M&S CASH ISA

Take advantage of this year's tax-free ISA allowance

  • Save with an M&S Cash ISA and split your existing and new ISA subscriptions between fixed and variable rates
  • M&S Advantage Cash ISA option – earn 0.50% AER/tax-free (variable)
  • M&S Fixed Rate Savings option – earn 0.65% AER/tax-free with fixed rates over 1, 2 or 3 years

Apply for an M&S Cash ISA

The value of tax benefits provided by a cash ISA depend on your individual circumstances and tax rules could change in the future. Tax-free means free of UK Tax and Capital Gains Tax.

Features and benefits

Tax free and easy

The overall ISA subscription limit is £20,000 for the 2017/18 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 2017/18 tax year.

Save flexibly at a variable rate

With the M&S Advantage Cash ISA option, 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 However, if you reach your full ISA allowance for the current tax year, any amount withdrawn can't be replaced during the same tax year.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 Savings option of the M&S Cash ISA, 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 M&S Cash ISA option and the M&S Cash ISA Fixed Rate Savings option, provided you haven't subscribed to another ISA in the 2017/2018 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) 0.65% 0.75% 0.85%
Early withdrawal charge £50 £75 £100

Choose the option that's best for you.

You can divide your tax-free savings between the variable M&S Cash ISA option and the M&S Cash ISA Fixed Rate Savings option. For example, you could deposit £5,000 in the Advantage Cash ISA option and £15,000 in the Fixed Rate Savings option in the same tax year, provided you haven't subscribed to another ISA in the 2017/2018 tax year.

Remember, once you have paid in the maximum permitted to an ISA during any tax year, any amount withdrawn cannot be replaced.

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 transfer from other ISA providers, so your savings can continue to grow tax-free. If you are depositing or transferrring 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).

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 use one of the transfer forms below, and we'll do the rest.

Transfer an existing cash ISA to the M&S Cash ISA

Transfer an existing stocks and shares ISA to the M&S Cash ISA

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.

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 UK Income Tax and Capital Gains Tax. Interest will be credited to your account annually. Interest rates correct on 10/02/2017.

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-8pm Monday to Friday, 9am-5pm Saturday and 10am-4pm bank holidays. Calls are recorded.