Apply onlinefor the M&S Cash ISA

You are about to apply for or top up an existing M&S Cash ISA

By clicking 'Start my application' or 'Top up your existing ISA' you agree that you have read all the information in the 'Before you apply' section below.

All information you provide will remain safe, secure and confidential

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Before you apply

Eligibility criteria

To apply for an M&S Cash ISA you must:

  • be a UK resident*
  • be aged 16 or over
  • have not subscribed to another Cash ISA in the current tax year

* If not a UK 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.

What you'll be asked for

During your application process we will need your:

  • residential address
  • previous residential address if you have been at your current address less than 3 years
  • National Insurance number
  • email address
  • bank or building society details for future income or withdrawal payments
  • debit card details

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 send back to us the relevant transfer form and we'll do the rest. You can find the forms in the 'Important documents' section above.

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.

Important documents

Please read the following documents:


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Other important information

Please read the following information:

Checking your details

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.

Summary box

Account name

M&S Cash Individual Savings Account - Variable Rate Option

What is the interest rate?

Balance Interest rate
All balances 3.00% AER/tax-free

Interest is variable, is calculated daily and paid annually.

Can M&S Bank change the interest rate?

Yes we can change the interest rate on this account in line with the account's terms and conditions.

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

Initial deposit Interest rate Balance after 12 months
£1,000 3.00% AER/tax-free £1,030.00

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

To be eligible you must:

  • be aged 16 years or over
  • be resident in the UK for tax purposes, or if not a UK 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 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 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.
  • 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, which means it is free from personal liability to UK Income Tax and Capital Gains Tax.

The tax benefits provided by a cash ISA depend on your personal circumstances and tax rules may 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 31.08.2023

Summary box

Account name

M&S Cash Individual Savings Account - Fixed Rate Savings Option

What is the interest rate?

Balance Term Interest rate
£500 + 1 year term 5.05% AER tax free
2 year term 5.10% AER tax free
3 year term 4.80% AER tax free

Interest is calculated daily and is 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?

Term Interest rate Balance at end of fixed term period
1 year 5.05% AER tax free £1,050.50
2 years 5.10% AER tax free £1,104.60
3 years 4.80% AER tax free £1,152.02

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

To be eligible you must:

  • be aged 16 years or over
  • be resident in the UK for tax purposes, or if not a UK 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 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 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.
    • 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?

If you make a withdrawal, switch money into an M&S Cash ISA Variable Rate Savings option, or transfer money to another ISA provider from your account before the end of the term, you'll incur a charge. If you do this you can only withdraw the full amount of your bond, you can't withdraw part of it.

If you have multiple bonds, you can withdraw from one without having to withdraw from them all.

Withdrawal charges: Charges that apply to each bond you're withdrawing from

1 year term 2 year term 3 year term
£50 £75 £100

We'll take this charge from the amount of your deposit plus interest before we pay that to you. We'll calculate interest up to the day you tell us you want to withdraw. We'll pay the money to you by cheque or electronically direct to your bank or building society account.

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, which means it is free from personal liability to UK Income Tax and Capital Gains Tax.

The tax benefits provided by a cash ISA depend on your personal circumstances and tax rules may 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 31.08.2023

Once you submit your application

If you apply online, we'll keep you updated on the progress of your application.

By clicking 'Start my application' you agree that you have read all the information in the 'Before you apply' section above.

Start my application