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You are about to apply for or top up an existing
M&S Cash ISA
By clicking 'Start my application' 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
Before you apply
Eligibility criteria
To apply for an M&S Cash ISA you must:
- be aged 18 or over
- provide your National Insurance Number if eligible to hold one. You can check if you are eligible and apply for one online at Gov.Uk > Money and Tax > National Insurance
- in addition, in order to subscribe, you need to be resident in the UK for Tax purposes, or if not so resident, be a UK 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:
- permanent residential address
- previous permanent residential address
- National Insurance number or confirmation you are not eligible for one
- 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:
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Other important information
Please read the following information:
Summary box
Account name
M&S Cash Individual Savings Account - Variable Rate Option
The current interest rates are shown below
What is the interest rate?
| Balance | Interest rate |
|---|---|
| All balances | 2.30% AER/tax-free |
| Balance | All balances |
|---|---|
| Interest rate | 2.30% AER/tax-free |
Interest is variable, is calculated daily and paid annually.
Can M&S Bank change the interest rate?
Yes. The account pays a variable rate of interest, which means it can change over time. The M&S Cash ISA Terms and Conditions explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.
What would the estimated balance be after 12 months based on an initial £1,000 deposit?
| Initial deposit | Interest rate | Balance after 12 months |
|---|---|---|
| £1,000 | 2.30% AER/tax-free | £1,023.00 |
| Initial deposit | £1,000 |
|---|---|
| Interest rate | 2.30% AER/tax-free |
| Balance after 12 months | £1,023.00 |
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
Projection provided for illustrative purposes only and does not take into account individual circumstances.
How do I open and manage my account?
Eligibility
To be eligible you must:
- be aged 18 years or over
- provide your National Insurance Number if eligible to hold one. You can check if you are eligible and apply for one online at Gov.Uk > Money and Tax > National Insurance
- In addition, in order to subscribe you need to be resident in the UK for tax purposes, or if not so resident, be a UK Crown employee serving overseas, or be married to, or in a civil partnership with, such a person
How to open the account:
This account can only be opened in a sole name. You can open the account online, by telephone or by post. Or you can transfer current and/or previous tax years' subscriptions from cash ISAs or stocks and shares ISAs (held with us or other ISA providers) by completing an ISA transfer form.
Minimum/Maximum balance
- Minimum deposit of £1 to open an account.
- 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. - No maximum balance.
How to manage the account
Once opened, you can manage the account by telephone or by post.
Can I withdraw money?
Withdrawals are free of charge. 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.
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 future tax benefits.
Additional information
A 30 day cancellation period applies to this account.
You can check if you are eligible and apply for one online at Gov.Uk > Money and Tax > National Insurance.
Interest is paid tax-free, that means it is paid free from UK Income Tax and Capital Gains Tax.
The value of tax benefits provided by a cash ISA depend on your personal circumstances and tax rules may change in the future.
Definitions:
- AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.
- ISA stands for Individual Savings Account.
Rates correct as at 03.06.2025
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 | 4.00% AER tax free |
| £500+ | 2 year term | 3.80% AER tax free |
| £500+ | 3 year term | 3.55% AER tax free |
| Balance | £500 + |
|---|---|
| Term | 1 year term |
| Interest rate | 4.00% AER tax free |
| Balance | £500+ |
| Term | 2 year term |
| Interest rate | 3.80% AER tax free |
| Balance | £500+ |
| Term | 3 year term |
| Interest rate | 3.55% AER tax free |
Interest is fixed, calculated daily and 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 12 months based on an initial £1,000 deposit?
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 18 years or over
- provide your National Insurance Number if eligible to hold one. You can check if you are eligible and apply for one online at Gov.Uk > Money and Tax > National Insurance
- In addition, in order to subscribe you need to be resident in the UK for tax purposes, or if not so resident, be a UK Crown employee serving overseas, or be married to, or in a civil partnership with, such a person
This account can only be opened in a sole name. You can open the account online, by telephone or by post. Or you can transfer current and/or previous tax years' subscriptions from cash ISAs or stocks and shares ISAs (held with us or other ISA providers) by completing an ISA transfer form.
Minimum/Maximum balance
- A minimum of £500 must be deposited to open the account.
- 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. - No maximum balance.
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.
| 1 year term | 2 year term | 3 year term |
|---|---|---|
| £50 | £75 | £100 |
| 1 year term | £50 |
|---|---|
| 2 year term | £75 |
| 3 year term | £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.
If you withdraw funds from your ISA you will lose the associated future tax benefits.
A notice of maturity will be sent to you 14 days before your fixed rate option matures outlining what you can do, which may include the reinvesting in another fixed rate option and/or withdrawing your funds. If we do not hear from you, we reserve the right to either reinvest your funds in another fixed rate option or transfer your funds to the variable rate option - 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.
You can check if you are eligible and apply for one online at Gov.Uk > Money and Tax > National Insurance.
Interest is paid tax-free, that means it is paid free from UK Income Tax and Capital Gains Tax.
The value of tax benefits provided by a cash ISA depend on your personal circumstances and tax rules may change in the future.
Definitions:
- AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.
- ISA stands for Individual Savings Account.
Rates correct as at 13.05.25.
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.