Cash ISA

Choose our Cash ISA if you are able to take advantage of tax-efficient savings and can invest up to £20,000 per year. If you want a fund for everyday expenses, or unexpected emergencies then take a look at our Instant Access Account.

If you would like your money to earn higher interest and don’t need instant access, chose our 10 or 35 day Notice Deposit Accounts.

The interest rate below is variable and is correct as at 09 February 2024.

Interest is calculated on the daily balance and credited to the account annually on or around 5 April and on the closure of the account.

Yes, these rates are variable. We can increase or decrease the rate for any of the reasons set out in the Handelsbanken Cash ISA additional terms. If the interest rate is reduced, we’ll give you at least 30 days’ notice of the change. A longer period may be required as a result of any change in law or regulation. If the interest rate is increased (which may be applied immediately), we’ll give you notice either before the change happens or as soon as possible afterwards. Please see the Handelsbanken Cash ISA additional terms for more details on when we may change the interest rates and the notice that we’ll give you.

This is an example only and doesn’t take into consideration your individual circumstances. The example assumes that:

• No further deposits or withdrawals are made
• There is no change in interest rates
• The interest earned stays in the account.

Any Handelsbanken customer can open a cash ISA account as long as they:

• Are aged 18 or over; and
• Are a resident in the UK. (The UK means England, Wales, Scotland and Northern Ireland). Additional rules apply for crown employees and their partners.

If you’re already a Handelsbanken customer, then speak to your account manager at your local branch. If you’re a new customer to Handelsbanken then call 0800 470 8000 to speak to our Customer Connect team.

A Handelsbanken Cash ISA can only be opened in an investor’s sole name.

Manage your account

You can open an account through your branch, and it can be managed online, through our app, by telephone or through your branch.

Deposits into your account are called ‘subscriptions’.

Deposits and subscription limits

There is a minimum deposit of £10 to open the account with no maximum balance limit. The ISA allowance, currently £20,000 for the 2024/25 tax year, is set by the UK Government. If you pay in more than the annual ISA allowance any excess will be returned to you.

You can withdraw your money at any time online, on our app, on the phone or by contacting your branch.

Any withdrawals will lose their tax-free status.

Once your ISA allowance has been reached for the tax year, you can’t later reinvest any withdrawals you made in that tax year. For example, if you invested the full £20,000 then withdrew £500, you wouldn’t be able to reinvest that £500 in the same tax year.

You’ve already used your full allowance when you invested the £20,000.

Tax

Interest will be paid without the deduction of tax as long as you comply with the relevant regulations of the Individual Savings Account Regulations 1998 as amended from time to time (the ISA Regulations).

Definitions

Annual Equivalent Rate: Annual Equivalent Rate (AER) is a figure which shows what the interest rate on an account would be if interest was paid for a full year and compounded.

Tax-free: Interest which is exempt from the UK income tax.