Telephone us on 08 456 100 100
Section: Savings.
Apply for a Cash ISA (opens overlay window)
Cash ISA - rates from 0.50% AER (0.50% tax-free) to 3.00% AER (2.96% tax-free) variable depending on your balance.
It's important to save for the future - and whether you’re saving towards a particular goal or purchase, our Cash ISA, which pays 3.00% AER (2.96% tax-free) variable on balances of £40,000 and over, could be a firm step in the right direction. You can start saving from £1, you earn tax-free interest, and you get instant access to your money whenever you like. And it's so simple, you can complete your ISA application online.
A cash ISA is a way of saving or investing without paying tax on your earnings, since all income and capital gains arising within an ISA are exempt from any personal liability to UK income tax and capital gains tax. A payment by you into an ISA in any tax year is called a subscription. The overall ISA subscription limit in the current Tax Year is £11,520 for anyone eligible to invest in an ISA. Up to £5,760 of this overall limit can be saved in a cash ISA with one provider. See How much can I save? for more information on subscriptions limits.
There are two types of ISA - a stocks and shares ISA, and a cash ISA. We offer both, but you can only take out one of each per year.
All ISA providers are required to report details of ISA subscriptions made by their customers to HM Revenue & Customs (HMRC) so that HMRC can check that individuals do not exceed the limits.
ISAs may be transferred to another ISA with the same or a different ISA provider (note - not all cash ISAs accept transfers in and some providers may impose a charge for transferring an ISA out). When an ISA is transferred in this way, any amount transferred from previous years' allowances are not classed as subscriptions and therefore do not count towards the subscription limits explained above. Previous years allowances do not need to be transferred in full, they may be split between different providers. Any amount being transferred from the current tax year, however must be transferred as a whole and will count towards your current year subscription allowance. You may transfer a cash ISA to a stocks and shares ISA, however it is not possible to transfer a stocks and shares ISA to a cash ISA.
That means you can transfer any ISA balances to us, held with other providers, from previous or current tax years. (Transfers from existing first direct cash ISAs to another first direct cash ISA with a fixed rate are not permitted.)
The value of investments (and any income received from them) can fall as well as rise and you may not get back what you invested. For some investments this can happen as a result of exchange rate fluctuations as shares and funds may have an exposure to overseas markets.
You should plan to invest over the medium to long term, at least five years as a minimum.
Our Cash ISA lets you enjoy tax-free growth and instant access to your money if you need it. This information will give you a better idea of what's involved - though please make sure you read the Interest Rates and Charges PDF download (opens in new window) and
Terms and Conditions PDF download (opens in new window) before you apply.
Our downloads are in a PDF format. To read them you'll need to have Adobe Reader 4.0™ or above. It's free and you can get Adobe Reader here (opens in new window).
| Balance | AER | Tax free |
|---|---|---|
| £1+ | 0.50% | 0.50% |
| £5,000+ | 1.20% | 1.19% |
| £10,000+ | 1.70% | 1.69% |
| £20,000+ | 2.20% | 2.18% |
| £40,000+ | 3.00% | 2.96% |
| Summary box and Key Product Information | ||||
|---|---|---|---|---|
| Account Name |
Cash ISA. |
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| Interest rates |
Tiered interest rates on balances above £1. Interest calculated daily and applied monthly. see our interest rates and charges information for full details |
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| Tax status |
ISAs are free from personal liability to any UK Income Tax and Capital Gains Tax. |
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| Conditions for bonus payment |
No bonus payments on this account. |
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| Withdrawal Arrangements |
Charge free instant withdrawals can be made by transfer to another first direct account in your name, over the phone or via Internet Banking. Transfers to other banks may take longer. |
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| Access |
The account can be applied for online or by post and can be managed online, by post or by telephone. |
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| How much can I save? | |
| How to manage my account | |
| How to apply | |
| What else should I know? |
AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.
Gross is the interest rate before the deduction of tax applicable to interest on savings accounts.
Tax-free free from personal liability to any UK Income Tax and Capital Gains Tax.
The value of the tax benefits described depends on individual circumstances. The tax treatment of ISAs could change in the future.
Apply for a Cash ISA (opens overlay window)
You can apply online through your Internet Banking. As you're currently logged in, just select Apply online from the left hand menu within Internet Banking
Log on to apply (opens in new window)
Once you've logged on to Internet Banking, just select 'Apply', and choose 'Cash ISA' from the left hand menu.
If you haven't yet registered for Internet Banking, simply click on the link below and enter your support and access ID details. If you haven't received your support and access IDs, please call us on 08 456 100 100.
Register for Internet Banking (opens in new window)
Or to apply over the telephone call us on:
telephone 08 456 100 100
You can request an application to open a Cash ISA for the current Tax Year over the telephone.
download a Cash ISA application form pdf (opens in new window)
To open a Cash ISA you will also need to open a first direct 1st Account, our current account.
Learn more about the 1st Account
You can also talk to us anytime on:
telephone 0800 24 24 24
Our downloads are in a PDF format. To read them you'll need to have Adobe Reader 4.0™ or above. It's free and you can get Adobe Reader here (opens in new window).
Your eligible deposits with HSBC Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. This limit is applied to the total of any deposits you have with HSBC Bank plc and first direct.
Any total deposits you hold above the £85,000 limit between HSBC and first direct are not covered.
Our downloads are in a PDF format. To read them you'll need to have Adobe Reader 4.0™ or above. It's free and you can get Adobe Reader here (opens in new window).
first direct is a division of HSBC Bank plc. © HSBC Bank plc 2012. All Rights Reserved. Member HSBC 
Group.
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