Variable Rate Cash ISA

Our Variable Rate Cash ISA may be right for you, if you would like a flexible approach to tax-free saving, allowing you to add to your ISA throughout the year, up to the annual limit and giving you easy access to your funds with no notice required.

  • Save in branch or by post
  • Save from £1 to £15,240
  • Transfer in your existing Cash ISA
  • Interest is calculated on your daily balance and can be paid annually or monthly
  • Enjoy the benefits of a flexible ISA
  • No notice required
  • Closure permitted

Product detail

Account name - Variable Rate Cash ISA


  Interest rate Balance Tax-free^ p.a. AER†
Variable £1 - £15,240 0.60% 0.60%
Open your account in branch or by post

Once your account is open you can manage your account in one of our branches or by post.

Interest is calculated daily and paid annually on 6 April

You can choose whether to add your interest to your ISA, transfer it to another Principality account or have it transferred into another UK bank or building society account.

Invest your 2016/17 ISA allowance or move your existing Cash ISA to us

You can save from £1 to £15,240 (the current annual Cash ISA limit) where you are investing your 2016/17 ISA allowance.

If you already have a Cash ISA with someone else, you could enjoy a better rate on those savings with Principality. We outline the simple steps to making a transfer when you apply.

Withdraw money with no notice

If you need access to your money, you can make a withdrawal at your local branch, without giving notice.  You can withdraw from £1 to £500 from your branch, or up to your maximum account balance by cheque per day, as long as you don't fall below the minimum balance. 

If you invest in your ISA, you are able to make a withdrawal and replace that money before the end of the same tax year, without it contributing any further towards your annual ISA allowance.

If you have more than £500 to invest in this ISA, there may be another ISA which may be right for you.

Service Charges and Cost Related Charges may apply to your account, these are outlined in our Tariff of Charges.

Variable account rates could increase or decrease. Customers will be given personal notification of any material reduction in interest rates a reasonable time before the change takes effect or, if the Account is a payment services account, 60 days before the change takes effect. To understand why rates may be reduced please refer to page 12 of the Savings Terms and Conditions.

In certain circumstances we may refuse an instruction to operate an account. These circumstances are outlined on page 5 of the Savings Terms and Conditions.

Summary information

Summary Box - key product information for our savings account(s)

Account name - Variable Rate Cash ISA


  Interest rate Balance Tax-free^ p.a. AER†
Variable £1 - £15,240 0.60% 0.60%

Tax status
Tax-free^

Conditions for bonus payments
Not applicable.

Withdrawal arrangements
You do not have to give notice. You can withdraw from £1 to £500 from any branch per day, or up to your maximum account balance by cheque per day, as long as you don't fall below the minimum balance of £1. If your balance falls below £1, your ISA will close. 

If you invest in your ISA, you are able to make a withdrawal and replace that money before the end of the same tax year, without it contributing any further towards your annual ISA allowance.

Access
You can open and operate your account in branch or by post.

Service Charges and Cost Related Charges may apply to your account, these are outlined in our Tariff of Charges.

Variable account rates could increase or decrease. Customers will be given personal notification of any material reduction in interest rates a reasonable time before the change takes effect or, if the Account is a payment services account, 60 days before the change takes effect. To understand why rates may be reduced please refer to page 12 of the Savings Terms and Conditions.

In certain circumstances we may refuse an instruction to operate an account. These circumstances are outlined on page 5 of the Savings Terms and Conditions.

Help & guidance

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Terms & conditions

Variable Rate Cash ISA Terms & Conditions

If you are transferring previous years' ISA subscriptions, please enter your initial deposit as £1 on the application form. The application form will ask you whether you are making a transfer later in the process.

You can only open one Cash ISA per tax year.

As you will be bound by the Account Terms of the ISA, you must read them. If you do not understand any of the terms and conditions please contact us for further information.

We recommend that you print and keep a copy of these terms and conditions for your records.

Please also read the following:

  • 6th largest UK building society
  • A mutual building society, owned by and run for the benefit of our 500,000 members
  • Over 150 years experience
  • Taking care of over £8 billion of our customers' assets

^ Tax-free means the interest you earn is exempt from UK Income Tax and Capital Gains Tax. Tax treatment depends on your individual circumstances and may not be maintained in future.
† AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year.