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About this cash ISA

  • Open with a minimum £1 deposit.
  • This account comes with an interest rate of 0.46% tax-free AER variable for smile current account customers.
  • Deposit up to £20,000 into a cash ISA if using the 2017/18 tax year allowance.
    • Interest is variable and paid on 5 April each year.
  • Make deposits to your cash ISA directly from your smile or Co‑operative Bank current account.
    • Make withdrawals at anytime but, as this is not a flexible ISA , withdrawals of capital cannot be replaced.
  • Access your account online or through mobile banking 24/7.
  • You can only invest in one cash ISA each tax year.
    • If you already have a cash ISA with another bank or building society, you can transfer it to us when you apply for a smile Cash ISA.
  • You’ll receive paperless statements, that will be made available through online banking.
  • Can be opened only in a sole name.

Summary Box for smile Cash ISA

  • The information provided below is a summary of the key features of our smile Cash ISA and is not intended to be a substitute for reading its terms and conditions.

Account name

smile Cash ISA


What is the interest rate?

If you are a smile current account customer:

Variable interest paid annually
Tax free AER
0.46% 0.46%

If you are not a smile current account customer:

Variable interest paid annually
Tax free AER
0.28% 0.28%
  • Interest is calculated daily and will be paid into your account annually on 5 April

Can smile change the interest rate?

Yes - the interest rate is variable, which means it can go up or down.

We may change your interest rate for the following reasons:

  • to respond to a change in the Bank of England base rate or LIBOR (London Inter Bank Offered Rate) or other rate which impacts on the costs we incur
  • to respond to changes in our competitors' interest rates
  • for any other valid reason

When we increase our interest rates - we'll tell you about the change as soon as possible after it's happened. This includes notifying you through national press advertisements, statement messages or statement inserts. We may also send you a letter in the post, or email you.

When we decrease our interest rates - we'll inform you by personal notice at least 14 days before we make the change.

For full details, please see the changes to interest rates section of the terms and conditions.


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

If you are a smile current account customer:

Initial deposit at account opening Balance after 12 months Interest earned
£1,000.00 £1,004.60 £4.60

If you are not a smile current account customer:

Initial deposit at account opening Balance after 12 months Interest earned
£1,000.00 £1,002.80 £2.80

We have worked this out assuming:

  • You haven't made any additional deposits or withdrawals.
  • We have not changed the interest rate in the 12 month period.
  • Please note: this example is intended to illustrate the interest that would be earned after 12 months. The balance shown does not take account of the fact that interest is paid annually on 5 April, rather than 12 months after account opening.

How do I open and manage my account?

Can I apply for this account?

To apply, you must be a UK resident (for tax purposes) aged 18 or over.

  • This account can only be opened as a sole account.

How do I apply for this account?

You can apply for this account:

  • Online - through our website
  • Through Online Banking - existing customers can easily apply through the 'Products' section within online banking

Is there a minimum and a maximum balance?

  • The minimum opening balance is £1.
  • The maximum balance is £1,000,000.

How do I make deposits into this account?

You can pay money in by:

  • electronic transfers from another account held with us or another provider.
  • arranging a standing order from another UK bank account.
  • visiting any Co-operative Bank branch to pay in cash or cheques.
  • sending cheques to us by post.
  • visiting any Post Office® in the UK where you can pay in cheques and cash.

You can pay in up to £20,000 into a smile Cash ISA if you are using your 2017/2018 tax year ISA allowance.

You can also transfer your current or previous ISA allowance from an existing cash ISA with us or another provider. If you want to transfer an existing cash ISA either with us or another provider to this cash ISA, please complete the transfer form in your welcome pack when it arrives, return it to us and we will arrange the transfer on your behalf.

How do I contact you to discuss this account?

You can contact us by telephone, or at any Co-operative Bank branch, to discuss this account.


Can I withdraw money?

Yes - You can withdraw your money 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 withdrawn money that you want to replace will count towards your ISA subscriptions for the current tax year, and you are only allowed to deposit up to the maximum ISA limit in a tax year. 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.

You can make withdrawals through the following ways:

  • Online and Mobile Banking - through electronic transfers to other accounts with us or another provider.
  • Telephone Banking - through electronic transfers to other accounts with us.
  • Branch - withdraw cash over the counter and/or make electronic transfers to other accounts with us or another provider.

You can also request a cheque withdrawal in branch however there is a charge for this.


Additional information

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.

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

Tax Free - The contractual rate of interest payable where interest is exempt from income 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-year - A tax year runs from 6 April to 5 April the following year.

Apply for this smile Cash ISA

To apply, you need to be:

  • 18 or over.
  • A UK resident (for tax purposes).

Approval is based on an assessment of your personal circumstances.

Apply now

Ready to apply?

Please read our Terms and Conditions, Summary of changes to our smile Savings Terms and Conditions with effect from 13th January 2018 and other important documents before applying.
  • All the information you’ve read so far (e.g. features, eligibility) can be found in the important documents below. We recommend that you save a copy of these important documents for future reference.

Important documents

Please read our Terms and Conditions, Summary of changes to our smile Savings Terms and Conditions with effect from 13th January 2018 and other important documents before applying.

pdf

Terms and conditions

Download PDF (3.05MB)
pdf

Summary of changes to our smile Savings Terms and Conditions with effect from 13th January 2018 and Account Charges Leaflet.

Download PDF (362KB)
pdf

How we use your personal information

Download PDF (978KB)
pdf

Key facts for our smile Cash ISA

Download PDF (1.04MB)
pdf

Summary box (including interest rates)

Download PDF (220KB)
  • Important
  • Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.
  • The Co‑operative Bank reserves the right to decline or accept any application and/or deposit.
  • Remember you can subscribe to a smile/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.

Unanswered questions?

    Help for existing customers

    Get extra information about applications, rates and accessing your savings account.

    Get help and info man with binoculars
    Co-operative Bank

    We’re part of The Co‑operative Bank, and we share the same ethical values too.

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

    The Co‑operative Bank reserves the right to decline any application.

    References to tax are based on our understanding of current tax regulations - these may change and depend on the customer’s individual financial circumstances.

    You can subscribe to a smile/Co‑operative Bank/Britannia Cash ISA if you have not subscribed to another cash ISA with another provider in the current tax year.