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Cash ISA (Issue 5)

Our Individual Savings Accounts (ISAs) provide options to encourage you to save without having to pay tax on the interest you earn.

How to Apply

1.10 %Tax-free/AER

  • A variable rate of interest depending on your balance
  • Invest from £10
  • Instant access
  • Apply in branch or by post

Summary Box

Account name

Cash ISA (Issue 5)

What is the interest rate?

Balance Interest Rate (Tax-free/AER)
£70,000 + 1.10%
£30,000 – £69,999 0.95%
£20,000 – £29,999 0.85%
£10 – £19,999 0.75%

The interest rate you receive will depend on your balance.
Once your balance increases or reduces to the next tier, you will receive that rate on your savings.

The interest is paid annually and will be credited to your account after close of business on 1 January.

Can Progressive change the interest rate?

Yes, the interest rate is variable. We can increase or decrease the interest rate as described in our Savings Service Agreement.

If we are decreasing the interest rate we will notify you at least 14 days before the change takes effect.

What would the estimated balance be after 12 months based on a range of deposits?

Initial Deposit Estimated Balance
£70,000 £70,770
£30,000 £30,285
£20,000 £20,170
£1,000 £1,007.50

These examples are based on the minimum lodgement for each interest rate tier made on account opening and assumes no further deposits or withdrawals are made throughout the year and that the interest rate does not vary during the 12 month period.

How do I open and manage my account?

The account is available to existing Members and new customers resident in the UK who are aged 16 years and over.

There is a minimum lodgement of £10 required to open this account.

You can save up to a maximum of the annual ISA allowance (£20,000 for the current tax year).

You can transfer existing ISA funds into the account.

The account can be opened and operated at any of the Society’s branches, agencies or by post.

Can I withdraw money?

Yes, this is an instant access account, withdrawals are allowed.

You can withdraw up to £500 in cash in a branch and £250 in cash in an agency, larger amounts must be withdrawn by cheque.

Additional information

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year. This will enable you to compare more easily the return you can expect from your savings over time.

This is a tax free account which means the interest paid is exempt from income tax.

The interest rate is correct as of 8 July 2019.

For further information refer to the terms and conditions of the account and the terms and conditions contained within the Savings Service Agreement. You can obtain a copy of these documents in the ‘Useful Information’ section below.

How to apply

Before you apply, please make sure you read the Summary Box, account terms and conditions, Savings Service Agreement and FSCS Information Sheet in full. You can save or print a copy of the PDFs for future reference. These documents contain details of your agreement with us for this account and we will rely on them for our relationship with you.

In branch

If you open your account in one of our branches we will use an electronic verification system to verify your identity and address. We cannot do this for applicants under 18 or if you are not registered on the electoral roll. In these instances you will be required to provide full identification documentation and these can be found in our leaflet Proving your identity.

Visit your local branch to open this account.

Find your nearest branch
By Post

To open this account by post:

  • review the Summary Box above;
  • read the account terms and conditions and the Savings Service Agreement;
  • review the FSCS leaflet for further information or visit fscs.org.uk;
  • download and complete the application form;
  • return the completed form with your cheque to the branch you want your account opened in.

We recommend that you download a copy of the documents and retain for your records.