Introduction to Individual Savings Accounts – Cash ISAs
This module enables Financial Institutions in the role of an ISA manager to create and manage Cash ISA and Junior ISA products. The eligibility is checked when the arrangement is created and during the full lifecycle. The module restricts the total annual deposit amount to the official subscription limit, even if customers own multiple ISA products (within the Temenos Transact instance), with all individual’s arrangements being kept under the same ISA wrapper.
Click here to understand the terms and abbreviations used in describing this module.
Here a brief list of the overall product features:
- Creation of variable-rate and fixed-rate cash ISA products in the Temenos Transact Product Designer.
- Creation of variable rate cash junior ISA products in the Temenos Transact Product Designer.
- Keeping multiple ISA accounts under the same ISA wrapper (not for JISAs).
- Flexible ISA products (not for JISAs).
- Eligibility check during ISA opening and lifetime.
- Managing ISA declarations.
- Subscription monitoring according to the ISA type and provided ISA declaration.
- Maintaining annual subscription allowance according to the HMRC announcement.
- Addition permitted subscription (APS) allowance (on separate ISA products).
- Automated junior ISA maturity on the 18th birthday.
- Enquiry of current year subscription and remaining subscription allowance.
Current product limitations:
- The annual ISA returns to HMRC has to be created manually.
- ISA transfers including the creation of transfer documents has to be processed manually.
- Electronic ISA transfer is not supported.
This module covers the following interface or regulation version:
- HMRC ISA Manager Guidance Notes 2017.
-
Guidance_notes_for_ISA_managers 2016-04.
This module allows users to access the Find Account, Find Individual Savings Account (ISA) and Find ISA Transfer menus for the ISA accounts for UK. These enquiries will display all the records related to ISA account as well as the ISA deposits.
The following enquiries have been introduced as part of this module:
- AA.FINDARRANGEMENT.AR.UK: This enquiry displays only accounts that are not ISAs.
- AA.FIND.ARRANGEMENT.ISA: This enquiry displays the ISA accounts.
- AA.FIND.ARRANGEMENT.NAU.ISA: This enquiry displays the transactions that are not authorised yet.
- AA.FIND.ARRANGEMENT.HLD.ISA: This enquiry displays the transactions that are on hold.
- AA.FIND.ARRANGEMENT.SIM.ISA: This enquiry displays the transactions that are in simulation.
- ACCOUNT.DETAILS.ARR.SCV.ISA: This enquiry displays the ISA account details for a given customer.
- ACCOUNT.DETAILS.ARR.SCV.UK : This enquiry displays the payment details.
ISA – Regulated Savings Products
Individual Savings Accounts (ISA) are tax-efficient savings arrangements, with annual subscription limits, available to residents of the United Kingdom. Junior Individual Savings Accounts (JISA) are processed similarly to adult ISAs but have a different subscription limit and are only available to those under the age of 18.
ISA products are regulated by the British tax office (HMRC) and only qualified ISA managers are allowed to offer and take such kind of investments. Investors are required to provide their National Insurance Number when opening an ISA account. HMRC allows ISA managers to open ISA accounts on a provisional basis, but if the owner does not subsequently provide his NINO in 30 days, the contract is voided and either cancelled or it changes into a regular account or deposit.
ISA Declaration
For opening an ISA, an investor has to sign an ISA declaration in which he declares his eligibility to the ISA scheme and if he intends to make subscriptions to his ISA or not. Subscriptions are “fresh money” that investors pay to their ISAs during a tax year in contrary to funds already saved over the last years. As the ISA scheme allows investors to subscribe to only a single ISA manager at the same time, he can issue ISA declarations to multiple ISA managers but only one of them is allowed to make subscriptions. Nevertheless, changing the ISA manager during a tax year is possible, but in this case, a transfer of all current year subscriptions to the new ISA manager is mandatory.
Annual ISA Allowance
The amount of money that an investor can subscribe to his ISA in a tax year is limited by HMRC and called “the annual ISA subscription allowance”. HMRC reviews the current allowance for adult and Junior ISAs every year and publish the new allowances about 3 months in advance of the new tax year that begins on the 6th of April and ends on the 5th of April in the following calendar year. For example, the allowance for the 2017/2018 tax year was £20,000 for ISAs and £4,128 for JISAs.
Withdrawals and Flexible ISAs
Withdrawal from an ISA does not restore the remaining amount that can be paid in the current tax year. If an investor has an allowance of £20,000 and makes a subscription of £5,000, he still can make additional subscriptions up to £15,000 for the rest of the tax year. Even if they withdraw the £5,000 on the next day, the remaining amount that he is allowed to pay does not change. Since 2016, HMRC allows ISA managers to offer flexible ISA products which do not have the drawback. Withdrawals on flexible ISA products restore the annual subscription amount. Even more, if the investor withdraws the previous years' subscriptions fund, he is allowed to pay them back until the end of the tax year without affecting his annual subscription allowance. However, such a flexible allowance will be forfeited within the beginning of the new tax year. The ISA manager can only offer “classic” ISA products, flexible ISA products or both to their customers.
Scheme Eligibility of Non-Residents
While the ISA scheme is restricted to UK residents, non-residents may be allowed to open an ISA under certain circumstances, for example, if they are serving the crown, member of the forced arms, diplomats or relatives of those.
Variable- and Fixed Rate ISA Products
Besides the ISA type, ISA managers usually distinguish their ISA products in variable rate ISAs, also known as ISA accounts, and fixed-rate ISAs, also known as FRISAs. While fixed-rate ISAs have a maturity date and a constant interest rate, variable rate ISAs are more like savings accounts where the investor can make subscriptions and withdrawals at any time. That does not mean that withdrawals from variable rate ISAs arrangements are free of charge. It depends on the product conditions. ISA managers may allow charge-free withdrawals but the number or amount might be restricted, or a notice might be required. However, the ISA scheme allows the investor to access his savings at any time, even for fixed-rate ISAs. It is up to the ISA manager to decide if such access will be free of charge or not. Apart from that, the ISA scheme provides investors with some additional rights, which are usually not applicable to other savings products:
- After opening an ISA arrangement, an investor can cancel the arrangement for up to 30 days. In this case, the investor is entitled to earning the interest that has been accrued from the arrangement opening until the cancellation.
- Any subscription made can be cancelled for up to 14 days. Similar to the previous case, the investor is entitled to the interest that has been accrued while the money was with the ISA manager.
Ownership of Multiple ISA Products and ISA Portfolios
An investor can acquire ISA products at any time, provided he is eligible for the scheme. However, he can only subscribe to a single ISA, hence to a single ISA manager in a tax year. If he opened a FRISA at ISA manager A in the 2018/19 tax year with a subscription, then he can open another ISA at ISA manager B in the 2019/20 tax year.
The point is that even if he didn’t utilise his full allowance for funding his FRISA at the ISA manager A, he is not allowed to use his remaining allowance to fund an ISA at another ISA manager in 2018/19. He has to wait for the next tax year.
This scheme rule doesn’t prevent ISA managers to offer ISA portfolios to their customers, in which an investor can keep multiple ISA arrangements. All ISA arrangements in such a portfolio are kept under the same ISA wrapper. This enables an investor to spend a part of his subscription allowance in a FRISA and to use the remaining alliance to fund a variable rate ISA. As both arrangements are held by the same ISA manager, they are treated as a single ISA in the eyes of HMRC.
All arrangements in an ISA portfolio must have the same ISA type. In particular, an ISA portfolio cannot consist of a mix of flexible and non-flexible ISA arrangements. So if an investor has acquired flexible and non-flexible ISA products, both are held in different portfolios and he is only allowed to subscribe to one of them in a tax year.
Active and Inactive ISAs
Over time investors can hold multiple ISA arrangements with the same and with different ISA managers. He can only subscribe to a single ISA during a tax year. This ISA is also called active ISA while all other ISAs are inactive. An ISA manager who allows the grouping of ISA arrangements into ISA portfolios gives an advantage to their customers. Those can make subscriptions to multiple ISA arrangements as long they belong to the same portfolio.
Breaking the Scheme Rules
ISA managers can't check if an investor already made subscriptions to another ISA manager in the same tax year when he applies for an ISA. If he states in his ISA declaration that he intends to subscribe to the new arrangement and hasn’t made any current year subscriptions anywhere else, this has to be taken by face value. ISA managers report subscriptions in their annual ISA return to HMRC. HMRC reconciles this information and identifies investors which have broken the ISA scheme rules. The ISA manager will be contacted by HMRC and he will need to either repair the ISA or withdraw the tax wrapper. If the investor does not cooperate and the ISA cannot be repaired, all income becomes taxable.
ISA Transfer
HMRC allows investors to transfer their ISA from one ISA manager to another. This applies to variable rate ISAs. FRISAs are required to mature before they can be transferred. An ISA transfer can be performed either paper-based (manual ISA transfer) or by using the BACS electronic ISA Transfer Service (electronic ISA transfer). The last option is only possible if both ISA managers, the acquiring and the ceding party, are participants of the BACS service. While ISA funds can be transferred either in full or partial, the total amount of subscriptions made in the current tax year must be transferred in total or nothing. This ensures that an investor subscribes only to a single ISA in a tax year.
Additional Permitted Subscription (APS) Allowance
While investors are only eligible to subscribe to their ISA until they die, widows and widowers can inherit an additional ISA allowance in the amount of the total ISA savings of their deceased spouse. Under the Additional Permitted Subscription (APS) rule they can now either take over the ISA funds of the spouses into their own ISA portfolio or make additional subscriptions for 180 days. The ISA of the deceased spouse does not lose its tax-free status unless it has been closed or transferred under the APS rule. When the widow or widower applies for APS at an ISA manager, this ISA manager checks back with all institutions currently holding ISAs of the deceased spouse. Once the APS has been granted, the original ISAs lose their tax-free status and have to be transferred or closed.
Product Configurations
The following products are released as part of this module.
Product Configurations ISA Saving and Deposits
The configurations for ISA Saving and Deposits products is provided below.
Easy Access ISA
The following table provides information related to the Easy Access ISA product.
|
Characteristic |
Default values |
Client configuration options |
|
|---|---|---|---|
|
At product level |
At account level |
||
|
Eligibility |
UK resident, NINO available Age 16+ ISA declaration |
Yes |
n/a |
|
Joint Holders |
Not allowed |
n/a |
n/a |
|
Available Currencies |
GBP |
n/a |
n/a |
|
Maturity |
n/a |
n/a |
n/a |
|
Interest |
|
|
|
|
Rate |
2.7% p.a. |
Yes |
n/a |
|
Day basis |
Day basis - E 366 / 365 |
This can be configured to any supported day basis |
n/a |
|
Accrual |
Accrual from start date of arrangement and include closure day. |
n/a |
n/a |
|
Capitalisation |
Capitalise credit interest annually on the last day |
Yes. |
n/a |
|
Fees & Charges |
|
|
|
|
Maintenance |
Maintenance fee £0 |
Yes. Amount and period. |
n/a |
|
Transaction Fee |
Withdrawal fee £0 |
Yes. Amount and free transactions per period (month, quarter, year) |
n/A |
|
Closure Fee |
Closure fee £0 |
Yes. Amount. |
Yes. Can be dropped. |
|
Early redemption |
n/a |
n/a |
n/a |
|
Servicing |
|
|
|
|
Statements |
Statements are produced quarterly on the last day of the month |
The frequency and date of statement production is configurable. |
n/a |
|
Taxation |
Excluded from BBSI reporting Subject to Annual ISA Return of Information |
n/a |
n/a |
|
Payments |
Internal and domestic (Bacs, FPS, CHAPS) only. |
n/a |
n/a |
|
Restrictions |
|
|
|
|
Funding |
From any account up to annual ISA allowance |
n/a |
n/a |
|
Withdrawals |
No restrictions. Withdrawals do not restore utilised allowance. |
n/a |
n/a |
|
Balance |
£1 - £250,000 |
Yes |
n/a |
|
Overdrafts |
Not allowed |
n/a |
n/a |
Junior Cash ISA
The following table provides information related to the Junior Cash ISA product.
|
Characteristic |
Default values |
Client configuration options |
|
|---|---|---|---|
|
At product level |
At account level |
||
|
Eligibility |
UK resident, NINO available Age < 18 ISA declaration Registered contact mandatory until investor reaches the age of 16 |
Yes |
n/a |
|
Joint Holders |
Not allowed |
n/a |
n/a |
|
Available Currencies |
GBP |
n/a |
n/a |
|
Maturity |
At 18th birthday |
n/a |
n/a |
|
Interest |
|
|
|
|
Rate |
3.0% p.a. |
Yes |
n/a |
|
Day basis |
Day basis - E 366 / 365 |
This can be configured to any supported day basis |
n/a |
|
Accrual |
Accrual from start date of arrangement and include closure day. |
n/a |
n/a |
|
Capitalisation |
Capitalise credit interest annually on the last day |
Yes. |
n/a |
|
Fees & Charges |
|
|
|
|
Maintenance |
Maintenance fee £0 |
Yes. Amount and period. |
n/a |
|
Transaction Fee |
Withdrawal fee £0 |
Yes. Amount and free transactions per period (month, quarter, year) |
n/A |
|
Closure Fee |
Closure fee £0 |
Yes. Amount. |
Yes. Can be dropped. |
|
Early redemption |
n/a |
n/a |
n/a |
|
Servicing |
|
|
|
|
Statements |
Statements are produced quarterly on the last day of the month |
The frequency and date of statement production is configurable. |
n/a |
|
Taxation |
Excluded from BBSI reporting Subject to Annual ISA Return of Information |
n/a |
n/a |
|
Payments |
Internal and domestic (Bacs, FPS, CHAPS) only. |
n/a |
n/a |
|
Restrictions |
|
|
|
|
Funding |
From any account up to annual Junior ISA allowance |
n/a |
n/a |
|
Withdrawals |
Not allowed
|
n/a |
n/a |
|
Balance |
£1 - £250,000 |
Yes |
n/a |
|
Overdrafts |
Not allowed |
n/a |
n/a |
Fixed Rate ISA
The following table provides information related to the Fixed Rate ISA product.
|
Characteristic |
Default values |
Client configuration options |
|
|---|---|---|---|
|
At product level |
At account level |
||
|
Eligibility |
UK resident, NINO available Age 16+ ISA declaration |
Yes |
n/a |
|
Joint Holders |
Not allowed |
n/a |
n/a |
|
Available Currencies |
GBP |
n/a |
n/a |
|
Maturity |
Fixed term: 3Y |
Yes |
Maturity instructions or nominated account for pay-out. |
|
Interest |
|
|
|
|
Rate |
4.35% p.a. |
Yes |
n/a |
|
Day basis |
Day basis - E 366 / 365 |
This can be configured to any supported day basis |
n/a |
|
Accrual |
Accrual from start date of arrangement and include closure day. |
n/a |
n/a |
|
Capitalisation |
Capitalise credit interest annually on the last day |
Yes. |
n/a |
|
Fees & Charges |
|
|
|
|
Maintenance |
Maintenance fee £0 |
Yes. Amount and period. |
n/a |
|
Transaction Fee |
Withdrawal fee £0 |
Yes. Amount and free transactions per period (month, quarter, year) |
n/A |
|
Closure Fee |
Closure fee £0 |
Yes. Amount. |
Yes. Can be dropped. |
|
Early redemption |
n/a |
n/a |
n/a |
|
Servicing |
|
|
|
|
Statements |
Statements are produced quarterly on the last day of the month |
The frequency and date of statement production is configurable. |
n/a |
|
Taxation |
Excluded from BBSI reporting Subject to Annual ISA Return of Information |
n/a |
n/a |
|
Payments |
Internal and domestic (Bacs, FPS, CHAPS) only. |
n/a |
n/a |
|
Restrictions |
|
|
|
|
Funding |
From any account up to annual ISA allowance |
n/a |
n/a |
|
Withdrawals |
No access until maturity. |
n/a |
n/a |
|
Balance |
£1 - £250,000 |
Yes |
n/a |
|
Overdrafts |
Not allowed |
n/a |
n/a |
Help-To-Buy ISA
The following table provides information related to the Help-To-Buy ISA product.
|
Characteristic |
Default values |
Client configuration options |
|
|---|---|---|---|
|
At product level |
At account level |
||
|
Eligibility |
UK resident, NINO available Age 16+ ISA declaration |
Yes |
n/a |
|
Joint Holders |
Not allowed |
n/a |
n/a |
|
Available Currencies |
GBP |
n/a |
n/a |
|
Maturity |
Buying a house or closure. |
n/a |
n/a |
|
Interest |
|
|
|
|
Rate |
3,5% p.a. |
Yes |
n/a |
|
Day basis |
Day basis - E 366 / 365 |
This can be configured to any supported day basis |
n/a |
|
Accrual |
Accrual from start date of arrangement and include closure day. |
n/a |
n/a |
|
Capitalisation |
Capitalise credit interest annually on the last day |
Yes. |
n/a |
|
Fees & Charges |
|
|
|
|
Maintenance |
Maintenance fee £0 |
Yes. Amount and period. |
n/a |
|
Transaction Fee |
Withdrawal fee £0 |
Yes. Amount and free transactions per period (month, quarter, year) |
n/A |
|
Closure Fee |
Closure fee £0 |
Yes. Amount. |
Yes. Can be dropped. |
|
Early redemption |
n/a |
n/a |
n/a |
|
Servicing |
|
|
|
|
Statements |
Statements are produced quarterly on the last day of the month |
The frequency and date of statement production is configurable. |
n/a |
|
Taxation |
Excluded from BBSI reporting Subject to Annual ISA Return of Information |
n/a |
n/a |
|
Payments |
Internal and domestic (Bacs, FPS, CHAPS) only. |
n/a |
n/a |
|
Bonus |
Application for the government bonus is with the solicitor, hence out of scope. |
n/a |
n/a |
|
Restrictions |
|
|
|
|
Funding |
Monthly funding limited to £200 Initial funding up to £1,200 |
n/a |
n/a |
|
Withdrawals |
No access until closure or buying a house. |
n/a |
n/a |
|
Balance |
Min. £1 |
Yes |
n/a |
|
Overdrafts |
Not allowed |
n/a |
n/a |
APS ISA
The following table provides information related to the APS ISA product.
|
Characteristic |
Default values |
Client configuration options |
|
|---|---|---|---|
|
At product level |
At account level |
||
|
Eligibility |
UK resident, NINO available Age 16+ APS ISA declaration |
Yes |
n/a |
|
Joint Holders |
Not allowed |
n/a |
n/a |
|
Available Currencies |
GBP |
n/a |
n/a |
|
Maturity |
Buying a house or closure. |
n/a |
n/a |
|
Interest |
|
|
|
|
Rate |
2,45% p.a. |
Yes |
n/a |
|
Day basis |
Day basis - E 366 / 365 |
This can be configured to any supported day basis |
n/a |
|
Accrual |
Accrual from start date of arrangement and include closure day. |
n/a |
n/a |
|
Capitalisation |
Capitalise credit interest annually on the last day |
Yes. |
n/a |
|
Fees & Charges |
|
|
|
|
Maintenance |
Maintenance fee £0 |
Yes. Amount and period. |
n/a |
|
Transaction Fee |
Withdrawal fee £0 |
Yes. Amount and free transactions per period (month, quarter, year) |
n/A |
|
Closure Fee |
Closure fee £0 |
Yes. Amount. |
Yes. Can be dropped. |
|
Early redemption |
n/a |
n/a |
n/a |
|
Servicing |
|
|
|
|
Statements |
Statements are produced quarterly on the last day of the month |
The frequency and date of statement production is configurable. |
n/a |
|
Taxation |
Excluded from BBSI reporting Subject to Annual ISA Return of Information |
n/a |
n/a |
|
Payments |
Internal and domestic (Bacs, FPS, CHAPS) only. |
n/a |
n/a |
|
Bonus |
Application for the government bonus is with the solicitor, hence out of scope. |
n/a |
n/a |
|
Restrictions |
|
|
|
|
Funding |
Initial funding up to the individual APS allowance. Funding period limited to 180 days |
Yes |
Yes. Period can be extended. |
|
Withdrawals |
No access restrictions |
n/a |
n/a |
|
Balance |
Min. £1 |
Yes |
n/a |
|
Overdrafts |
Not allowed |
n/a |
n/a |
Flexible Easy Access ISA
The following table provides information related to the Flexible Easy Access ISA product.
|
Characteristic |
Default values |
Client configuration options |
|
|---|---|---|---|
|
At product level |
At account level |
||
|
Eligibility |
UK resident, NINO available Age 16+ ISA declaration |
Yes |
n/a |
|
Joint Holders |
Not allowed |
n/a |
n/a |
|
Available Currencies |
GBP |
n/a |
n/a |
|
Maturity |
n/a |
n/a |
n/a |
|
Interest |
|
|
|
|
Rate |
2.5% p.a. |
Yes |
n/a |
|
Day basis |
Day basis - E 366 / 365 |
This can be configured to any supported day basis |
n/a |
|
Accrual |
Accrual from start date of arrangement and include closure day. |
n/a |
n/a |
|
Capitalisation |
Capitalise credit interest annually on the last day |
Yes. |
n/a |
|
Fees & Charges |
|
|
|
|
Maintenance |
Maintenance fee £0 |
Yes. Amount and period. |
n/a |
|
Transaction Fee |
Withdrawal fee £0 |
Yes. Amount and free transactions per period (month, quarter, year) |
n/A |
|
Closure Fee |
Closure fee £0 |
Yes. Amount. |
Yes. Can be dropped. |
|
Early redemption |
n/a |
n/a |
n/a |
|
Servicing |
|
|
|
|
Statements |
Statements are produced quarterly on the last day of the month |
The frequency and date of statement production is configurable. |
n/a |
|
Taxation |
Excluded from BBSI reporting Subject to Annual ISA Return of Information |
n/a |
n/a |
|
Payments |
Internal and domestic (Bacs, FPS, CHAPS) only. |
n/a |
n/a |
|
Restrictions |
|
|
|
|
Funding |
From any account up to annual ISA allowance plus flexible allowance. |
n/a |
n/a |
|
Withdrawals |
No restrictions. Withdrawals restore utilised allowance and/or build flexible allowance |
n/a |
n/a |
|
Balance |
£1 - £250,000 |
Yes |
n/a |
|
Overdrafts |
Not allowed |
n/a |
n/a |
Flexible Fixed Rate ISA
The following table provides information related to the Flexible Fixed Rate ISA product.
|
Characteristic |
Default values |
Client configuration options |
|
|---|---|---|---|
|
At product level |
At account level |
||
|
Eligibility |
UK resident, NINO available Age 16+ ISA declaration |
Yes |
n/a |
|
Joint Holders |
Not allowed |
n/a |
n/a |
|
Available Currencies |
GBP |
n/a |
n/a |
|
Maturity |
Fixed term: 3Y |
Yes |
Maturity instructions or nominated account for pay-out. |
|
Interest |
|
|
|
|
Rate |
4.1% p.a. |
Yes |
n/a |
|
Day basis |
Day basis - E 366 / 365 |
This can be configured to any supported day basis |
n/a |
|
Accrual |
Accrual from start date of arrangement and include closure day. |
n/a |
n/a |
|
Capitalisation |
Capitalise credit interest annually on the last day |
Yes. |
n/a |
|
Fees & Charges |
|
|
|
|
Maintenance |
Maintenance fee £0 |
Yes. Amount and period. |
n/a |
|
Transaction Fee |
Withdrawal fee £0 |
Yes. Amount and free transactions per period (month, quarter, year) |
n/A |
|
Closure Fee |
Closure fee £0 |
Yes. Amount. |
Yes. Can be dropped. |
|
Early redemption |
n/a |
n/a |
n/a |
|
Servicing |
|
|
|
|
Statements |
Statements are produced quarterly on the last day of the month |
The frequency and date of statement production is configurable. |
n/a |
|
Taxation |
Excluded from BBSI reporting Subject to Annual ISA Return of Information |
n/a |
n/a |
|
Payments |
Internal and domestic (Bacs, FPS, CHAPS) only. |
n/a |
n/a |
|
Restrictions |
|
|
|
|
Funding |
From any account up to annual ISA allowance plus flexible allowance. |
n/a |
n/a |
|
Withdrawals |
No access until maturity Pay-out at maturity to non-ISA account will restore utilised allowance and/or build flexible allowance. |
n/a |
n/a |
|
Balance |
£1 - £250,000 |
Yes |
n/a |
|
Overdrafts |
Not allowed |
n/a |
n/a |
Flexible Help-To-Buy ISA
The following table provides information related to the Flexible Help-To-Buy ISA product.
|
Characteristic |
Default values |
Client configuration options |
|
|---|---|---|---|
|
At product level |
At account level |
||
|
Eligibility |
UK resident, NINO available Age 16+ ISA declaration |
Yes |
n/a |
|
Joint Holders |
Not allowed |
n/a |
n/a |
|
Available Currencies |
GBP |
n/a |
n/a |
|
Maturity |
Buying a house or closure. |
n/a |
n/a |
|
Interest |
|
|
|
|
Rate |
3,5% p.a. |
Yes |
n/a |
|
Day basis |
Day basis - E 366 / 365 |
This can be configured to any supported day basis |
n/a |
|
Accrual |
Accrual from start date of arrangement and include closure day. |
n/a |
n/a |
|
Capitalisation |
Capitalise credit interest annually on the last day |
Yes. |
n/a |
|
Fees & Charges |
|
|
|
|
Maintenance |
Maintenance fee £0 |
Yes. Amount and period. |
n/a |
|
Transaction Fee |
Withdrawal fee £0 |
Yes. Amount and free transactions per period (month, quarter, year) |
n/A |
|
Closure Fee |
Closure fee £0 |
Yes. Amount. |
Yes. Can be dropped. |
|
Early redemption |
n/a |
n/a |
n/a |
|
Servicing |
|
|
|
|
Statements |
Statements are produced quarterly on the last day of the month |
The frequency and date of statement production is configurable. |
n/a |
|
Taxation |
Excluded from BBSI reporting Subject to Annual ISA Return of Information |
n/a |
n/a |
|
Payments |
Internal and domestic (Bacs, FPS, CHAPS) only. |
n/a |
n/a |
|
Bonus |
Application for the government bonus is with the solicitor, hence out of scope. |
n/a |
n/a |
|
Restrictions |
|
|
|
|
Funding |
Monthly funding limited to £200 Initial funding up to £1,200 |
n/a |
n/a |
|
Withdrawals |
No access until closure or buying a house. |
n/a |
n/a |
|
Balance |
Min. £1 |
Yes |
n/a |
|
Overdrafts |
Not allowed |
n/a |
n/a |
Flexible APS ISA
The following table provides information related to the Flexible APS ISA product.
|
Characteristic |
Default values |
Client configuration options |
|
|---|---|---|---|
|
At product level |
At account level |
||
|
Eligibility |
UK resident, NINO available Age 16+ APS ISA declaration |
Yes |
n/a |
|
Joint Holders |
Not allowed |
n/a |
n/a |
|
Available Currencies |
GBP |
n/a |
n/a |
|
Maturity |
Buying a house or closure. |
n/a |
n/a |
|
Interest |
|
|
|
|
Rate |
2,25% p.a. |
Yes |
n/a |
|
Day basis |
Day basis - E 366 / 365 |
This can be configured to any supported day basis |
n/a |
|
Accrual |
Accrual from start date of arrangement and include closure day. |
n/a |
n/a |
|
Capitalisation |
Capitalise credit interest annually on the last day |
Yes. |
n/a |
|
Fees & Charges |
|
|
|
|
Maintenance |
Maintenance fee £0 |
Yes. Amount and period. |
n/a |
|
Transaction Fee |
Withdrawal fee £0 |
Yes. Amount and free transactions per period (month, quarter, year) |
n/A |
|
Closure Fee |
Closure fee £0 |
Yes. Amount. |
Yes. Can be dropped. |
|
Early redemption |
n/a |
n/a |
n/a |
|
Servicing |
|
|
|
|
Statements |
Statements are produced quarterly on the last day of the month |
The frequency and date of statement production is configurable. |
n/a |
|
Taxation |
Excluded from BBSI reporting Subject to Annual ISA Return of Information |
n/a |
n/a |
|
Payments |
Internal and domestic (Bacs, FPS, CHAPS) only. |
n/a |
n/a |
|
Bonus |
Application for the government bonus is with the solicitor, hence out of scope. |
n/a |
n/a |
|
Restrictions |
|
|
|
|
Funding |
Initial funding up to the individual APS allowance. No redeposit of previously withdrawn funds under the flexible allowance rule. Funding period limited to 180 days |
Yes |
Yes. Period can be extended. |
|
Withdrawals |
No access restrictions. Withdrawal to non-ISA account will restore annual allowance and/or build flexible allowance |
n/a |
n/a |
|
Balance |
Min. £1 |
Yes |
n/a |
|
Overdrafts |
Not allowed |
n/a |
n/a |
Help to Buy ISA
The Help to Buy ISA functionality has been introduced under the variable rate ISA accounts of the non-flexible A and flexible F type.
The investor can save money into a Help to Buy ISA, so the government will add another percent to their savings and for every sum he receives a government bonus. There is set a maximum government bonus that can be received
To claim the bonus, ISA manager has to provide the closing documents with the balance. The payoff bill produced by the existing AA framework can be printed by the user and has the necessary details of the account.
With this functionality, if the property purchase falls through the investor, he can reinstate the Help to Buy: ISA monies into a Help to Buy ISA with their original ISA manager or into any other ISA. The document management can be used to check if the customer has submitted the proof from conveyancer.
Temenos Retail Enterprise APIs
The Temenos Retail Enterprise solution or RES offers a suite of retail functionalities that includes the capabilities of Temenos Transact, FCM and infinity bundled together.
RES from a country model perspective provides banks with country specific functionalities that are relevant for retail banking.
Banks can perform the various retail functionalities by invoking the relevant application. To enable the bank users to perform the functionality through the front-end browser or any other user agent, the relevant application needs to be exposed as an APIs.
The following items have been introduced with this functionality:
- The
TRANS.DOCUMENT,APS.API.INPUT.1.0.0has been introduced to create a new APS declaration document specific to an APS arrangement. - The
AC.LOCKED.EVENTS,UK.FREEZE.REVERSE.API.CREATE.1.0.0has been introduced to reverse an existing locked event created at the time of processing the COA. - The UK.REPORTING.CODES.API.RETRIEVE.1.0.0 has been introduced to retrieve the industry code and the corresponding sector codes, and standard industry classification codes.
- The ISA.DECL.MISSING.ARRANGEMENTS.API.RETRIEVE.1.0.0 has been introduced to retrieve the arrangements for a customer that does not have an underlying ISA declaration document.
- The APS.DECL.MISSING.ARRANGEMENTS.API.RETRIEVE.1.0.0 has been introduced retrieve the APS arrangements for a customer that does not have an underlying APS declaration document.
- The
IM.DOCUMENT.IMAGE,CAPTURE.ISA.API.CREATE.1.0.0has been introduced to capture the image of the ISA declaration document. -
The
FUND.TRANSFER,ACSF.API.CREATE.1.0.0has been introduced to initiate non-subscription credits into ISA accounts. - The
FUND.TRANSFER,ACSB.API.CREATE.1.0.0has been introduced to initiate subscription credits into ISA accounts. -
The
CUST.DOCUMENT,ISA.API.INPUT.1.0.0version has been introduced to capture the (ISA) Individual Savings Account Declaration details.
Cash ISA
With this functionality, the following items were introduced:
- Tax Status: This field contains the tax status of the ISA wrapper and has been added in the
ISA.CONTRACTapplication This field is updated manually by the ISA manager based on the HMRC’s input. - UKISA1.ISA.TAX.STATUS: This enquiry displays all the records from the
ISA.CONTRACTapplication based on the Customer Id, Tax Year or Wrapper Id. - UKISA1.ISA.TAX.STATUS.INAU: This enquiry is used to authorize an amended
ISA.CONTRACTrecord. - The UKISA1.ISA.REPAIR enquiry has been released as part of this functionality, for the ISA manager to view the ISA wrappers that are in the Repair Queue. This enquiry will list only the
ISA.CONTRACTrecords that have the Tax Status marked as To be Repaired. - The UKISA1.ISA.LIST.ACCTS drill-down enquiry, attached to the UKISA1.ISA.REPAIR enquiry has been released as part of this functionality, for the ISA manager to display the list containing the customers with ISA accounts.
- The UKISA1.ISA.ACCT.TXNS drill-down enquiry, attached to the UKISA1.ISA.REPAIR enquiry has been released as part of this functionality, for the ISA manager to view the transactions done in an ISA account. It will get the arrangements for the customer from the
AA.CUSTOMER.ARRANGEMENTapplication, and for all the arrangements it will display the activities from theAA.ACTIVITY.HISTORYapplication. - The UKISA1.ISA.LIST.TRADES drill-down enquiry, attached to the UKISA1.ISA.REPAIR enquiry has been released as part of this functionality, for the ISA manager to view the trades and transfers on a portfolio.
- The UKISA1.ISA.TAXABLE.WRAPPER enquiry has been released as part of this functionality, for the ISA manager to view the ISA wrappers that are in the Taxable Queue. This enquiry will list only the
ISA.CONTRACTrecords that have the Tax Status marked as Taxable. - The UKISA1.UK.ISA.TAXABLE.ACCT drill-down enquiry, attached to the UKISA1.ISA.TAXABLE.WRAPPER enquiry has been released as part of this functionality, for the ISA manager to get the list of accounts under that wrapper which has lost the tax-free status. The UKISA1.UK.ISA.TAXABLE.ACCT enquiry gets the arrangement Ids from
ISA.CONTRACTapplication fetches the details from theAA.ARRANGEMENTapplication and populates them as enquiry results.
Using this functionality, the banks can view the ISA wrappers that are in the Repair Queue and the arrangements of the taxable contracts.
Fixed Rate ISA and APS ISA APIs
This functionality allows banks to open Fixed Rate Flexible, Non-Flexible Adult ISA, APS Flexible and Non-Flexible Adult ISA accounts through the AA.ARR.XISA,UKISA1.API.SIMPLE.REQUEST.1.0.0 API released as part of this functionality.
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