Welcome to your ultimate guide to ISAs

A nominated bank account is a current account with another UK bank/building society held in your name that has been registered and verified by us. Your nominated bank account is where all electronic payments (apart from internal transfers) out of your Kent Reliance account must be made.

Your nominated bank account can be a sole or joint account. Any current account that you’re named on can be used as a nominated bank account.

In order to send an electronic payment out of your account we require a nominated bank account to be registered and verified by us before the payment request is received.

For any account opened from 30 August 2019, if you’ve requested for your interest (if payable) to be paid away from your Kent Reliance account, this will be sent to your nominated bank account.

For accounts opened before 30 August 2019, if payable, interest will be paid into the account you’ve requested when opening the account (or subsequently changed), which may be different to your nominated bank account.

Negative interest will be applied to an account for one of the reasons below:

• A withdrawal from or closure of your account resulted in a “loss of interest” in line with the product specifics T&Cs. The accrued interest earned on your account up to the withdrawal/closure did not exceed the amount of lost interest and so negative interest was applied to your account. For example, if you have a 60 day notice account that allows immediate access and you wish to withdraw funds without providing us with the full 60 days’ notice. This withdrawal will result in 60 days of loss of interest on your account as set out in the product specific Ts & Cs.

• A withdrawal from or closure of your account has been made after our systems calculated the monthly interest due for that month. Our systems calculate monthly interest payments on the working day prior to the last working day of the month. If a withdrawal or closure is made after this it may result in us overpaying interest to you. If the amount of accrued interest remaining in the account is less than the amount of overpaid interest, negative interest will be applied to the account.

• When calculating monthly interest, we do so on the basis that each month last 30.416 days (365 days divided by 12 months). This means that in some months, for example February which can have 28 or 29 days, you would receive the same amount of interest as you would in March which has 31 days. This can result in a negative interest being applied if a withdrawal or closure is processed within the first few days of a new month and our system calculates that we have paid interest to your account for more days than we have actually held your funds.

Yes. You can write to us, call us or visit a branch.

If you are making a withdrawal and opt to change your nominated bank account it will take one working day to validate your new nominated bank account electronically and for the update to take effect.

If you are just changing your nominated account this will take up to 5 working days.

However, if electronic validation is not possible, we may ask you to send us an original Bank/Building Society account statement no more than three months old showing the account details. Until such time the update takes effect, withdrawals made from your account(s) will still be credited to your existing nominated bank account.

You must provide details of a valid UK bank/building society current account for your nominated bank account. We’ll electronically verify that this account is held in your name (or in the name of the first applicant in the case of a new joint account application) and you may be requested to provide additional evidence (e.g. an account statement) if we’re unable to verify this information electronically.

No. Each customer may only have one nominated bank account. This will be used for withdrawals/payments on all accounts held with us.

Yes. When opening a joint account, the first applicant must be named on the nominated bank account for the identity verification purposes. Once set up, additional account holders of a joint account may also have a different nominated bank account associated with the joint account.

This depends on the, day and time you submit your withdrawal/payment request. Please refer to our withdrawals page on our website.