Instant Access Cash ISA

Start with just £1 and build up. Or put the maximum in straight away and let it grow – it’s up to you.

Contact your account provider to make regular or one off payments into your Account. You’ll need your Cash ISA Sort Code and Account Number to do this.

Remember, you can only save up to £20,000 for the tax year 2023/24 - this is the combined limit for all ISA types. ISA Types

If you already have some ISA savings, you can transfer your existing ISAs to a Tesco Bank Cash ISA and keep all your tax-free savings in one place.

Remember to check with your existing ISA provider first, as they may have restrictions on transfers.

To understand more about types of ISA and your tax-free savings allowance, take a look at the important information. Important information

You can transfer ISA subscriptions (money paid in) without losing your tax free benefit. You can transfer subscriptions in the following ways:

You can transfer:

Other providers may have restrictions on transfers, so you should always check this with them before transferring money to another provider.

Customers should complete an application either online or by telephone so we can begin the transfer process during the application. That will help us set up your ISA as quickly as possible. If you wish to apply by telephone, you can call us on 0345 678 5678. This number may be included as part of any inclusive call minutes provided by your phone operator.

If you already have a Cash ISA with us and would like to transfer an existing Cash ISA which you hold with another provider, you can do this by completing a Transfer Authority Form. Please call us on 0345 678 5678 if you would like to arrange this.

Plans change and things can happen unexpectedly. So it only takes a few clicks or a phone call to transfer money out of your Instant Access Cash ISA.

For security, there is a maximum daily withdrawal limit of £10,000 for online transfers. If you need to transfer more (or all of your money) just give us a call.

Daily withdrawal limits may change from time to time, but we'll let you know if this happens.

Your annual tax-free allowance is all about the total amount you've paid in to your ISA in that tax year, not the actual amount that's in your account earning interest. Your tax year allowance for 2023/24 is £20,000.

You can make as many deposits as you like into your Instant Access Cash ISA, until all of the deposits you've made (including those into a Stocks and Shares or Innovative Finance ISA if you have one) add up to £20,000 for the 2023/24 tax year.

The flexible Instant Access Cash ISA allows you to withdraw and replace money as often as you’d like from both current and previous years subscriptions, as long as the money is returned to the account before midnight on the 5th April in the same tax year it was withdrawn. However, we recommend that you do so by 5pm on 5th April to ensure that any funds are in your Account before the cut off deadline at the end of the tax year.

Any money not paid back into the Cash ISA before 5th April will lose its tax free status. Any further deposits made after 5th April will count towards future years’ annual allowance.

The interest rate is made up of our standard variable rate (currently 1.25% Gross/AER) and a fixed bonus rate of 3.05% Gross/AER for the first 12 months only, from the date the account is opened.

After the bonus period of 12 months, the interest rate will revert to the standard variable rate that’s available at the time, currently 1.25% Gross/AER. We will always let you know before the bonus rate ends.

Interest is calculated daily and is paid to your ISA account on the 12 month anniversary of the account opening. On account closure, outstanding interest earned will be applied to your account. The interest paid is tax free.

The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.

Gross interest rate is the interest rate before tax is deducted.

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

The interest rate is made up of our standard variable rate (currently 1.25% Gross/AER) and a fixed bonus rate of 3.05% Gross/AER for the first 12 months only, from the date the account is opened.

After the bonus period of 12 months, the interest rate will revert to the standard variable rate that’s available at the time, currently 1.25% Gross/AER. We will always let you know before the bonus rate ends.

We want you to be happy with your savings account. To help you decide whether the Tesco Bank Instant Access Cash ISA is right for you please read the key features document and terms and conditions.

There are a number of different ISA types: Cash ISA, Stocks and Shares ISA, Innovative Finance ISA, Lifetime ISA and Help to Buy ISA.

You can only subscribe to one of each type of ISA each tax year. The tax year runs from 6 April to 5 April the following year.

The ISA limit for 2023/24 tax year is £20,000. This is the maximum amount you can pay in total into ISAs this tax year.

This can be paid into one type of ISA (as long as you are eligible) or a combination of all types.

For example, if you saved £10,000 into a Cash ISA in this tax year, the maximum which can be saved into other types of ISA in the same tax year is £10,000.

For further information please contact HMRC.

Tesco Bank only offers a Cash ISA.

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