Account overview
With our Online Cash ISA, you can:
- Earn 2.53% tax-free interest changing to 2.46% (AER variable) on 22/01/2025
- Make the most of your tax-free annual ISA allowance and deposit as little as £1 and up to £20,000 per tax year
- 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 18 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 pay into a cash ISA with us if you have already paid in the full annual ISA allowance in 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.
Account name
Online Cash ISA
What is the interest rate?
2.53% rate up to 21/01/2025
2.46% rate from 22/01/2025
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?
£1,024.60
This calculation is for illustrative purposes only and assumes:
- The new interest rate from 22/01/2025 applies
- 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 18 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 annual 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 if using your annual ISA allowance is £20,000 per tax year.
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.
Can I withdraw money?
Yes – whenever you want as this account has no restrictions on the number of withdrawals.
However, as this cash ISA is not a flexible cash ISA, any money that you withdraw from your ISA will lose its tax-free status, and, if repaid back into an ISA, it will count towards your current tax year's ISA allowance.
So, for example, if you have deposited £10,000 and then withdraw £1,000, you will 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.
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 tax-free.
You cannot pay into a cash ISA with us if you have already paid in the full annual ISA allowance in 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.
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 18 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:
- Please make sure you’ve read the summary box information, and read and saved copies of the important documents below.
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.
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.
Cash ISA
1.75% 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 4.15% 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
1.75% 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.
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Changes to scam reimbursements
There is now more protection for victims of certain types of scams. Read more about the changes to scam reimbursements
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 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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