M&S Cash ISA

Our features and benefits

• 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 3.45% AER/tax-free and 3.90% AER/tax-free with fixed rates over 1, 2 or 3 years
• M&S Advantage Variable Rate option - earn 2.50% AER/tax-free (variable)

Please note that issue 55 of our M&S Cash ISA Fixed Rate Savings option will close shortly and a new issue will launch on 20 January. As rates are increasing you may wish to consider waiting until 20 January before making your deposit.

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.

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.

Our Fixed Rate Savings are a limited offer, subject to availability.

*Partial withdrawals aren't permitted for the fixed rate cash ISAs.

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 However, if you reach your full ISA allowance for the current tax year, any amount withdrawn can't be replaced during the same tax year.

Our Variable Rate Advantage ISA option

Benefits of transferring 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 fully used your annual ISA allowance in the current tax year).

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

Transfer an existing cash ISA to the M&S Cash ISA (PDF document)(opens in a new window)

Transfer an existing stocks and shares ISA to the M&S Cash ISA (PDF document)(opens in a new window)

You may require Adobe PDF reader to view these documents. Download Adobe Reader (opens in a new window)

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.

Frequently asked questions

What is the Bank of England Base Rate?

When does the Monetary Policy Committee meet?

What does the Bank of England Base Rate do to my savings?