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).

  • You can earn tax-free interest on this savings account.
  • 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 View our Fixed Rate Cash ISAs or HM Revenue & Customs on

Compare ISAs

smile Cash ISA 1 Year Fixed Rate Cash ISA 2 Year Fixed Rate Cash ISA
Minimum opening balance £1 £5,000 £5,000
Type of interest Variable Fixed Fixed
Tax-free/AER for smile current account customers 2.65% 4.62% 4.21%
Tax-free/AER for non-smile current account customers 1.81% 4.62% 4.21%
Interest paid Annually on 5 April Annually Annually

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 depend on the customer's individual financial circumstances.

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

Find out more about Financial Services Compensation Scheme | This will open in a new tab

Protecting your money

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 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