Compare Kent Reliance ISAs

Who are Kent Reliance?

Kent Reliance are a banking and financial services provider based in Kent, England. Founded in 1898, today they operate as a trading name of OneSavings Bank plc, a financial services company currently listed on the FTSE 250.

Kent Reliance provide customers with a range of financial services, including savings accounts and ISAs, bonds, business savings accounts and mortgages.

They provide two types of Cash ISAs for personal investors: fixed and variable rate ISAs.

What is an ISA?

An ISA account is a savings or investment account that shelters your money from UK tax.

There are two main types of ISA accounts: Cash ISAs and Stocks and Shares ISAs.

Cash ISAs

A Cash ISA is a savings account that provides you with interest on your cash balance. Interest rates are either fixed or variable depending on whether you can access your account for withdrawals.

Generally, fixed interest ISA rates are higher than variable rates, but you don’t get as much flexibility to withdraw.

Stocks and Shares ISAs

Stocks and Shares ISAs are investment accounts that put your ISA funds directly into the stock market.

You can either pick funds and shares to invest in yourself, or you can invest in a managed ISA portfolio controlled by an investment professional.

The potential for returns is much higher compared to Cash ISAs; however, your investments are at risk of going down in value as well as up.

What are the tax advantages of an ISA?

HMRC sets a limit on how much money you can contribute to ISAs each year. For the current tax year, the annual ISA allowance is £20,000 per person.

All ISAs are completely free from the following forms of tax:

• Income Tax – this is usually paid on the interest from your savings accounts and dividends from your stock market investments
• Capital Gains Tax – this is usually paid on the growth of your stock market investments

Even when you withdraw money from an ISA account, you never have to pay any tax.

What types of Cash ISAs do Kent Reliance offer?

Kent Reliance’s Cash ISAs vary based on the flexibility of withdrawals and the interest rates they provide.

There are two main types of Kent Reliance Cash ISAs: fixed-rate ISAs and variable-rate ISAs.

Fixed-rate Cash ISAs:

In a Kent Reliance fixed-rate ISA, your savings are locked away for a specified number of years.

During this fixed term, you can’t make withdrawals without being charged or losing some of your interest.

Fixed term interest rates are generally higher than variable rates and the longer your term, the higher rates you get. However, you lose a portion of your earned interest if you withdraw early.

Variable-rate Cash ISAs:

Variable-rate Cash ISAs, or easy-access Cash ISAs, are more flexible accounts.

You are not locked into a fixed term and can usually withdraw at any point.

However, interest rates are lower compared to fixed-term products because of this greater flexibility.

What are the important ISA rules?

It’s a good idea to know about the restrictions of ISA accounts before you invest – here are the key rules to know:

• The ISA allowance is £20,000 for the current tax year - you can’t add more than this
• Your allowance is split between all types of ISAs, meaning you can contribute £10,000 to a Stocks and Shares ISA and £10,000 to a Cash ISA
• You cannot add money to more than one Cash ISA or Stocks and Shares ISA in the same tax year
• You can add money to more than one Cash ISA or Stocks and Shares ISA in different tax years
• Transferring your existing ISAs to new ISA accounts doesn't qualify as a contribution, so it won’t take away from your ISA allowance
• Your ISA allowance doesn’t roll over – you don’t keep what you don’t use
• The allowance refreshes each tax year on 6 April

Who can open a Kent Reliance ISA account?

1. You must be over 18 to open a Kent Reliance ISA
2. You can only open an account for yourself
3. You’ll need your National Insurance Number and some basic personal details
4. You must be a UK resident
5. You must have a UK current account

How do I open a Kent Reliance ISA account?

The easiest way to open a Kent Reliance ISA is online.

You’ll need to have the above information to hand, along with the details of any existing ISAs you want to transfer in.

If you get stuck during the application process, you can speak to the Kent Reliance support team for help.

Your ISA account is officially open when you make your first contribution.