Skip to content

Frequently asked questions

Frequently asked questions about our Cash ISA

For further information you can refer to our Key Features of the Cash Individual Savings Account. (PDF, opens in a new window)

Do you know ISA rules are changing from 6th April?

For further information you can refer to our ISA Frequently Asked Questions (PDF, opens in a new window)

Who is eligible for a Cash ISA?

To invest in our Cash ISA, you must be aged 16 years or over and be a resident and ordinarily resident of the UK. A Cash ISA is in one name only, no joint applications are available.

How do I apply?

Just click on the Apply Online button for a new account. The application form can be completed and should only take a few minutes. Once complete send this along with your personal cheque and/or completed Direct Debit Instruction Form to our Freepost address provided.

Alternatively you can apply within one of our branches, or call 0800 012 1111

What amount can I open a Cash ISA with?

You can open a Cash ISA with just £10 or any amount up to £3,600.

How much can I save with my Cash ISA?

The maximum amount you are allowed to save in a Cash ISA is currently £3,600 per tax year. You can save from as little as £10 via a regular Direct Debit or by cheque. You cannot lodge additional funds if you have made credits to the value of £3,600 within the same tax year.

With a Cash ISA, you pay no tax whatsoever on your savings.

How can I pay into my Cash ISA?

You can make additional deposits online by completing the Additional Investment form and sending it along with your personal cheque or Direct Debit instruction (if applicable) to our Freepost address. You can also top-up at one of our branches by cheque, cash or credit transfer.

Can I vary my regular savings?

Yes. You may increase or decrease your regular monthly savings at any time without any charge. You may also stop your savings, and restart them, at any time without penalty. The minimum monthly amount is £10.

Do I need to provide identification?

We will endeavour to open your Cash ISA without you sending us any proof of identity or residence and may verify your details using an electronic verification system. If further details are required we may contact you by telephone.

How do I know when my Cash ISA has been opened?

Your Cash ISA is opened upon receipt of your fully completed Application Form and deposit. When we have received your application we will send you a Welcome Pack within 7 days.

Can I withdraw the funds at any time?

You can withdraw your money at any time, but if you have already paid £3,600 into your Cash ISA during the tax year you cannot replace any of the withdrawn funds. You can withdraw some or all of the balance on your account. The minimum withdrawal is £1.

How do I withdraw funds?

You can either complete a withdrawal form at any branch and forward to MLC or alternatively you can send signed instructions directly to MLC detailing the amount to be withdrawn and preferred method of payment (BACS or cheque).

How can I keep track of how my Cash ISA is performing?

Every January we will send you an annual statement showing the value of your Cash ISA as at 31st December.

You can also request a statement of your Cash ISA at any time. We reserve the right to make a reasonable charge for this service at our discretion.

Also by registering at www.mlconline.co.uk (opens in a new window) you can keep an eye on your Cash ISA.

Can I transfer my Cash ISA from another provider?

Yes - You can with the following:

You will need to provide us with details of your current provider
You can apply in Branch

You can apply online

You can call us on 0870 607 3344 and we will assist with the transfer

Our transfer service is free however you current provider may charge a fee to transfer and you should check this with them.

You must not close your existing ISA, if you do so you will lose all the tax benefits you have built up over the years, we will arrange for your account to be transferred.

What happens if I have any queries?

You can call us on 0870 607 3344 with any queries.

Why doesn't the form open when I click on the link?

If the form is giving you an error or simply not opening when you click on the link, firstly make sure that you have the latest version of Acrobat Reader installed (download the latest version of Acrobat Reader here for free).

If you still experience problems with opening the form, save the file to your computer first then open it from there. To save a file in Internet Explorer, right-click on the link and choose "Save Target As...". In Netscape choose "Save Link Target As..."

For further information you can refer to our Key Features of the Individual Savings Account (including terms and conditions).

Key Features of the Cash Individual Savings Account (PDF, opens in a new window)

To view this document, you will require Adobe Acrobat Reader which you can download free from the Adobe website (opens in a new window)


How to apply

  • Telephone: 0800 012 1111
    (Open Monday - Friday 8am - 8pm, Saturday 9am - 5pm)