Legacy Cash ISA application form [PDF] and post it to us.

Savings Operations
Skipton Building Society
The Bailey
Skipton
BD23 1DN

If you wish to transfer your APS allowance from another provider you will also need our Additional Permitted Subscription Transfer Authority form [PDF].

You're protected up to £120,000

Your eligible deposits with Skipton Building Society are protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.

Learn more about the FSCS

FSCS protected