Online Cash ISA

With our Online Cash ISA, you can manage your tax-free savings online and through our mobile app. You can also withdraw your money if and when you need it.

Account overview

With our Online Cash ISA, you can:

  • Earn 2.65% tax-free interest (AER variable)
  • Make the most of your tax-free ISA allowance and save up to £20,000 if using the 2023/2024 tax year ISA allowance
  • Start saving with as little as £1
  • Transfer in ISA allowances from previous tax years
  • Withdraw your money if and when you need it
  • Manage your account online, or through our mobile app.

Please note:

  • You must already have one of our Co-operative Bank current accounts before you apply
  • You must also be a UK resident aged 16 or over
  • You can only deposit and withdraw money online, or through our mobile app. You will not be able to deposit or withdraw cash or cheques
  • 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 open 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 as a PDF.

Online Cash ISA terms, conditions and summary box (PDF)

Summary box

Online Cash ISA

2.65% 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).


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.

Open an account

To open an account you must:

  • Be a UK resident aged 16 or over
  • Have one of our Co-operative Bank current accounts
  • Be registered for online banking.

You can open an account:

  • Through online banking, in branch or via a telephone appointment
  • 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 bank transfer from another account held with us or another provider.

Please note: You can’t deposit or withdraw cash and/or cheques from this account.

The maximum you can pay into the Online 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 only manage this account via online and mobile banking, but if you do have any queries about your account, you can contact us via a branch or by phone.

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.

Please note: you can withdraw money through online or mobile banking only.

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.

Don't have a current account with us yet?

Our Online Cash ISA is exclusively for Co-operative Bank customers. So if you haven't already, you'll just need to open a current account with us first.

  • Standard Current Account - our no-fee current account.

  • Everyday Extra - our packaged bank account that comes with worldwide travel insurance, UK & European breakdown cover, and mobile phone insurance, all for just £15 per month. Exclusions and limitations apply.

  • Cashminder - for people with no credit history or a low credit score who want a basic bank account they can use online and on mobile.

  • Student bank account - comes with an interest-free overdraft you can ask to increase each year, starting at £1,400. Eligibility and T&Cs apply.

Apply for an Online Cash ISA

If you’re eligible, you can apply through online banking, in branch or via a telephone appointment. Contact us if you need to request a telephone appointment to open this account.

To apply, you must:

  • Be a UK resident aged 16 or over
  • Have a Co-operative Bank current account
  • Be registered for online banking.

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:

Existing customers

Log into online banking and go to ‘Products’ to apply.

Apply in branch

If you’d rather not apply online or by telephone appointment, 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 Online Cash ISA isn’t right for you, there are plenty of other ways to save with us.

Compare all of our savings accounts

Cash ISA

1.81% tax-free AER variable

An instant access cash ISA for those who want to manage their tax-free savings online, on mobile, through telephone banking, or in branch.

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.

Smart Saver

1.81% gross / AER variable

A savings account for both existing customers and new customers who want to manage their savings online, through our mobile app, in branch, or by phone.

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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