Our features and benefits
- M&S Cash ISA Fixed Rate option - earn between 3.55% AER/tax-free and 4.00% AER/tax-free with fixed rates over 1, 2 or 3 years
- M&S Advantage Variable Rate option - earn 2.30% AER/tax-free (variable)
The value of tax benefits provided by a cash ISA depends on your individual circumstances and tax rules could change in the future. Tax-free means free from personal liability to UK Income Tax and Capital Gains Tax.
Tax-free and easy
The overall ISA subscription limit is £20,000 for the current tax year, with a separate annual payment limit (currently £4000) that applies to Lifetime ISAs.
With M&S you can only subscribe to one M&S Cash ISA (this can be split across variable and fixed rate options) and one type of stocks and shares ISA in the same tax year.
Earn a fixed rate for 1, 2 or 3 years
With the fixed rate option, the interest you receive is fixed for 1, 2 or 3 years and you can start saving from £500. There is a charge if you withdraw your money before the end of the fixed term - please see details below.
| 1 year fixed rate | 2 year fixed rate | 3 year fixed rate | |
| Interest (AER/Tax-Free) | 4.00% | 3.80% | 3.55% |
| Early withdrawal charge* | £50 | £75 | £100 |
| Interest (AER/Tax-Free) | |
| 1 year fixed rate | 4.00% |
| 2 year fixed rate | 3.80% |
| 3 year fixed rate | 3.55% |
| Early withdrawal charge* | |
| 1 year fixed rate | £50 |
| 2 year fixed rate | £75 |
| 3 year fixed rate | £100 |
Save at a variable rate
With the variable rate option, Advantage, you can dip into (or top up) your savings whenever you want, without any penalty. However, if you reach your full ISA allowance for the current tax year, any amount withdrawn can't be replaced during the same tax year.
| Balance | Interest rate |
| All balances | 2.30% AER/tax-free |
| Balance | All balances |
|---|---|
| Interest rate | 2.30% AER/tax-free |
Choose the option that's best for you
You can divide your tax-free savings between the variable and fixed rate options. For example, you could deposit £5,000 in the variable rate option and £15,000 in the fixed rate option in the same tax year.
Our ISA isn't a flexible cash ISA, so any amount withdrawn will not change how much of your annual ISA subscription limit you have already used. If you have fully subscribed, you will need to wait until the next tax year to subscribe further funds.
Benefits of transferring to an M&S Cash ISA
You can save up to £20,000 in the current tax year. In addition, we allow unlimited transfers from other ISA providers, so your savings can continue to grow tax-free. If you are depositing or transferring money into the Fixed Rate Savings option, each deposit or transfer will have a different start and maturity date.
There's no limit on the amount you can transfer. For example, if you've got £25,000 in an ISA with another provider, you can move all the money into your M&S Cash ISA - and still save up to £20,000 in the current tax year (as long as you haven't fully used your annual ISA allowance in the current tax year).
It's easy to transfer from another provider's ISA into the M&S Cash ISA. All you have to do is use one of the transfer forms below; complete it and send it back to us and we'll do the rest.
You may require Adobe PDF reader to view these documents. Download Adobe Reader
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.
Frequently asked questions
Important documents
You may require Adobe PDF reader to view these documents. Download Adobe Reader
Ready to apply?
Apply over the phone
Apply by post
The value of tax benefits provided by a cash ISA depend on individual circumstances and tax rules may change in the future.
Definitions
AER is the annual equivalent rate. This is the interest rate you'd get if interest was paid and added to your savings on an annual basis.
Tax-free means free from personal liability to UK Income Tax and Capital Gains Tax.
Interest will be credited to your account annually. Interest rates correct on 10.07.2025.