Home Save & Invest Cash ISA Before you apply online APPLY ONLINE FOR THE M&S CASH ISA You are about to apply for or top up an existing M&S Cash ISA By clicking 'Start my application' or 'Top up your existing ISA' you agree that you have read all the information in the 'Before you apply' section below. All information you provide will remain safe, secure and confidential Your offer is loading… Your offer is loading… Before you apply Eligibility criteria To apply for an M&S Cash ISA you must: be a UK resident* be aged 16 or over have not subscribed to another Cash ISA in the current tax year * If not a UK resident, be a Crown employee serving overseas, or be married to, or in a civil partnership with, such a person. The M&S Cash ISA is not available to residents of the Channel Islands and the Isle of Man. What you'll be asked for During your application process we will need your: residential address previous residential address if you have been at your current address less than 3 years National Insurance number email address bank or building society details for future income or withdrawal payments debit card details Transferring an existing ISA It's easy to transfer from another provider's ISA into the M&S Cash ISA. All you have to do is send back to us the relevant transfer form and we'll do the rest. You can find the forms in the 'Important documents' section above. Once the transfer is complete, we'll let you know. Where you are transferring in a stocks and shares ISA to a cash ISA, your stocks and shares ISA manager will, after receiving the instruction to transfer, sell your investments and make the transfer to us in cash. Important documents Please read the following documents: M&S Cash ISA Terms and Conditions Cash ISA to M&S Cash ISA transfer form Stocks & Shares ISA to M&S Cash ISA transfer form M&S Bank Privacy Notice M&S Cash ISA Key Features UK FSCS Information Sheet and Exclusions List You may require Adobe PDF reader to view these documents. Download Adobe Reader Other important information Please read the following information: M&S Cash ISA Summary Box Fixed Rate Savings Issue 37 (Cash ISA) Summary Box Checking your details To comply with regulatory obligations we need to collect certain personal information from you, including your employment and income details and how you will fund your account. We will conduct various checks on applications and transactions. Your name and address will be checked with a credit reference agency to verify your identity and for crime prevention measures, using information from the Voters Roll and other public sources. If we're unable to confirm your details we will write to you to request verification prior to accepting and completing your application. We will check to confirm the card being used is yours by using a database maintained by the UK banks (Address Verification System). If we are unable to confirm the card is yours we will write to you requesting additional documentation to verify the transaction and outline the action we will take if we do not receive the documentation. Summary box Account name M&S Cash Individual Savings Account - Variable Rate Option What is the interest rate? Balance Interest rate All balances 0.10% AER tax free Interest is variable, is calculated daily and paid annually. Can M&S Bank change the interest rate? Yes we can change the interest rate on this account in line with the account's terms and conditions. What would the estimated balance be after 12 months based on a £1,000 deposit? Initial deposit Interest rate Balance after 12 months £1,000 0.10% AER tax free £1,001 For the purpose of this calculation it is assumed: Initial deposit of £1,000 No additional deposits No withdrawals No change to the interest rate during the 12 months How do I open and manage my account? Eligibility To be eligible you must: be aged 16 years or over be resident in the UK for tax purposes, or if not a UK resident, be a Crown employee serving overseas, or be married to, or in a civil partnership with, such a person How to open the account: You can open the account online, by telephone or by post. Minimum/Maximum balance Minimum deposit of £1 to open an account. The maximum amount you can deposit is subject to annual subscription limits. The overall ISA subscription limit is £20,000 for the 2021/22 tax year. You can subscribe to any combination of permitted ISAs in the same tax year, subject to the subscription limits and eligibility requirements for each type of ISA, but you cannot exceed the overall maximum ISA allowance of £20,000 for the 2021/22 tax year. The maximum balance you can hold is subject to the ISA Regulations. How to manage the account Once opened, you can manage the account by telephone or by post. Can I withdraw money? Yes, you have instant access to your account. You can make as many fee-free withdrawals as you like. However, once you've paid in your full year's cash ISA allowance, you can't replace any money you've withdrawn in the same tax year. The minimum amount you can withdraw is £10 unless your account balance is less than this. If you withdraw funds from your ISA you will lose the associated tax benefits. Additional information A 30 day cancellation period applies to this account. Interest is paid tax free, which means it is free from personal liability to UK Income Tax and Capital Gains Tax. The tax benefits provided by a cash ISA depend on your personal circumstances and tax rules may change in the future. Subscribing to a cash ISA may affect your eligibility to subscribe to a Help to Buy: ISA. Definitions: AER stands for annual equivalent rate. This shows you what the gross rate would be if interest were paid and compounded each year. Tax-free means free from personal liability to any UK Income Tax and Capital Gains Tax. ISA stands for Individual Savings Account. Rates correct as at 29.04.2021 Summary box Account name M&S Cash Individual Savings Account - Fixed Rate Savings Option What is the interest rate? Balance Term Interest rate £500 + 1 year term 0.15% AER tax free 2 year term 0.20% AER tax free 3 year term 0.40% AER tax free Interest is calculated daily and is paid annually. Can M&S Bank change the interest rate? No, once the account is opened the rate will remain fixed for the duration of your fixed rate period. What would the estimated balance be after a term of 1, 2 or 3 years based on a £1,000 deposit? Term Interest rate Balance at end of fixed term period 1 year 0.15% AER tax free £1,001.50 2 years 0.20% AER tax free £1,004.00 3 years 0.40% AER tax free £1,012.05 For the purpose of this calculation it is assumed: Initial deposit of £1,000 No additional deposits No withdrawals How do I open and manage my account? Eligibility To be eligible you must: be aged 16 years or over be resident in the UK for tax purposes, or if not a UK resident, be a Crown employee serving overseas, or be married to, or in a civil partnership with, such a person How to open the account: You can open the account online, by telephone or by post. Minimum/Maximum balance A minimum of £500 must be deposited to open the account. The maximum amount you can deposit is subject to annual subscription limits. The overall ISA subscription limit is £20,000 for the 2021/22 tax year. You can subscribe to any combination of permitted ISAs in the same tax year, subject to the subscription limits and eligibility requirements for each type of ISA, but you cannot exceed the overall maximum ISA allowance of £20,000 for the 2021/22 tax year. The maximum balance you can hold is subject to the ISA Regulations. How to manage the account Once opened, you can manage the account by telephone or by post. Can I withdraw money? If you make a withdrawal, switch money into an M&S Cash ISA Variable Rate Savings option, or transfer money to another ISA provider from your account before the end of the term, you'll incur a charge. If you do this you can only withdraw the full amount of your bond, you can't withdraw part of it. If you have multiple bonds, you can withdraw from one without having to withdraw from them all. Withdrawal charges: Charges that apply to each bond you're withdrawing from 1 year term 2 year term 3 year term £50 £75 £100 We'll take this charge from the amount of your deposit plus interest before we pay that to you. We'll calculate interest up to the day you tell us you want to withdraw. We'll pay the money to you by cheque or electronically direct to your bank or building society account. A notice of maturity will be sent to you 14 days before your fixed rate matures outlining your options which may include the option to reinvest in another fixed rate term and the option to withdraw your funds. If we do not hear from you we reserve the right to reinvest your funds in another fixed rate ISA or transfer your funds to a variable rate ISA - we will outline which of these will apply in the notice we send you. Additional information A 30 day cancellation period applies to this account. Interest is paid tax free, which means it is free from personal liability to UK Income Tax and Capital Gains Tax. The tax benefits provided by a cash ISA depend on your personal circumstances and tax rules may change in the future. Subscribing to a cash ISA may affect your eligibility to subscribe to a Help to Buy: ISA. Definitions: AER stands for annual equivalent rate. This shows you what the gross rate would be if interest were paid and compounded each year. Tax-free means free from personal liability to any UK Income Tax and Capital Gains Tax. ISA stands for Individual Savings Account. Rates correct as at 29.04.2021 Once you submit your application If you apply online, we'll keep you updated on the progress of your application. By clicking 'Start my application' you agree that you have read all the information in the 'Before you apply' section above. 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