cash isa: Tax-Efficient savings
Make the most of your annual ISA tax-free allowance.
Eligibility criteria: You'll need to be 18 or older and have a Coutts Current Account. You can only subscribe to one Cash ISA with Coutts in any tax year up to £20,000.
Why choose our Cash ISA?
- Save up to £20,000 in the 2024/2025 tax year and pay no tax on any interest earned
- Keep instant access to your funds
- Withdraw and deposit your savings without affecting your annual ISA allowance
- Transfer any existing Cash ISAs you have with other providers to Coutts to make it easier to manage all of your savings
- Available for UK residents and in sterling only
- You can only subscribe to one Cash ISA with Coutts in any tax year up to £20,000
- We also offer a Stocks and Shares ISA
cash ISA: Summary Box
What is the interest rate?
Balance |
AER P.A. (VARIABLE) |
Tax Free P.A. (VARIABLE) |
|---|---|---|
£1+ |
4.58% |
4.50% |
- Interest is calculated daily and paid quarterly
- Rate effective from 28 November 2024
- Interest rate is variable. This means that we can change the interest rate
can coutts change the interest rate?
Yes, we may change the rate up or down. There could be a few reasons for this, such as changes to the Bank of England base rate, or to reflect changes in the costs we reasonably incur for providing your account.
If the rate goes down, we will give you at least 14 days’ notice.
What would the estimated balance be after 12 months, based on a £10,000 deposit?
- no further deposits or withdrawals are made
- any interest earned stays in the account
- there is no change to interest rates and tiers.
Deposit Amount |
Balance after 12 months |
£10,000 |
£10,457.66 |
Definitions
Annual Equivalent Rate (AER) |
This is a notional rate used for interest bearing accounts, which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts. |
|---|---|
Gross Rate |
The interest rate without the deduction of income tax (where applicable). Interest will be paid gross. |
PA |
Per annum (per year)
|
How do I open and manage my account?
- This account is only available to you if you hold a Coutts Current Account. Tax-free interest will be earnt on deposits up to £20,000 in the current tax year with a £1 minimum balance
- You can open your account online or by contacting your private banker
- You can manage your account by contacting your private banker or by using our digital services
- You can only subscribe to one Cash ISA with Coutts in any tax year up to £20,000
Can I withdraw money?
- Yes, you may withdraw money by transfer to your Coutts Current Account. No notice is required
- There is no limit on withdrawals
The Coutts Cash ISA is a Flexible ISA. Flexible ISAs allow you to withdraw and replace money in an ISA without the replacement counting towards your annual ISA allowance so long as the replacement is made into the same ISA the withdrawal was made from.
However, replacement money must be paid back into the same ISA on or before 5 April of the tax year during which it was withdrawn. If the replacement is paid in after 5 April, it will count towards the allowance for that tax year.
additional information
The Coutts Cash ISA is a tax-free savings account.
'Tax-free' means that interest payable on Cash ISAs is exempt from UK income tax, as long as the ISA conditions are met. The tax treatment may be subject to change in the future and depends on your individual circumstances.
If you are unsure of your tax obligations, we strongly recommend you obtain independent tax advice.
Frequently Asked Questions
important documents
Before you apply, please read the important legal documents below as well as our Privacy Notice, which explains how your information might be used.
If you carry on applying, it means you're happy with what's in these documents, including the FSCS information sheet. Please take some time to review, print and/or save the important information.
Financial Services Compensation Scheme
Your eligible cash deposits held with Coutts & Co are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered. Investment business undertaken with Coutts & Co in the UK may be covered by the FSCS, the cover depending on the nature of the claim being made. Eligible claims for most types of investment business are covered up to a maximum of £85,000 per person. FSCS cover is not available for loss of money resulting from performance of the investment.
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