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Why a Cash ISA could be for you
A Cash ISA offers tax-free interest on savings with fixed or easy access options.
Our Cash ISAs
We’ve found 6 accounts for you
1 Year Fixed Rate Cash ISA
An individual savings account that offers a tax-efficient way to save and the security of a guaranteed rate.
2 Year Fixed Rate Cash ISA
An individual savings account that offers a tax-efficient way to save and the security of a guaranteed rate.
3 Year Fixed Rate Cash ISA
An individual savings account that offers a tax-efficient way to save and the security of a guaranteed rate.
Easy Access Cash ISA
An individual savings account that offers a tax-efficient way to save and unlimited withdrawals.
5 Year Fixed Rate Cash ISA
An individual savings account that offers a tax-efficient way to save and the security of a guaranteed rate.
7 Year Fixed Rate Cash ISA
An individual savings account that offers a tax-efficient way to save and the security of a guaranteed rate.
Terms explained
AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded each year. We quote the AER on all of our accounts so that you can compare our products with those of other banks. GROSS is the interest rate without the deduction of income tax. This is the interest rate paid on your account. Terms & Conditions for Personal Accounts
Financial Services Compensation Scheme (FSCS)
Your eligible deposits with Shawbrook Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Joint accounts are protected up to £170,000. Any deposits you hold above the limit are unlikely to be covered. For further information visit www.fscs.org.uk
How do Cash ISAs work?
A Cash ISA allows you to save money without being taxed on the interest earned. You can invest up to £20,000 each tax-year as well as transfer in balances from our other ISAs. Choose from easy access or fixed rate account options.
For Easy Access Cash ISA Accounts, you can withdraw your money when you need it. For Fixed Rate Cash ISA Accounts, you can only withdraw your money without incurring any charges at the end of the fixed term.
Cash ISAs typically offer the flexibility to receive interest monthly or annually, based on your financial needs.
You can open a Cash ISA through banks, building societies, or credit unions.
To set one up simply:
- Choose your provider
- Complete their application form
- Deposit or transfer in your funds
Cash ISAs offer unique tax-benefits compared to Standard Savings Accounts. Learn about the differences.
What are the different types of ISAs?
There are six main types of ISA available on the market: Cash ISAs, Stocks and Shares ISAs, Innovative Finance ISAs, Lifetime ISAs, Help To Buy ISAs, and Junior ISAs.
At Shawbrook, we exclusively offer Cash ISAs in the form of Fixed Rate Cash ISA Accounts and Easy Access Cash ISA Accounts.
Fixed Rate Cash ISA Accounts
- Available in terms from 1 to 7 years
- They offer a competitive, guaranteed rate
- You can make withdrawals before maturity, but this will be subject to a loss of interest, known as the early exit charge
Easy Access Cash ISA Accounts
- The interest rate is variable but still competitive
- You have access to your money with fee-free withdrawals, subject to a minimum withdrawal limit of £500
- You can make unlimited deposits, subject to account balance limits. The minimum deposit is £1,000 and the maximum account balance is £250,000
ISA Transfer
An ISA transfer allows you to move savings you have with one ISA provider to another – ensuring your money retains its tax-free status, and without losing any of your £20,000 tax-free annual allowance. Transferring an ISA is a straightforward process, provided you follow the correct steps to maintain your tax-free benefits.
Personal Savings Allowance
Your Personal Savings Allowance (PSA) is the total amount of interest you can earn across all of your accounts (excluding ISAs) without paying tax, each year.
Your PSA depends on your taxable income:
- Basic-rate taxpayers (20%) can earn up to £1,000 in interest per year tax-free
- Higher-rate taxpayers (40%) can earn up to £500 of savings interest per year tax-free
- Additional-rate taxpayers (45%) are not eligible for a PSA
Annual ISA Allowance
The Annual ISA Allowance is a government-set limit for investments in ISAs, allowing savers to earn tax-free interest.
In the 2024/2025 tax-year, you can invest a total of £20,000 in multiple Cash ISAs with different providers at the same time.
While you can open and invest in several Cash ISAs in one tax-year, at Shawbrook we only allow you to open one Cash ISA per tax-year with us.
If you don't use the £20,000 allowance by 5 April 2025, it will be forfeited.
What is the ISA interest rate?
Interest rates on Cash ISAs vary depending on the provider and the type of ISA. Typically, they are either fixed or variable. Fixed rates remain the same for a set period, providing certainty. Whereas variable interest rates can fluctuate based on market conditions. This means your returns may increase or decrease over time, making it important to monitor changes regularly.
Who are ISAs best for?
Cash ISAs are best suited for individuals who are looking for a tax-efficient way to save money. They are ideal for those who want their savings to grow over time without having to pay taxes on the interest earned. This makes Cash ISAs an attractive option for both short-term and long-term financial goals.
Explore our other products
Savings Accounts
At Shawbrook, it’s all about saving smarter, not harder.We have a range of savings accounts to suit your needs. Consistently great rates, award-winning products and FSCS protected.
Fixed rate savings accounts
Find a fixed rate savings account with a term that suits your needs.Benefit from a guaranteed interest rate with terms ranging from 9 months to 7 years.
Easy Access accounts
Discover Easy Access savings with a competitive rate.Withdraw your money whenever you need it – open as a sole or joint account.
Notice savings accounts
Open a Notice savings account with as little as £1,000.Enjoy more flexibility than a fixed rate bond and choose a 45 or 120-day notice period.
Help
Below are some of the most common queries about our savings accounts.
For more information and help on ISAs specifically, visit our All About ISAs page.
Am I eligible to open a cash ISA?
You can open an ISA with us if:
- You’re at least 18 years old
- You’re a permanent UK resident, and only subject to UK tax
- Your cash ISA will be in your name only (we don’t offer joint ISAs)
You can only open and subscribe to one cash ISA account with Shawbrook in any given tax year. You cannot open a cash ISA acting on behalf of an account holder with power of attorney, guardianship or an intervention order.
Need more help?
We have a range of information to help you understand savings including how our products work, operating your account and getting in touch with our team.
Award-winning Savings
Make sense of savings
What are the benefits of a cash ISA?
Wondering if it’s worth having a cash ISA? We explore the pros and cons of Individual Savings Accounts. This guide will help you decide if it’s right for you.
Depositing & withdrawing from your account
Find out how to make a deposit and withdrawal from your savings account.
Savings accounts for your business
Make your cash work as hard as you do. If your business is in the enviable position of having some spare cash to hand - even if it’s for a finite period of time - it makes sense to get it working for you. At Shawbrook we have a range of solutions designed to suit the needs of your business.