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 Cash ISA Fixed Rate option - earn between 2.25% AER/tax-free and 2.75% AER/tax-free with fixed rates over 1, 2 or 3 years.
M&S Advantage Variable Rate option – earn 1.40% AER/tax-free (variable).

Please note that issue 41 of our M&S Cash ISA Fixed Rate Savings option will close shortly and a new issue will launch on 15 December. As rates are increasing you may wish to consider waiting until 15 December 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.

Features and benefits

Tax-free and easy

The overall ISA subscription limit is £20,000 for the 2022/23 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 2022/23 tax year.

Save flexibly 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 However, if you reach your full ISA allowance for the current tax year, any amount withdrawn can't be replaced during the same tax year.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 2022/23 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)	2.25%	2.50%	2.75%
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	1.40% 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 2022/23 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 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).

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

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

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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 personal liability to UK Income Tax and Capital Gains Tax. Interest will be credited to your account annually. Interest rates correct on 02.11.2022.