Our Cash ISA is as simple and flexible as can be. You get a variable rate of interest, tax free*, and you can top up your savings whenever it suits you, up to your cash ISA limit. And when you’re ready to start spending, we certainly won’t charge you for getting hold of your own money at a moment’s notice.
Key Product Information for our Savings Account
|Account Name||Cash ISA|
|Interest Rates (AERs)||The interest rate payable is variable and guaranteed not to fall more than 1% below the Bank of England base rate, subject to an excluded period (please refer to sections 5 and 6 of the product specific Terms and Conditions).|
|Tax Status||Interest is tax free*|
|Condition for bonus payment||No bonus payments exist for this Account|
|Withdrawal arrangements||There are no restrictions on withdrawals. Withdrawals of capital cannot be replaced|
|Access||Branch and by post|
Features & Benefits
- gives you a variable rate of interest tax-free*
- can be opened with as little as £1
- allows you to make deposits whenever you want - up to the maximum cash ISA limit in a tax year*. The limit for the 2013/2014 tax year is £5,760
- allows you to make withdrawals at any time
- pays your interest into this account manually on the first working day after 5 April
- is issued with a passbook
- meets Stakeholder Standards
Risks and restrictions
- The interest rate is variable. This means it can go down, as well as up
- Over time, inflation will reduce the true value of your savings
- Once you have paid in your full allowance for the tax year, you can’t make any further payments until the next tax year, regardless of any withdrawals.
Our Cash ISA meets the Government’s Stakeholder Standards. The table below details the features of our Instant Access Cash ISA to show how it meets the Stakeholder Standards
Although Cash ISAs are a tax free way of saving, this favourable tax treatment depends on individual circumstances and may be subject to Government change in the future.
|The minimum amount which can be deposited is no more than £10|
|Deposits may be made by a variety of methods (i.e. cash, cheque, standing order and other forms of direct credit)|
|Interest accrues daily at a rate no lower than 1% below Bank of England base rate|
|When the Bank of England base rate increases, the interest rate on the account must be raised within 1 month of the increase|
|No more than 7 days’ notice is needed for withdrawals and transfers|
|There is no limit on the frequency of withdrawals|
*For an explanation of terms, such as AER and Tax Free, please see our.
Britannia, The Co-operative Bank and smile are trading names of The Co-operative Bank plc, which is a member of the Financial Services Compensation Scheme (FSCS).