M&S CASH ISA
Take advantage of this year's tax-free ISA allowance
Your tax-free allowance for 2022/23 ends on 5 April. View the key dates.
- Save with an M&S Cash ISA and split your existing and new ISA subscriptions between fixed and variable rates.
- M&S Cash ISA Fixed Rate option - earn between 3.50% AER/tax-free and 4.00% AER/tax-free with fixed rates over 1, 2 or 3 years.
- M&S Advantage Variable Rate option – earn 2.30% AER/tax-free (variable).
Apply for an M&S Cash ISA
The value of tax benefits provided by a cash ISA depends on your individual circumstances and tax rules could change in the future. Tax-free means free from personal liability to UK Income Tax and Capital Gains Tax.
Tax-free and easy
The overall ISA subscription limit is £20,000 for the current tax year. You can subscribe to any combination of permitted ISAs in the same tax year, subject to the subscription limits and eligibility requirements for each type of ISA, but you cannot exceed the overall maximum ISA allowance of £20,000 for the current tax year.
Save at a variable rate
With the variable rate option, Advantage, you can dip into (or top up) your savings whenever you want, without any penalty. However, if you reach your full ISA allowance for the current tax year, any amount withdrawn can't be replaced during the same tax year.
Earn a fixed rate for 1, 2 or 3 years
With the fixed rate option, the interest you receive is fixed for 1, 2 or 3 years and you can start saving from £500. There is a charge if you withdraw your money before the end of the fixed term – please see details below.
Mix and match
You can divide your tax-free savings between the variable and fixed rate options, provided you haven’t subscribed to another cash ISA in the current tax year.
Interest and early withdrawal charges
Our Fixed Rate Savings are a limited offer, subject to availability.
| 1 year fixed rate | 2 year fixed rate | 3 year fixed rate | |
|---|---|---|---|
| Interest (AER/Tax-Free) | 3.50% | 3.75% | 4.00% |
| Early withdrawal charge** | £50 | £75 | £100 |
**Partial withdrawals aren't permitted for the fixed rate cash ISAs.
Our Variable Rate Advantage ISA option
| Balance | Interest rate |
|---|---|
| All balances | 2.30% AER/tax-free |
Choose the option that's best for you.
You can divide your tax-free savings between the variable and fixed rate options. For exampe, you could deposit £5,000 in the variable rate option and £15,000 in the fixed rate option in the same tax year, provided you haven’t subscribed to another cash ISA in the current tax year.
Remember, once you have paid in the maximum permitted to an ISA during any tax year, any amount withdrawn cannot be replaced.
End of tax year
The current tax year 2022/23 ends on 5 April 2023. If you wish to subscribe to an M&S Cash ISA in this tax year you’ll need to ensure we receive a valid application and payment by the following dates:
Online
If you wish to apply for, or top up an M&S Cash ISA online you must have completed your application by 5pm on Tuesday 4 April 2023.
Postal
To ensure we can process your application before the end of the current tax year we’ll need to receive any postal applications by 28 March 2023.
Phone
You can apply or top up over the phone up to 6pm on Wednesday 5 April by calling 0808 002 2222.
If you are making an application or topping up via debit card please ensure that you have sufficient cleared funds in your bank account. Some card providers may need you to authorise large debit card payment amounts. Please contact your card provider in the first instance for advice. Payments need to be authorised by 5 April 2023 to ensure that the ISA subscriptions are made in the 2022/23 tax year.
Cash ISA lines are open 8am-6pm Monday to Friday, 9am-5pm Saturday and closed Sundays and public holidays.
Calls are recorded.
It's easy to transfer to an M&S Cash ISA
You can save up to £20,000 in the current tax year. In addition, we allow unlimited transfers from other ISA providers, so your savings can continue to grow tax-free. If you are depositing or transferring money into the Fixed Rate Savings option, each deposit or transfer will have a different start and maturity date.
There's no limit on the amount you can transfer. For example, if you've got £25,000 in an ISA with another provider, you can move all the money into your M&S Cash ISA – and still save up to £20,000 in the current tax year (as long as you haven't put any money in another ISA in the same tax year).
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.
The value of tax benefits provided by a cash ISA depend on individual circumstances and tax rules may change in the future.
Definitions
AER is the annual equivalent rate. This is the interest rate you'd get if interest was paid and added to your savings on an annual basis.
Tax-free means free from personal liability to UK Income Tax and Capital Gains Tax.
Interest will be credited to your account annually. Interest rates correct on 15.12.2022.
Instant help
Important documents
M&S Cash ISA Terms and Conditions
Cash ISA to M&S Cash ISA transfer form
Consumer Guide to Cash ISA Transfers
UK FSCS Information Sheet and Exclusions List
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Ready to apply?
Apply or top up online for an M&S ISA account
By post
Please print and return the relevant forms in the 'Important documents' section.
Lines are open 8am-6pm Monday to Friday, 9am-5pm Saturday (closed Sundays and public holidays). Calls are recorded.