Instant Cash ISA

If you have an adult cash ISA with us, it will change into this account at the end of its term if you don't give us other instructions.

Summary box for the Instant Cash ISA

What is the interest rate? expandable section

Earn 0.05% tax free/AER variable interest on balances of £1 or more.

Your interest frequency will stay the same.
Can Lloyds Bank change the interest rate? expandable section

Yes. As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our terms and conditions PDF, 69KB) explain when and how we do this. For example we might review the interest rate if the Bank of England base rate changes.
What might the future balance be? expandable section
For example, if you deposit £1,000.00 when you open the account, after 12 months you will have a balance of £1,000.50 after interest is paid.

This assumes:
- the interest rate stays the same for 12 months
- you make your deposit on the day you open the account and you don't add more money after that
- you don’t withdraw any money or interest.
How do I open and manage my account? expandable section
How the account is opened

If you have an adult cash ISA with us, it will change into this account at the end of its term if you don't give us other instructions. We will contact you before this happens to let you know your options.

This account is not available to any other customers.

Your sort code and account number will stay the same.

Managing the account

This account can be managed:
- online
- on our app
- in branch
- by phone.
Account limits

You can only pay into one cash ISA in a tax year, unless you're going to complete an ISA transfer. This includes Help to Buy: ISAs and cash ISAs with other banks. If your cash ISA changes to an Instant Cash ISA, it counts as the same cash ISA because the sort code and account number stay the same.

You can pay up to £20,000 into a combination of permitted ISAs this tax year. Read more about ISA limits.

Cash ISAs cannot be joint accounts.
Can I withdraw money? expandable section

You can withdraw money from this account and there are no charges for doing so.

This is a flexible ISA which means you can withdraw money and put it back in without counting towards your annual ISA limit.

Any money you move into an account that isn't an ISA will lose its tax-free status. Tax treatment depends on your individual circumstances and may change in the future.

You can close your account at any time.
Additional information expandable section

Savings terms explained

Tax free means you will not pay income tax on your interest.

AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

For more definitions, view our glossary.