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The Co-operative Bank Cash ISA

Make the most of your ISA allowance

Our Cash ISA has a variable interest rate and offers instant access to your money as many times as you like. It also allows you to make deposits up to the maximum ISA limit of £15,240 for the 2015/2016 ISA limit and you can transfer in any ISA funds from previous tax years.

If you would like to reinvest some or all of your maturing funds into a Co-operative Bank Cash ISA you can apply by contacting your local branch. Please remember to check the opening times as these may vary and we'd recommend calling your branch before you visit, to ensure availability. If you choose to apply in branch it is advisable to take sufficient identification with you.

Interest rates

Interest rates for Co-operative Bank Cash ISA
Effective from 11th March 2009. These interest rates are variable.
  Tax-free AER Interest credited
£1 0.50% 0.50% Interest paid annually on 5th April

Interest is calculated daily

Summary box

Key Product Information for our Savings Account
Account name Cash ISA
Interest rates (AERs) The interest rate payable is variable
Tax status Interest is paid tax-free
Conditions for bonus payment No bonus payments for this account
Withdrawal arrangements You can withdraw as much of the balance of your ISA as you like without any interest charges. If you take money out, you can’t replace it. Once you’ve paid your allowance for the tax year, you can’t pay in any more money until the next year, regardless of any withdrawals
Access Online, phone, Telephone Banking, branch

Features and benefits

•    Minimum deposit £1 – maximum deposit is £15,240 in the 2015/2016 tax year.
•    You can pay in up to £15,240 into a Cash ISA if using the 2015/2016 tax year allowance.
•    Saving for the long term
•    Make withdrawals at anytime
•    Variable rate of interest
•    All returns from your ISA will be free of both Income and Capital Gains Tax. This is based on current ISA rules. These rules are subject to change
•    Money isn't the only thing that you'll be saving - we are the only UK high street bank with a customer-led Ethical Policy.

How much can I pay in?

•    The minimum amount needed to open a Cash ISA is £1 and you can make further deposits at any time.
•    You can pay in up to £15,240 if using the 2015/2016 tax year allowance. You can withdraw as much of the balance of your ISA as you like without any interest penalties. If you take money out, you can’t replace it. Once you’ve paid in your allowance for the tax year, you can’t pay in any more money until the next tax year, regardless of any withdrawals.

Taking money out

You can have access to your money at any time by the following methods:

•    online transfer
•    electronic transfer over phone
•    request a cheque via Telephone Banking
    over the counter in a branch

You can withdraw as much of the balance of your ISA as you like without any interest penalties. If you take money out, you can’t replace it. Once you’ve paid in your allowance for the tax year, you can’t pay in any more money until the next tax year, regardless of any withdrawals.

Paying money in

•    Standing order
•    Direct transfer from another Co-operative Bank account or another bank account.
•    At any Co-operative Bank branch.
•    By sending a cheque through the post.
•    By cheque at any Post Office™ branch.

 

Transferring your ISA

Remember, you can subscribe to a Co-operative Bank Cash ISA so long as you have not subscribed to another Cash ISA with another provider in the current tax year. If you currently already have a cash ISA with another bank or building society, you can transfer it to us. The form to do this will be sent with your welcome letter after you have applied. 

For further details about how to transfer your ISA or how you can make the most of your tax-efficient savings you can contact us or visit your local branch. The Building Societies Association's ISA transfer guide also contains more information.

Definitions

Gross - The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).

AER - Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Tax Free - The contractual rate of interest payable where interest is exempt from income tax.

Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on the customer’s individual financial circumstances.

The Co-operative Bank reserves the right to decline to accept any application and/or deposit.

Remember you can subscribe to a Co-operative Bank/ Britannia Cash ISA as long as you have not subscribed to another cash ISA with another provider in the current tax year.

smile, The Co‑operative Bank and Britannia are trading names of The Co‑operative Bank plc, which is a member of the Financial Services Compensation Scheme (FSCS). Find out more