Instant Access Cash ISA

If you don't want to lock your money away, and want to make withdrawals without any fees, a Tesco Bank Instant Access Cash ISA could be just right for you.

On 1 July 2014, the amount of money you can subscribe to a Cash ISA for the 2014/15 tax year increased to £15,000. This is the new combined limit for both Stocks and Shares and Cash ISAs.

Find out more about how the Cash ISA changes will impact you.

If you withdraw money you cannot replace it, you could make additional deposits but only if you have not reached the annual limit. The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.

Key features

  • Earn 1.45% Gross/AER (variable) on your savings. Includes a fixed bonus of 0.20% for 12 months. At the end of the bonus period the rate will revert to the Standard Interest Rate that applies at that time.
  • Instant access - withdraw money online, or by phone using telephone banking. If you take money out you won't be able to pay it in again if you've already used your ISA allowance for that year. Withdrawal limits apply.
  • Keep all your tax-free savings in one place - transfer your existing ISAs to your Tesco Bank Cash ISA. See ISA transfers for more information.
  • Easy to save - set up a Direct Debit to make regular or one off payments into your account. Alternatively, transfer money from your bank account or set up a Standing Order.
  • Open your Cash ISA online - or call us on 0845 678 5678, and start saving tax free from just £1.

Interest rates

Instant Access Cash ISAStandardBonusTotal/AER
Interest Rate 1.25% (variable) 0.20% (fixed) 1.45% (variable)

Your account will earn a fixed bonus of 0.20% for 12 months from account opening. At the end of the bonus period the rate will revert to the Standard Interest Rate that applies at that time.

Interest is added to your ISA account on the anniversary of the account opening.

Annual Equivalent Rate (AER) illustrates what the interest rate would be if it was paid and compounded each year.

Terms and conditions

To help you decide whether the Tesco Bank Cash ISA is right for you please read the Cash ISA Key Features document and terms and conditions.

Access / Transfers

Remember, when you withdraw money from an ISA it loses its tax-free status and it cannot be replaced. For example: If you pay in £15,000 (in the 2014/15 Tax Year) and then withdraw £1,000 you will not be able to pay this money back into the account in the same tax year.

The easy way to make withdrawals

Need to withdraw money? Just log into Online Banking and transfer money from your Tesco Bank Instant Access Cash ISA to your bank account. This service is available 24/7 and you can withdraw up to £10,000 a day. There is no limit for withdrawals over the telephone.

Already have some Cash ISA savings?

You can transfer your existing ISAs to Tesco Bank and keep all your tax free savings in one place. Your existing ISA provider may have restrictions or charge you for transferring money out of your existing ISA.

More about ISA transfers


What you need to know

There are two types of ISA: a Stocks and Shares ISA and a Cash ISA. You can subscribe to one Stocks and Shares ISA and one Cash ISA each tax year. On 1 July 2014 the ISA limit increased to £15,000. This is the maximum amount you can pay into ISAs each tax year. This can be paid into a Stocks and Shares ISA, a Cash ISA or a combination of both.

For example, if you saved £10,000 into a Cash ISA in a tax year, the maximum which can be saved into the Stocks and Shares ISA in the same tax year is £5,000. The tax year runs from 6 April to 5 April the following year.

Tesco Bank only offers a Cash ISA.

To apply for a Tesco Bank Cash ISA you'll need to:

  • Have a UK bank account you can make payments from and to
  • Be 18 years of age or over
  • Be resident or ordinarily resident in the UK or if not, be a Crown employee serving overseas or be married to or in a civil partnership with a Crown employee
  • Not have subscribed to another Cash ISA in the same tax year unless you wish to transfer all of those funds to your Tesco Bank Instant Access Cash ISA. See ISA transfers for more information.
  • Not have exceeded the overall subscription limit for the year
  • Ensure you read the ISA Key Features document [PDF, 55KB] before applying for the product

Once you've successfully opened your ISA you can sign up for our Online Banking service, so you can view your new account straight away.

If you want to cancel

If you wish to cancel your ISA you have 30 days from receiving your welcome letter to do so. If you do cancel, we'll refund the money you've paid in. This won't affect your ISA allowance for the current tax year and you can still open another ISA in that tax year.

If you are a UK resident, for tax purposes, aged 18 or over you can apply.

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