A Cash ISA is a type of Individual Savings Account (ISA), into which you can deposit money and earn tax-free interest on your savings.
The Moneybox Cash ISA can be opened with a minimum first deposit of £500 or by transferring in an existing ISA, and it currently offers an interest rate of up to 4.00% AER (variable).
New Cash ISA customers will earn 4.30% AER (variable) on balances of £500 or more, which includes a bonus rate of 0.85% for the first 12 months.
A lower interest rate of 0.75% AER (variable) applies whenever your account balance is less than £500, and you’ll temporarily lose the bonus rate until your balance increases to £500 or more.
There’s no limit to the number of withdrawals you can make, but if you withdraw four or more times within each 12-month period from the date of opening your Cash ISA, you’ll receive the lower rate for the rest of that period and lose the bonus rate if this is within your bonus period. The number of withdrawals you can make without impacting your rate will reset yearly on the date you opened your Cash ISA.
We also offer an Open Access Cash ISA with an interest rate of 4.52% AER (variable), including a bonus interest rate of 1.27% for the first 12 months. Please note that the Open Access Cash ISA is currently only available to existing customers. The minimum deposit for an Open Access Cash ISA is £1.
You can check whether you’ll earn the bonus interest rate on money you transfer in from another provider here.
Transfers in from other providers will also earn our underlying rate. However there are no restrictions on the number of withdrawals you can make.
You can pay up to £20,000 each tax year into an ISA, however, this limit is shared between any other ISAs you hold. You can find out more about how ISAs work in the ISA/GIA section of our help centre.