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Instant Cash ISA rates

Current interest rates

Rates effective from

Balance

Tax-free per year%

AER %

1 September 2023

£1+

1.65

1.66

£10,000+

1.20

1.21 

Interest rates are banded. This means that you’ll earn the higher rate on the first £10,000 of your balance and the lower rate on the additional balance over £10,000.

For example, if you had a balance of £10,100 interest would be calculated at the higher rate on the first £10,000 of your balance and the lower rate on the additional £100.

Previous interest rates

Rates effective from

Balance

Tax-free per year%

AER %

17 July 2023 – 31 August 2023

£1+

1.50

1.51

£10,000+

1.05

1.06

3 July 2023 – 16 July 2023

£1+

1.05

1.06

6 April 2023 – 2 July 2023

£1+

0.75

0.75

Further information

Transfers-In:

Yes, Transfers-In from other ISAs are permitted.

Top up:

Yes. Funds withdrawn from your Instant Cash ISA can also be replaced in the same tax year without counting towards your annual ISA allowance. The tax year runs from 6 April to 5 April the following year.

Mortgage offset

Yes. Remember, if you offset your savings account against your mortgage, you won't earn any interest on your account.

Tax-free:

Interest is exempt from Income Tax provided all ISA conditions are met. The level and basis of tax can change and the value of tax relief depends on your personal circumstances.

AER:

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

Interest rate:

Rates are variable. Interest is calculated daily using your statement balance and is paid on the first working day of each month. When you top up, Transfer-In or Transfer-Out or make a withdrawal, you may move between an interest tier.
 

Instant Cash ISA

For additional information, download our Instant Cash ISA- Issue 1 account terms and conditions [PDF, 232KB]. They are in addition to the general conditions of your Customer Agreement with us.

Read important information about our interest rates, the Financial Services Compensation Scheme, and your cancellation rights.