We have two kinds of Cash ISA. Fixed Rate Cash ISAs give you a fixed interest rate for a set time, but you have restricted access to them. Cash ISAs have a variable rate of interest, but are instant access (and stay open for as long as you like).
Take advantage of your ISA allowance.
What’s an ISA allowance?
This is the maximum you can pay into an ISA in any tax year. HM Revenue & Customs (HMRC) sets the annual ISA allowance. To find out what it is, check either our website Fixed Rate Cash ISAs or HM Revenue & Customs on https://www.gov.uk/indivdual-savings-accounts
|smile Cash ISA||Fixed Rate Cash ISA fixed until 31/01/2023||Fixed rate Cash ISA fixed until 31/01/2024|
|Minimum opening balance||£1||£5,000||£5,000|
|Type of interest||Variable||Fixed||Fixed|
|Tax-free/AER for smile current account customers||0.09%||0.10%||0.15%|
|Tax-free/AER for non-smile current account customers||0.03%||0.10%||0.15%|
|Interest paid||Annually on 5 April||Annually on 31 January||Annually on 31 January|
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.
Your eligible deposits with The Co-operative Bank 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.