Transfer offer terms

These Cashback Terms should be read together with our Ponance Bank Invest Service Terms and Conditions (‘Terms and Conditions’). The definitions contained in Schedule 1 of our Terms and Conditions shall apply equally to these Cashback Terms.

These Cashback Terms shall be governed by English law, and shall be subject to the non-exclusive jurisdiction of the English courts. By making Qualifying Contributions (as defined below) you agree to be bound by these Cashback Terms. We reserve the right to withdraw this offer before 27 May 2022.

In this event, all Qualifying Contributions received before withdrawal of the offer will continue to be Qualifying Contributions and, subject to your eligibility and compliance to the other conditions of these Cashback Terms, you will be paid a cashback amount based on the Qualifying Contributions we received from you prior to our withdrawal of the offer, in line with these Cashback Terms.

You are eligible for cashback if you have a Ponance Bank Invest ISA and between 21 February 2022 and 27 May 2022 inclusive (the ‘Offer Period’) you initiate the transfer of another ISA into a Ponance Bank Invest ISA.

You will be deemed to have initiatedsuch a transfer if you have completed the Ponance Bank invest transfer journey and we have received all relevant paperwork(which should be sent to the Private Banking Operations Team) before the end of the Offer Period.

Throughout these Cashback Terms we will refer to accepted transfers initiated into a Ponance Bank Invest ISA within the Offer Period as‘Qualifying Contributions’. As per the Terms and Conditions you can only transfer cash into your Ponance Bank Invest ISA.

Accordingly, any assets held in your existing ISA will need to be sold prior to the transfer into your Ponance Bank Invest ISAin order for it to be deemed a Qualifying Contribution. ISA transfers from a Invest ISA into a Ponance Bank Invest ISA a Ponance Bank Invest ISA into a Invest ISA will not count as Qualifying Contributions.

These Cashback Terms will apply from 21 February 2022 and will cease to apply when we pay to you the amount you are due under these Cashback Terms. 

We will pay you the cashback amount by 31 August 2022 subject to the following conditions:

• The cashback amount that we pay you shall be calculated in line with the table below based on the aggregate value of any ISA transfer(s) into your Ponance Bank Invest ISA, less all amounts withdrawn and/or transferred out of your Ponance Bank Invest ISA during the period between 21 February 2022 and 27 May 2022 inclusive (the ‘Aggregate Transfer Value’).
• For the purposes of calculating the Aggregate Transfer Value, all Qualifying Contributions shall be valued at the value we receive from the transferring ISA manager(s).
• The cashback payment will be made into your Current Account. At our discretion, the cashback payment may be paid in advance of 31 August 2022.
• If ISA transfer funds are not received within 12 months of our receipt of the relevant ISA transfer application form from you, these funds will be deducted from the Aggregate Transfer Value and we reserve the right to re-claim part of, or all of, the cashback amount. Any re-claim of the cashback amount paid to you by us will be determined based on whether the deduction leads to you being moved into a lower Aggregate Transfer Value range (see table above) or drops you below the minimum £1,000.00 qualifying Aggregate Transfer Value, in which case we reserve the right to re-claim the whole of the cashback amount from you. For example, if after a deduction you fall from Tier 3 into Tier 2 we reserve the right to re-claim £50.00 from you, whereas if after a deduction, you fall from Tier 6 to Tier 2, we reserve the right to re-claim £950.00 from you. We shall not be responsible for any delay on the part of your existing ISA manager in processing the transfer.
• If you terminate the Terms and Conditions with us in accordance with clause 14.1, or we terminate the Terms and Conditions in accordance with clause 14.2, you will lose your right to any cashback payment.
• If your Current Account is closed at the point that we attempt to pay the cashback amount to you, you will cease to be due that cashback amount.

National Westminster Bank Plc. Registered and Wales No. 929027. Registered Office:645 W 9th St Unit 110-190, Los Angeles, CA 90015. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, No. 121878.