Summary box for Cash ISA Saver
1. What is the interest rate?
It’s a variable rate as shown in the table below
|Your balance||Annual interest
- Your interest is paid on 31 March each year and on the anniversary of the account opening.
2. Can Lloyds Bank change the interest rate?
As this account pays a variable rate of interest the rate can change over time. For example we might review the interest rate if the Bank of England bank rate changes. We’ll always let you know of any planned changes to the rate. Our terms and conditions explain when and how we do this.
3. What might the future balance be?
Below is an example of what the future balance might be, after interest has been paid:
|Initial deposit||Tax free rate ||Balance after 12 months
This example assumes that:
- You don’t withdraw any money and interest isn’t paid out of the account
- The interest rate stays the same
- You make your initial deposit payment on the day you open the account
- You don't make any further deposits
4. How do I open and manage my account?
This account can be opened and managed in branch, by phone or online.
Opening this account
Managing this account
- ISAs have an annual limit this tax year of £20,000 for new contributions, and you can’t pay more than this limit into any combination of permitted ISAs within the same tax year.
- Keep in mind; you can only save into one cash ISA in a tax year. This includes Help to Buy: ISAs and cash ISAs held outside Lloyds.
5. Can I withdraw money?
You can make withdrawals from this account and there are no charges for doing so.
This is a flexible ISA, so if you make a withdrawal, you can pay that money back in to this account before the end of the tax year and not affect the amount you can save in your cash ISA tax free.
If you choose to close the account and move the money to a non-ISA account, your savings will lose their tax-free status. The tax treatment depends on your individual circumstances and may change in future.
After 12 months the account will automatically change to an Instant Cash ISA. See Instant Cash ISA interest rates (pdf).
Before this happens, we'll contact you to explain your options and next steps.
6. Additional information
Tax free is the rate of interest payable to you where your interest is exempt from income tax.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.
Apply for a Cash ISA Saver
To set up an account online, you'll need to be 16 or over and resident in the UK for tax purposes.