Cash ISA

With our Cash ISA, you can manage your tax-free savings online, through our mobile app, by telephone, or in branch. And you can withdraw your money if and when you need it.

Account overview

With our Cash ISA, you can:

  • Earn 1.81% tax-free interest (AER variable)
  • Make the most of your tax-free ISA allowance and deposit as little as £1 and up to £20,000 if using your 2023/2024 tax year ISA allowance
  • Transfer in ISA allowances from previous tax years
  • Withdraw your money if and when you need it
  • Manage your account online, through our mobile app, by telephone, or in branch.

Please note:

  • You must be a UK resident aged 16 or over to apply
  • This is not a flexible cash ISA, so if you make any withdrawals, which you then want to replace, it will count towards your ISA allowance for the current tax year
  • You cannot subscribe to a cash ISA with us if you’ve already contributed to another cash ISA using this tax year’s ISA allowance, or if you’ve already invested the full ISA allowance in another type of ISA this tax year
  • It’s only available as a sole account, not a joint account.

Not the right account for you? Take a look at our other savings accounts.

The account summary information is displayed in the Summary Box below — you must read it before applying. You can also download this information in a PDF.

Cash ISA terms, conditions, key facts and summary box (PDF)

Summary box

Cash ISA

1.81% tax-free / AER variable

Interest is calculated daily and will be paid into your account annually on 5 April.

Yes. The interest rate is variable, which means that it could go up or down.

If we increase the rate, we’ll apply the higher rate immediately and we’ll tell you about the change within 30 days.

If we decrease the rate, we’ll give you 2 months' notice of the change.

For more details about when and how we might change the rate, see the 'Changes' section of our Savings General Terms and Conditions (PDF).

£1,018.10

This calculation is for illustrative purposes only and assumes:

  • You haven’t made any additional deposits or withdrawals
  • There are no changes to the interest rate in the 12 month period.

To open an account you must be a UK resident aged 16 or over.

You can open an account:

  • Online
  • In branch
  • In a sole name only
  • With a minimum opening deposit of £1 — to be paid within 30 days.

If the minimum amount of £1 isn’t paid within 30 days, we may close the account.

There is a maximum balance of £1,000,000.

Making deposits

If you're using any of your 2023/2024 ISA allowance

You can make deposits by cash, cheque or transfer from another account held with us or another provider. Cash and cheques can be paid at your local branch. Cheques can be paid at your local Post Office.

The maximum you can pay into the Cash ISA in the 2023/2024 tax year is £20,000.

If you're transferring your cash ISA to us

You can do this by providing us with a completed ISA transfer authority form. You'll receive the form in your welcome pack so just complete it, return it to us and we'll arrange the transfer on your behalf.

How do I manage this account and get in contact?

  • You can contact us by phone or by visiting a branch
  • You can also manage your account via online banking and mobile banking.

Yes — you can make as many withdrawals as you like.

However, as this cash ISA is not a flexible cash ISA, any withdrawn money that you want to replace will count towards your ISA subscriptions for the current tax year.

You are only allowed to deposit up to the maximum ISA limit in a tax year. So, for example, if you deposit £10,000 and then withdraw £1,000, you’ll only be able to deposit a further £10,000 in that tax year.

You can withdraw money:

  • Through mobile or online banking
  • By telephone banking
  • By visiting a branch — here you can withdraw cash or make a transfer.

You can request a Banker's cheque withdrawal over the phone or in branch, however there is a charge for this.

If you are or have previously been made bankrupt, you can still apply.

Interest earned from this account will not count towards any of your available Personal Savings Allowance.

All interest earned from your ISA will be tax-free.

You cannot subscribe to a cash ISA with us if you have already contributed to another cash ISA using this tax year’s ISA allowance, or if you have already invested the full ISA allowance in another type of ISA this tax year.

If you do not place any money in your account during a tax year, you will need to contact us to make a new declaration should you wish to make a deposit in a subsequent tax year.

Please always consider your own personal circumstances before applying for this account.

For more information about ISAs in general, please read our ISA Allowance and information guide.

Transferring an existing cash ISA

You’re able to transfer money from an existing cash ISA into our Cash ISA from another provider. They may have restrictions relating to ISA transfers – we recommend checking this before requesting a transfer to us.

You must not withdraw the money and transfer it to us yourself, as it will lose its tax-free status.

I want to open and transfer money to a new Co-operative Bank Cash ISA

If you wish to transfer an existing cash ISA held with us or another provider to a new Cash ISA, you’ll need to:

  1. Apply for a new Cash ISA
  2. Complete the Co-operative Bank Cash ISA Transfer Authority form (PDF), which will arrive with your welcome letter, or download and print the PDF
  3. Once you've completed it, post it to the address that can be found on the form.

Apply for a Cash ISA

To apply, you must:

  • Be a UK resident aged 16 or over.

Approval is based on an assessment of your personal circumstances. To help protect you and ourselves against fraud, we’ll share the personal information from your application with fraud prevention agencies.

Before you apply:

Apply online

It will take around 10 minutes to complete this application.

To continue, confirm that you:

Please tick to confirm you've read all of the summary box information and the important documents below, and are eligible to apply for this account.

You have confirmed you are eligible for the account and have read the important documents

Apply now

Apply in branch

If you’d prefer to speak to someone in person, you also have the option to apply in one of our branches.

Find your nearest branch

Important documents

Please read the important documents below and save copies of them for future reference.

Other ways you can save with us

If our Cash ISA isn’t right for you, there are plenty of other ways to save with us.

Compare all of our savings accounts

Select Access Saver 2

Up to 4.09% gross / AER variable

A limited access account for those who want a higher interest rate if they don't withdraw, but have easy access to their money when they need it.

Co-operative Bank Fixed Rate Cash ISA

Up to 4.40% tax-free / AER fixed

A fixed rate cash ISA for those with a lump sum to save or transfer, who don't need immediate access to their savings.

Online Cash ISA

2.65% tax-free / AER variable

An instant access cash ISA for existing customers who want to manage their tax-free savings online and on mobile.

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.

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.

Business day is usually Monday to Friday excluding bank holidays.

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 to accept any application and/or deposit.

Financial Services Compensation Scheme

Your eligible deposits held by a UK establishment of The Co-operative Bank plc 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 following: The Co-operative Bank, Britannia 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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