Online Cash ISA

Only available to customers with one of our Co-operative Bank current accounts

For people who want instant access to their tax-free savings online and on mobile.


tax-free / AER variable


  • Open with £1
  • Unlimited withdrawals and deposits (up to current tax year's ISA allowance)
  • Manage online and on mobile only
  • Paperless statements

Summary box for Online Cash ISA

Account name

Online Cash ISA

What is the interest rate?


tax-free / AER variable

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

Can The Co-operative Bank change the interest rate?

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)

What would the estimated balance be after 12 months based on a £1,000 deposit?


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

How do I open and manage my account?

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:

  • via online banking only
  • in 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 2022/2023 ISA allowance

You can make deposits by bank transfer from another account held with us or another provider.

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 2022/2023 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 your 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.

Can I withdraw money?

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 online or mobile banking only.

Additional information

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 free of both Income and Capital Gains Tax.

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 Allowances and information guide

Apply for an Online Cash ISA

You must:

  • be a UK resident
  • be 16 years of age or above
  • have one of our Co-operative Bank current accounts
  • be registered for online banking

Approval is based on a credit check, an assessment of your personal circumstances and is subject to status.

More about credit checks for savings accounts

Before you apply

Please read these important documents↓ and save them for future reference.

Existing customers

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

Savings terms explained

AER stands for Annual Equivalent Rate and shows what the interest rate would be if it 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 depends on the customer's individual financial circumstances.

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

FSCS logo

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 click here for further information or visit

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