Cash ISA Saver

Cash ISAs allow you to save interest tax-free. Your ISA allowance for the tax year ending 5 April 2020 is £20,000.

Tax-free means the interest rate paid will be free from UK Income Tax. The advantages of which depends on your individual circumstances and the tax treatment of your ISA may change in the future.

Benefits

  • Instant access to your money
  • Make withdrawals from as little as £1 at a time and replace it later in the same tax year, without losing any of your tax-free entitlement. No withdrawal charge.
  • Pay money in as often as you like (up to the yearly allowance)
  • Receive favourable tax treatment for ISAs depending on your individual circumstances
  • Interest rate includes a fixed bonus for 12 months from account opening
  • Please note from 10 September 2019 the interest rate will be 0.45% Gross/AER variable including a fixed bonus of 0.30%. After 12 months the variable interest rate without bonus will apply, this will be 0.15% Gross/AER variable

Summary box

Account name

Cash ISA Saver

What is the interest rate?
  Interest rate with bonus (includes a fixed bonus of 0.30% for first 12 months) Interest rate without bonus (applicable after 12 months)
Current interest rates 0.60% Gross/AER (variable) 0.30% Gross/AER (variable)
Interest rates effective from 10 September 2019 0.45% Gross/AER (variable) 0.15% Gross/AER (variable)
Interest is calculated each day and paid once a year on the anniversary of opening the account.
Can TSB change the interest rate? Yes. We can move the interest rate up or down at any time. Our Terms and Conditions explain when we'll do this. 

If we increase the interest rate, we’ll make details of the rate change available in branch, on the phone and on our website, within 3 days of the change. If we decrease the interest rate, we’ll let you know personally and give you at least 2 months’ notice.
What would the estimated balance be after the fixed term based on a £3,000 deposit? Based on a £1,000 deposit, with no deposits or withdrawals made from the account, and variable interest rates remaining the same:
    Initial deposit £1,000
Current interest rates Year 1 Interest earned at 0.60% Gross/AER (variable) (includes a bonus of 0.30% for the first 12 months) £6.00
Estimated balance after 12 months £1,006.00
Year 2 Interest earned at 0.30% Gross/AER (variable) £3.02
Estimated balance after 24 months £1,009.02
Interest rates effective from 10 September 2019 Year 1 Interest earned at 0.45% Gross/AER (variable) (includes a bonus of 0.30% for the first 12 months) £4.50
Estimated balance after 12 months £1,004.50
Year 2 Interest earned at 0.15% Gross/AER (variable) £1.51
Estimated balance after 24 months £1,006.01
This is an example only and doesn’t take into account your individual circumstances.
The current interest rate projections do not take into account the rate change on 10 September 2019

How do I open and manage my account?

 

Ways to open

  • In branch
  • Online

Who can open

You must be:

  • 16 or over; and
  • A UK resident

Manage your account

  • In branch
  • Over the phone
  • Online
  • Mobile app

Can I withdraw money?

Withdrawals allowed

Yes
 
You can withdraw and replace money from your Cash ISA Saver without it counting towards your yearly ISA allowance for that year, as long as the repayment is made in the same tax year as the withdrawal.

Notice period

None

Withdrawal charges

No withdrawal penalties apply

How to withdraw

  • Cash
  • Bankers draft
  • Funds transfer

(Service charges may apply, see our Banking Charges guide for more information)

Additional information

  • Accounts can only be opened in a sole name.
  • You can only pay into a cash ISA from one provider in each tax year.
  • Opening a Cash ISA Saver will limit the amount that can be invested in stocks and shares or innovative finance ISA. To find out more about this, speak to our Partners in your local branch or call us.
  • The tax advantages depend on your individual circumstances and the tax treatment of your ISA may change in the future.
  • If you aren't happy with your Cash ISA Saver, you cancel within 14 days of opening without charge. You'll still be able to open another cash ISA account in the same tax year with us or another provider.
  • You can also close your account after 14 days, but you won't be able to open or subscribe to a cash ISA with a different provider until the next tax year.

Rates and information correct as at 06/04/2019.  

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Tax free rate is the contractual rate of interest payable where interest is exempt from income tax.

 

More information

Your eligible deposits with TSB are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme.

Your deposits with us are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the bank including their share of any joint account, and not to each separate account.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the  FSCS website or call the FSCS on 020 77 414 100 or 08006 781 100 . Please note only compensation related queries should be directed to the FSCS.

Accounts with TSB Bank plc include accounts in all its divisions and under trading name TSB and TSB Business. An eligible depositor's £85,000 limit relates to the combined amount in all accounts with TSB Bank plc.

How to apply

Cash ISA Saver
 

Already registered for Internet Banking?

Log in and apply

Or, if you're not yet registered

Apply online

Or alternatively, apply in a branch

ISA guide

Everything you need to know about ISAs and how to make the most of your annual ISA allowance.

Read our ISA Guide

Financial Services Compensation Scheme

FSCS


 
Visit fscs.org.uk to find out more

How to apply

Cash ISA Saver
 

Already registered for Internet Banking?

Log in and apply

Or, if you're not yet registered

Apply online

Or alternatively, apply in a branch

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