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Summary box and eligibility

Before you start, please read the summary box below, the Key Information Pack, which includes the Key Features and Terms and Conditions of the AA ISA, to make sure this account is right for you

If you already hold an AA ISA, simply log in to your account and open new products from there. Any additional products you open will be part of your existing AA ISA. You can only subscribe to one cash ISA each tax year. 

Account Name AA ISA
What is the interest rate   Holding Account Easy Access Issue 13 Interest Rate Fixed Rate Issue 12
Interest Rate without bonus 0.25% tax-free*/ AER** variable 0.20% tax-free*/ AER** variable 1 Year Term 2 Year Term
Interest Rate with Bonus N/A 1.06% tax-free*/ AER** variable
(includes a fixed bonus of 0.86% for the first 12 months)
0.90% tax-free*/ AER** Fixed 0.90% tax-free*/ AER** Fixed
Annual interest, calculated daily, will be paid March 20th each year Annual interest, calculated daily, will be paid on the anniversary of product opening.
Can Bank of Ireland UK change the interest rate

Yes, we have the right to change the interest rate on your account. The reasons we may change your rate are outlined in the Interest Rates section in the Variable Interest Rates section of the Terms and Conditions.

If we change your interest rate to your disadvantage, we will notify you personally up to 14-days before the change takes effect, as long as you have at least £100 in your account.

No, the interest rate is fixed during the term of the account.

At the end of the fixed term the value of the Fixed Rate, along with any interest earned, will be paid into the Holding Account of the AA ISA, where it will earn a variable rate of interest.

What would the estimated balance be based on a £1,000 deposit? After 12 months £1,002.50 £1,010.60 After 12 months £1,009.00 N/A
After 24 months N/A £1,012.62 After 24 months N/A £1,018.08

These assumptions are based on a £1,000 deposit with no further deposits or withdrawals during the months of the projection. Projection based on annual interest option with interest paid into the Account (compound interest).

The projection is provided for illustrative purposes only and does not take into account your individual circumstances.
How do I open and manage my account?

Eligibility

  • You can open an AA ISA if you’re over the age of 16, a UK resident and resident in the UK for tax purposes. This doesn’t include the Channel Islands and the Isle of Man,however, if you are under 18 or applying through the power of attorney, we will need to verify your identity and we can only accept your initial deposit by cheque or transfer in from another ISA.
  • You can open an AA ISA as a new cash ISA for this tax year (6 April to 5 April), or transfer funds in from an existing cash ISA.
  • To apply for the AA ISA you have to hold a UK bank or building society personal account in your name.
  • If you already hold an AA ISA with One Family, you will not be able to open another one.

Opening your account

  • You can only apply online. Minimum balance to open the account is £100 for the Holding Account and Easy Access products and £500 for the Fixed Rate products. You cannot pay into more than one cash ISA in the same tax year.
  • On opening an AA ISA, you will automatically have a Holding Account opened for you. You can also choose the Holding Account to make your initial deposit or transfer in from another ISA you hold when opening your AA ISA. The AA ISA allows you to split your cash ISA savings into a selection of variable and fixed rate products, all held within your online account.
  • You can open an Easy Access or Fixed Rate product with either a deposit, transfer in of another ISA you hold or with a money movement from another product in your AA ISA (if permitted). Before making any decision to transfer to us, you should check if your current provider will charge a fee.
  • Fixed Rate products can be opened with a single deposit only and once opened, you will not be able to make further deposits, transfers in or money movements.

Managing your account

  • You can only manage your account online. You cannot access your AA ISA by telephone.
  • Once your AA ISA is open you’ll be able to take out new products (when available) and move money between existing products already held in your account (if permitted), without completing further applications.
  • Once you’ve logged into your account, you can move money between or make additional deposits or ISA transfers into existing products (if permitted) and request withdrawals. You will also be able to contact us by sending ‘secure messages’.
If you wish to switch in to or out of this account please go to www.theaa.com to view your options. Note that if this is not an ISA Transfer and you close your ISA or move funds to a non-ISA Account, your money will not benefit from the tax advantages of ISAs in the future.
Can I withdraw money?
  • There are no restrictions on the number of withdrawals that can be made to your Nominated Account. Any payment sent to your Nominated Account will no longer benefit from the tax advantages of ISAs.
  • The minimum amount you can withdraw from any product is£10, or the value of that product, whichever is less.
  • Money can also be moved without restriction to another product in your AA ISA that accepts money movements
    (minimum amount £1).
  • If you have paid into your AA ISA in the same tax year you close it, you won’t be able to pay money into another cash ISA in that tax year.
  • Withdrawals and money movements are not allowed during the fixed rate term.
  • If you need to access your money during the fixed rate term a Breakage Charge will apply. If you select a 1 year term, the Breakage Charge will equal 90 days loss of interest. If you select a 2 year term, the Breakage Charge will equal 180 days loss of interest. If the interest you've earned doesn't cover this, you may get back less than you paid in.
  • If you need to close this product during its fixed term, you can request to have the money paid to your Nominated Account or to the Holding Account.
  • After the end of the fixed rate term the value of the Fixed Rate, along with any interest earned, will be paid into the Holding Account.
  • If you already hold an AA ISA and open a Fixed Rate product, you can request to close the product within 14 days and we will waive the Breakage Charge. Please see the ‘Making withdrawals, closing products and closing your AA ISA’ section in the Terms and Conditions for more information.
The AA ISA does not have flexible features. This means that once withdrawn to your Nominated Account, your money will lose the tax advantages of ISAs and cannot be replaced in your account without affecting your annual ISA allowance.
Transfers:
Partial transfers are not permitted, and you will not be able to transfer individual products held in your AA ISA. You can, however, transfer your AA ISA in full to another ISA at any time. If you transfer your AA ISA and you have money in a Fixed Rate product which is in its fixed term, a Breakage Charge will be applied to that product.
Cancellation:
You cannot cancel individual products in your AA ISA. However, you can cancel your entire AA ISA within 14 days from the date your account is opened. If you do this, your AA ISA and any products in your account will be closed.
Additional Information The Holding Account may pay a lower rate of interest than other variable or fixed rate products you can hold within your AA ISA. As such, it should be considered as a short term home for your cash ISA savings. If you are using the Holding Account to consolidate or split your cash ISA savings before opening a specific product, there is a risk that the product or rate of interest you wanted will no longer be available by the time any funds are received.
* Tax-free means the interest paid will be free of UK Income Tax and Capital Gains Tax.
**AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

A few things to have to hand before you apply

  • Your Bank or Building Society Account details – we'll link these to your AA ISA so you have somewhere to make withdrawals to.
  • Your National Insurance number.
  • Your Debit Card – if you want to make a deposit by Debit Card.
  • Your existing ISA details to hand – if you want to transfer-in an ISA you hold elsewhere.

View a downloadable version of the Summary box.
Please ensure you have read the Key Information Pack before you apply.

What happens after I apply?

We'll let you know when your AA ISA has been opened or whether we need any additional information before we can open it.
We'll send you an email asking you to verify your email address. It's very important you do this.

The application process

Step 1
When you start your AA ISA application you will be asked to select the product that you wish to open. You can open more products once your AA ISA is open.

Step 2
You will be asked to provide your personal information and advise us of your nominated account. Please have your National Insurance number and bank account details to hand.

Step 3
You will need to set up your security details to log in and manage your account.

Step 4
Funding your account can be done in any of the following ways, you can make additional payments or transfers into your ISA once it is open by logging into your account.

  • Debit card
  • ISA transfer
  • Cheque


Please remember, the tax advantages of savings depend on your individual circumstances, and the tax treatment of ISAs may change in the future.

Definitions

AER – stands for Annual Equivalent Rate, and illustrates what the interest rate would be if interest was paid and compounded once each year. 

Breakage Charge – a charge for early closure of a Fixed Rate product. Early closure includes closing a Fixed Rate product while it's within a fixed term, or transferring or closing your AA ISA while a Fixed Rate product is within a fixed term. Early closure does not include closures made within the first 14 days of a product being opened. 

Fixed – a fixed rate of interest doesn’t change during the fixed term.

Tax-free – means the interest paid will be free from UK Income Tax and Capital Gains Tax.

Variable – a variable rate of interest can go up or down.


* Calls may be monitored and recorded for training purposes. Calls to 03 numbers cost the same as calling 01 and 02 numbers and count towards inclusive allowances on landlines and on mobiles. The actual cost will depend on your provider's tariff. For more information please contact your provider.


The AA ISA is provided by OneFamily. Money in this AA ISA is deposited with Bank of Ireland UK.

OneFamily is a trading name of Family Assurance Friendly Society Limited (incorporated under the Friendly Societies Act 1992, Reg. No. 939F), of which Family Investment Management Limited (Co. No. 1915516) and Family Equity Plan Limited (Co. No. 2208249) are subsidiaries. Registered in England and Wales at 16-17 West Street, Brighton BN1 2RL, United Kingdom. Family Assurance Friendly Society Limited is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Family Investment Management Limited and Family Equity Plan Limited are authorised and regulated by the Financial Conduct Authority.

Bank of Ireland (UK) plc is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Bank of Ireland UK is a trading name of Bank of Ireland (UK) plc, which is registered in England and Wales (No. 07022885), Bow Bells House, 1 Bread Street, London EC4M 9BE.