About this cash ISA
- Open with a minimum £1 deposit.
- We have one smile Cash ISA, but we offer two different variable rates - depending on whether you’re a smile current account customer
- Deposit up to £20,000 into a cash ISA if using the 2021/2022 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.
- 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 and the mobile app.
- 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 the terms and conditions.
smile Cash ISA
What is the interest rate?
- 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 various reasons, please see the 'Changing these terms and ending this agreement' section of our General Terms and Conditions for more details.
When we increase our interest rates - we'll tell you about the change within 30 days after it's happened.
When we decrease our interest rates - we'll inform you by personal notice at least two months before we make the change.
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|
If you are not a smile current account customer:
|Initial deposit at account opening||Balance after 12 months|
We have worked this out assuming:
- You haven't made any additional deposits or withdrawals.
- We haven't changed the interest rate in the 12 month period.
How do I open and manage my account?
Can I apply for this account?
To apply, you must be a UK resident 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:
- 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.
You've got 30 days from when we open your account to pay in the minimum balance of £1. If after 30 days you haven't met the minimum balance, we may close the account immediately and return any funds to you.
How do I make deposits into this account?
If you're using your annual ISA allowance for the current tax year - you can pay money in by:
- electronic transfers from another account held with us or another provider (such as by using their app or setting up a standing order).
- cash or cheques
- visiting any Post Office® in the UK where you can pay in cheques.
The maximum you can pay into the Cash ISA in the 2021/2022 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 contact you to discuss this account?
By sending us a secure message or visiting a branch.
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 , 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 Banker's cheque withdrawal, however there is a charge for this.
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.
Approval is based on an assessment of your personal circumstances.Apply now
Ready to apply?Please read our Terms and Conditions 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.
Please read the important documents below, and save copies of them for future reference.
Product Specific Terms and Conditions, Keyfacts & Summary Box (which contains interest rates)Download PDF (3.05MB)
smile Savings General Terms and ConditionsDownload PDF (285KB)
Charges for smile Savings AccountsDownload PDF (777KB)
How we use your personal informationDownload PDF (978KB)
The Financial Services Compensation Scheme Information Sheet and Exclusion ListDownload PDF (3.36MB)
- 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.
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.
Following the introduction of the new personal savings allowance we will pay you gross interest on your savings. For more information about this and to find out how you may need to pay tax on the interest please visit www.gov.uk/hmrc/savingsallowance