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Cash ISA application

If you’re new to the M&S Cash ISA, it only takes a few minutes to apply online. Before you start, please look at the What you should know before you apply section below.

Please note, rates on Advantage ISA are changing with effect from 10 February 2017. Please see our savings rates for more details.

Start your application

Want to top up your M&S Cash ISA?

If you have an existing M&S Cash ISA you can use this top-up form to top up any remaining cash ISA allowance into the M&S Advantage Cash ISA option or M&S Fixed Rate Savings option. Please note that the minimum you can top up into the M&S Advantage Cash ISA option online is £100. If you would like to top up less than £100 please call us on 0808 002 2222.

Top up your existing ISA

What you should read

What you should know before you apply

Important information for first-time home buyers

Subscribing to an M&S Cash ISA may affect your eligibility to subscribe to a Help to Buy: ISA in the same tax year.

Am I eligible?

To apply for a cash ISA you have to be aged 16 or above and be a UK resident, or if not so resident, be a Crown employee serving overseas, or be married to, or in a civil partnership with, such a person. The M&S Cash ISA is not available to residents of the Channel Islands and the Isle of Man.

How much can I save?

You can save up to £15,240 in a cash ISA during the current tax year (ends 5 April 2017).

What you'll be asked for

  • Your residential address including post code (we are unable to accept c/o or PO Box addresses). You'll also need to provide your previous residential address if you've been at your current address for less than 3 years.
  • Your National Insurance number
  • Your email address
  • Your bank or building society details for future income or withdrawal payments. We will write to you to request suitable verification of your bank details, at a later stage, in order for us to make payments directly to your bank or building society account.
  • Your debit card details - make sure you've got enough cleared funds in your account to make a deposit. Your debit card should be registered to your residential address.

To comply with regulatory obligations we need to collect certain personal information from you, including your employment and income details and how you will fund your account. We will conduct various checks on applications and transactions.

Your name and address will be checked with a credit reference agency to verify your identity and for crime prevention measures, using information from the Voters Roll and other public sources. If we're unable to confirm your details we will write to you to request verification prior to accepting and completing your application.

We will check to confirm the card being used is yours by using a database maintained by the UK banks (Address Verification System). If we are unable to confirm the card is yours we will write to you requesting additional documentation to verify the transaction and outline the action we will take if we do not receive the documentation.

Transferring an existing ISA

It’s easy to transfer from another provider’s ISA into the M&S Cash ISA. All you have to do is complete and send back to us one of the transfer forms below, and we’ll do the rest.

Once the transfer is complete, we’ll let you know.

Where you are transferring in a stocks and shares ISA to a cash ISA, your stocks and shares ISA manager will, after receiving the instruction to transfer, sell your investments and make the transfer to us in cash.

Lines are open Monday to Friday - 8am to 8pm, Saturday - 9am to 5pm.

*Please note that the value of stocks and shares ISAs (and any income received from them) can fall as well as rise and you may not get back what you invested. For some investments this can also happen as a result of exchange rate fluctuations as shares and funds may have an overseas exposure.

Summary Box

Account name

M&S Cash Individual Savings Account- Variable Rate Option

What is the interest rate?

Balance Interest rate
All balances 0.80% AER tax free - Up to 9 February 20170.50% AER tax free - From 10 February 2017

Interest is calculated daily and is paid annually.

Interest is paid gross.

Can M&S Bank change the interest rate?

Yes, we can change the interest rate on this account in line with clause 24 of the M&S Cash Individual Savings Account Terms and Conditions:

If we increase the rate of interest, we'll tell you personally within 30 days of the change.

If we reduce or remove the credit interest we will tell you personally at least 60 days in advance of the change.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Initial deposit Interest rate Balances after 12 months
£1,000 0.80% AER tax free - Up to 9 February 20170.50% AER tax free - From 10 February 2017 £1,008.00 - Up to 9 February 2017£1,005.00 - From 10 February 2017

For the purpose of this calculation it is assumed:-

  • Initial deposit of £1,000
  • No additional deposits
  • No withdrawals
  • No change to the interest rate during the 12 months

How do I open and manage my account?

Eligibility:

  • You must be aged 16 years or over.
  • You must be resident in the UK for tax purposes, or if not so resident, be a Crown employee serving overseas, or be married to, or in a civil partnership with such a person.

How to open the account:

  • You can open the account online, by telephone, branch or by post.

Minimum/Maximum balance:

  • Minimum deposit of £1 to open an account.
  • The maximum amount you can deposit is subject to annual subscription limits. The annual subscription limit for the 2016/17 tax year is £15,240. This can be saved in a cash ISA, a stocks and shares ISA or an innovative finance ISA with either the same or different providers.
  • The maximum balance you can hold is subject to the ISA Regulations.

How to manage the account:

Once opened you can manage the account by telephone or by post.

Can I withdraw money?

Yes, you have instant access to your account. You can make as many fee free withdrawals as you like. However, once you've paid in your full year's cash ISA allowance, you can't replace any money you've withdrawn in the same tax year.

The minimum amount you can withdraw is £10 unless your account balance is less than this.

If you withdraw funds from your ISA you will lose the associated tax benefits.

Additional information

A 30 day cancellation period applies to this account.

Interest is paid tax free, that is free from UK Income Tax and Capital Gains Tax.

The value of tax benefits described depends on individual circumstances. The tax treatment of ISAs could change in the future.

Subscribing to a cash ISA may affect your eligibility to subscribe to a Help to Buy: ISA.

Definitions

  • AER stands for annual equivalent rate. This shows you what the gross rate would be if interest were paid and compounded each year.
  • Tax free means free from personal liability to any UK Income Tax and Capital Gains Tax.
  • ISA stands for Individual Savings Account.

Rates correct as at 25.11.16

Summary Box

Account name

M&S Cash Individual Savings Account - Fixed Rate Option (Issue 27)

What is the interest rate?

Balance Term Interest rate
£500 + 1 year term 0.80% AER tax free
2 year term 0.90% AER tax free
3 year term 1.00% AER tax free

Interest is calculated daily and paid annually.

Can M&S Bank change the interest rate?

No, once the account is opened the rate will remain fixed for the duration of your fixed rate period.

What would the estimated balance be after a term of 1,2 or 3 years based on a £1,000 deposit?

Initial deposit Term Interest rate Balance at end of fixed term period
£1,000 1 year 0.80% AER tax free £1,008
2 years 0.90% AER tax free £1,018.08
3 years 1.00% AER tax free £1,030.30

For the purpose of this calculation it is assumed:-

  • Initial deposit of £1,000
  • No additional deposits
  • No withdrawals

How do I open and manage my account?

Eligibility:

  • You must be aged 16 years or above.
  • You must be resident in the UK for tax purposes, or if not so resident, be a Crown employee serving overseas, or be married to, or in a civil partnership with such a person.

How to open the account:

  • You can open the account online, by telephone, branch or by post.

Minimum/Maximum balance:

  • A minimum of £500 must be deposited to open the account.
  • The maximum amount you can deposit is subject to annual subscription limits. The annual subscription limit for the 2016/17 tax year is £15,240. This can be saved in a cash ISA, a stocks and shares ISA or an innovative finance ISA with either the same or different providers.
  • The maximum balance you can hold is subject to the ISA Regulations.

How to manage the account:

Once opened, you can manage the account by telephone or by post.

Can I withdraw money?

You can't make partial withdrawals, however, subject to the following charges, you can withdraw your funds in total and your account will be closed. Interest will be paid until the account is closed, however, depending on when you close your account you may get back less than your original deposit.

1 year term 2 year terms 3 year term
Withdrawal fee £50 £75 £100

A notice of maturity will be sent to you 14 days before your fixed rate matures outlining your options which may include the option to reinvest in another fixed rate term and the option to withdraw your funds. If we do not hear from you we reserve the right to reinvest your funds in another fixed rate ISA or transfer your funds to a variable rate ISA - we will outline which of these will apply in the notice we send you.

Additional information

A 30 day cancellation period applies to this account.

Interest is paid tax free, that is free from UK Income Tax and Capital Gains Tax.

The value of tax benefits described depends on individual circumstances. The tax treatment of ISAs could change in the future.

Subscribing to a cash ISA may affect your eligibility to subscribe to a Help to Buy: ISA.

Definitions:

  • AER stands for annual equivalent rate. This shows you what the gross rate would be if interest were paid and compounded each year.
  • Tax free means free from personal liability to any UK Income Tax and Capital Gains Tax.
  • ISA stands for Individual Savings Account.

Rates correct as at 25.11.16

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