Cash ISAs
A cash ISA (Individual Savings Account) is an account that allows you to earn tax-free interest on your savings. On this page you can compare our cash ISAs and find out more about ISAs with our cash ISA FAQs.
If your fixed rate cash ISA is about to mature, you can read about your maturity options.
To be eligible, you must be a UK resident and aged 18 or over
The current annual ISA allowance across all your ISAs is £20,000
You can only deposit into one cash ISA with us this tax year
Our range of cash ISAs include:
- Fixed rate (designed for customers who do not need access - withdrawals during the fixed term are subject to 180 days' loss of interest on the amount withdrawn)
- Instant access (withdraw as often as you want)
Transferring into one of our cash ISAs?
Make sure you do a cash ISA transfer to keep any tax-free status of your savings.
What is a fixed rate cash ISA?
It means the account has a fixed interest rate. A fixed interest rate stays the same until the fixed term ends.
What is a variable rate cash ISA?
It means the account has a variable interest rate. A variable interest rate could go up or down.
Do I need to open a new cash ISA each tax year?
You do not need to open a new cash ISA every tax year. Once the end of the tax year approaches, your existing cash ISA will roll into the next year, where you can take advantage of that year's ISA allowance.
However, if you do not pay any money into your existing ISA during a whole tax year and you then want to pay in more money, you'll need to refresh your ISA. To do this, you'll need to send a secure message from your online banking or call us on +44(0) 3457 212 212 call charges to refresh your ISA. Lines are open Monday to Friday, 8am to 6pm, and Saturday and Sunday 9am - 5pm.
You may need to make a new declaration if you want to make a deposit in a different tax year.
What happens if I put too much money into my cash ISA?
If you attempt to pay too much into your ISA, we'll return the full amount of the payment which took you over your tax-free savings limit. This will be returned to you within 5 business days.
How many cash ISAs can I have?
You can open and pay into multiple cash ISAs per tax year. You can also keep cash ISAs from previous years open and pay into them.
Please note: while The Co-operative Bank does not allow customers to pay into multiple cash ISAs with them in the same tax year, customers are able to deposit with The Co-operative Bank as well as other providers in the same tax year.
If you wish to transfer a cash ISA from the current or previous tax year your current provider must allow this. It’s important to read any terms and conditions before deciding to transfer or open a new cash ISA.
How do ISA transfers work?
You can move money by ISA transfers to another cash ISA (with us or another provider). Do not transfer it yourself or it will lose any tax-free status.
Find out more about transferring your ISA.
Do I get a cash card or deposit book with a cash ISA?
No you won't receive a cash card or a deposit book with any cash ISA.
Can I transfer my stocks and shares ISA to your cash ISA?
The facility to transfer your money from a stocks and shares ISA to a cash ISA is something we no longer offer.
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Changes to ISAs from 6 April 2024
The Government has made changes to ISA rules to make them simpler and more flexible.
- Other providers may have different rules of what you can and cannot do.
- The annual ISA allowance still applies across all your ISAs.
What you can do with us
- You can open a cash ISA if you’re aged 18 or over.
- You can deposit into cash ISAs with us and with other providers in the same tax year.
What you cannot do with us
- You cannot deposit into more than one cash ISA with us in the same tax year.
- You cannot deposit into your cash ISA if it has become inactive because you did not deposit in it during a whole tax year – you’ll need to refresh the cash ISA.
- You cannot do an ISA transfer of just part of your ISA deposits in the current tax year - they must be transferred in full or not at all.
Is an ISA right for you?
When considering different savings accounts, it’s important to understand how ISAs work and what your Personal Savings Allowance (PSA) limit is. An ISA may be right for you if you’ll be saving enough to go over your PSA limit.
We have a range of cash ISAs but there are other kinds of ISA.
What is a Personal Savings Allowance?
Your Personal Savings Allowance (PSA) is:
- The amount of interest you can earn tax-free in taxable accounts
- An allowance per tax year
- Dependant on what rate of tax you pay.
What is my PSA limit?
The amount you can earn tax-free each tax year depends on what rate of tax you pay:
- Basic rate (20%) – you can earn £1,000
- Higher rate (40%) – you can earn £500
- Additional rate (45%) – you can earn £0.
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Compare our savings accounts
You can compare our full range of savings accounts including our cash ISAs.
Savings terms explained
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year.
Business day is usually Monday to Friday excluding bank holidays.
Calendar month means from midnight on the first day of a month to 11.59:59pm on the last day of the month.
Fixed interest means the rate stays the same until the account matures.
Gross is the rate of interest payable before any tax is taken off.
Tax-free means you will not pay any tax on your interest.
Tax year runs from 6 April to 5 April.
Variable interest means that it could go up or down.
Please note: any reference to tax is based on our understanding of current tax regulations which may change in the future and depend on the customer's individual financial circumstances.
The Co-operative Bank reserves the right to decline or accept any application and/or deposit.
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Financial Services Compensation Scheme
Your eligible deposits held by a UK establishment of The Co-operative Bank p.l.c. are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with The Co-operative Bank and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please read further information on the FSCS scheme here or visit their website.
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