Save Well Limited Access ISA

Cash ISAs allow you to save interest tax-free. Your ISA allowance for the tax year ending 5 April 2021 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

  • Earn a higher rate of interest tax free during months where no withdrawals are made
  • 12 month term
  • Instant access to your money, but you'll earn a lower interest rate of 0.00% tax free/AER in months that you make a withdrawal
  • Withdraw and replace as little as £1 at a time and replace it later in the same tax year, without losing any of your tax free entitlement
  • Pay money in as often as you like (up to the yearly allowance)
  • Receive favourable tax treatment for ISAs depending on your individual circumstances
  • Manage your Savings account online with our mobile app and internet banking

Summary box

Account name

Save Well Limited Access ISA

What is the interest rate?
Interest rate for months where no withdrawals are made Interest rate for any month that a withdrawal is made
0.19% / 0.20% Tax free monthly /AER (variable) 0.00% Tax free/AER (variable)
Interest rate is calculated each day and paid monthly on the 1st of each month. If you have selected to pay interest to a different account, interest will be paid on the first working day of the month.

At the end of the 12 month term the account will switch to a Cash ISA Saver (excluding the bonus rate) for which the current interest rate is 0.01% Tax free/AER (variable).
Can TSB change the interest rate? Yes. We can move the interest rate up or down at any time. Our Personal Banking 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 12 & 24 months based on a £1,000 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
Year 1 Interest earned at 0.19% / 0.20% Tax free monthly /AER (variable) for the first 12 months £2.00
Estimated balance after 12 months £1,002.00
Year 2 (Cash ISA Saver) Interest earned at 0.01% Tax free/AER (variable) £0.10
Estimated balance after 24 months £1,002.10
Based on a £1,000 deposit, with no further deposits, £10 withdrawals made in months 1 and 2, and variable interest rates remaining the same.
 
NB: The below projection allows for limited withdrawals only. If you anticipate making regular withdrawals during the account term, this may not be the most appropriate option to suit your needs.
Initial deposit £1,000
Year 1 Interest earned at 0.00% Tax free/AER (variable) for months 1 and 2 (withdrawals) £0.00
Interest earned at 0.29% / 0.30% Tax free monthly /AER (variable) for months 3 to 12 (no withdrawals) £1.63
Total Interest earned for the 12 months £1.63
Estimated balance after 12 months £981.63
Year 2 (Cash ISA Saver) Interest earned at 0.01% Tax free/AER (variable) £0.10
Estimated balance after 24 months £981.73
These are examples only and do not take into account your individual circumstances.

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

Open with

  • Maximum subject to the annual ISA allowance (£20,000 for 2020/2021), plus transfer in from other existing ISAs.
  • No maximum limit on the amount that can be held in the account
  • £1 minimum opening balance

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 Save Well Limited Access ISA 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

If you make a withdrawal during the term of your Save Well Limited Access ISA, the interest rate applied to the balance for the whole calendar month in which your withdrawal is made, will be a lower rate of 0.00% Tax free/AER (variable)

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 Save Well Limited Access ISA 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 Save Well Limited Access ISA, 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.
  • If you chose to close the account before the end of the term, interest will be paid to the day before account closure. The interest rate will be the lower rate that is normally applied to months in which a withdrawal is made.

Rates and information correct as at 14/08/2020.

 

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

Save Well Limited Access ISA
 

Already registered for Internet Banking?

Login 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

Save Well Limited Access ISA
 

Already registered for Internet Banking?

Login and apply

Or, if you're not yet registered

Apply online

Or alternatively, apply in a branch

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