Cash ISA
ISA stands for Individual Savings Account. A Cash ISA provides the opportunity to earn competitive tax-free interest whilst retaining access to your savings.
- Minimum Opening Balance £10.
- Maximum investment of £5,340 in the 2011 / 2012 tax year.
- Interest paid gross (No deduction of basic rate tax).
- No limit on the frequency of withdrawals.
Cash ISA - Interest Rates
Balance from
(£) | Balance to
(£) | AER/Gross
% p.a. | Net Equiv.
% p.a. |
|---|
| 10.00 | 19999.99 | 1.20 | Tax - free |
| 20000.00 | 29999.99 | 1.50 | Tax - free |
| 30000.00 | 39999.99 | 2.30 | Tax - free |
| 40000.00 | 49999.99 | 2.40 | Tax - free |
| 50000.00 | - | 2.60 | Tax - free |
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
The Net Interest Rate quoted is paid or credited after deduction of income tax at the appropriate rate. Gross Interest is the rate payable before the deduction of income tax. Tax free means the rate of interest payable where the interest paid is exempt from income tax.
Your Next Step & How to apply
You can find out further information on this Cash ISA by reading the specific Account Terms & Conditions together with the Savings Service Agreement.
Please read both carefully as they set out your rights and obligations in your dealings with us. These documents can be found in the Related Links section.
If you would like to open a Cash ISA account you can apply either in one of our branches or you can download an application form using the image on the right. For further information on opening an account please see the documents Opening A New Progressive Account and Proving Your Identity in the Related Links section.
If at any time you require assistance or have a question about opening an account you can reach us by using the Contact Us form or by calling the number in the Help Section.