Make your tax-free savings
At a glance:
- Maximise your savings with the tax-free* benefits of an ISA
- ISA Flexibility – you can replace any cash you withdraw from your ISA within the same tax year without it counting towards your annual ISA allowance (withdrawals and repayments are subject to individual product conditions)
- The interest earned on an ISA doesn’t count towards your Personal Savings Allowance so your savings work even harder for you
- You can combine any previously held ISAs into one account
- If you make a withdrawal you won't lose any of your ISA allowance
- Our Best Rate Guarantee
- Open an account with just £1 – maximum balance £2,000,000 (subject to the annual ISA allowance)
- Transfers in accepted
- Interest can be paid monthly or annually
- Customise your account with a personal name or savings goal
All Cash ISAs are tax-free.
But ours are hassle-free too.
Our Cash ISAs enable you to easily manage your annual subscription according to your individual needs, offering both ISA Flexibility and Portfolio ISA features.
For more information read our page on More about our ISAs.
The Summary Box:
Flexible Cash ISA
What is the interest rate?
0.85% Tax-free*/AER* Annual (variable)
0.85% Tax-free*/AER* Monthly (variable)
- Interest is calculated daily and can be paid monthly or annually, linked to the date we receive your initial deposit.
Can Ford Money change the interest rate?
- Yes – this is a variable rate product so we may increase and decrease your interest rate.
- When we increase your interest rate we will inform you at the earliest opportunity. When we decrease your interest rate we will give you at least 60 days’ notice of the reduction.
What would the estimated balance be based on a £1,000 deposit?
£1,008.50 based on £1,000 over 1 year at 0.85%
This projection is provided for illustrative purposes only and does not take into account your individual circumstances. This is based on no withdrawals or further deposits being made and interest being added to the account. The projected balance is based on the annual interest rate.
How do I open and manage my account?
- You must be aged 16 or over and resident in the UK for tax purposes.
- You can open this account online or via telephone.
- This account is accessed and managed online.
- You pay money in from your Nominated Account or from an existing Ford Money account, subject to the Terms and Conditions of that product.
- Your initial deposit must be received within 14 days from the date we receive your application.
- Minimum initial deposit £1.
- Minimum balance £1, maximum balance £2,000,000.
- You can make an unlimited number of deposits.
- The maximum amount of new money you can subscribe to a Cash ISA per tax year is set by HMRC ISA Guidelines.
- Transfers in are accepted, in line with HMRC ISA Guidelines.
Can I withdraw money?
- You can withdraw any available funds in the account, or transfer them to another ISA provider, at any time without notice or loss of interest.
- If we receive your request for a withdrawal by 2pm on any business day, the money should be available in your Nominated Account by the end of the following business day.
- Subject to HMRC ISA Guidelines, you can split your Cash ISA annual allowance between all or any of our Cash ISA products, provided that your annual allowance is not exceeded across all the Cash ISA products.
- Flexible Cash ISA is classed as a Flexible ISA. Flexible ISA rules allow you to withdraw and replace money in the same tax year without losing any of your tax-free entitlement so any amount you withdraw will be added to your remaining allowance figure for the tax year.
- If you request a transfer of current year ISA subscriptions, the total current ISA subscription amount must be transferred.
- You are responsible for registering and declaring your tax status and tax residencies, and for paying any tax due to HMRC - if your situation changes you need to update us, so please get in touch.
- Tax treatment is dependent on the personal circumstances of each customer and may be subject to change in the future.
The information provided above is a summary of the key features of the Ford Money Flexible Cash ISA and is not intended to be a substitute for reading the Product Terms and Conditions. Please make sure you have read the Product Terms and Conditions before applying.
As well as the tax-free benefits of an ISA, Our Flexible Cash ISA also offers you the convenience of making deposits and withdrawals whenever you want, without charge. It offers a variable rate of interest that can increase or decrease.
Under HMRC guidelines, your Flexible Cash ISA is classed as a Flexible ISA. Flexible ISA rules allow you to withdraw and replace money from the same ISA account in the same tax year without losing any of your tax-free entitlement. This means that any amount you withdraw will be added to your remaining allowance figure on this account for the tax year.
If you’re 16 years of age or older, a UK resident taxpayer with a National Insurance number then you’re eligible to open a Flexible Cash ISA. If you don’t have a National Insurance number, then it still may be possible for you to open one. Call us on 0345 266 1231 for further details.
You can also open a Flexible Cash ISA on behalf of someone else, either under a Power of Attorney or as a Deputy for someone deemed incapable of making their own financial decisions.
Your right to cancel
Should you decide it’s not for you, you can cancel your Flexible Cash ISA within the first 14 calendar days of account opening. The balance on your account, and any interest earned, will be repaid in full either to you, or to the previous ISA provider (if you transferred-in an ISA balance). Any money deposited will not count towards your ISA annual allowance for the tax year. If you close your Cash ISA within the 14-day cooling-off period, you can still open a subsequent Cash ISA with us or another financial institution, up to your annual allowance for the tax year.
Your balance must at all times be between £1 and £2,000,000. The maximum amount of new money you can subscribe to a Cash ISA per tax year is determined by HMRC ISA Guidelines.
From the day we receive your initial deposit, your Flexible Cash ISA will earn interest daily, based on the balance at the end of each day and calculated as 1/365th of the annual rate.
Transfers-in from existing Cash ISAs usually take 15 business days. Your Ford Money Cash ISA will earn interest from the next business day (inclusive of the ISA transfer process) or from the date of receipt from your previous ISA provider, whichever is earlier.
Interest can be paid annually or monthly on the anniversary date of your initial deposit and can be paid into:
- the same Flexible Cash ISA where it’s earned,
- any other Ford Money savings account you hold (subject to its Terms and Conditions),
- your Nominated Account.
Having interest paid into an account other than the Flexible Cash ISA will count as a withdrawal which can be replaced without counting towards your annual ISA subscription limit.
If you have selected your interest to be paid to your Nominated Account and the interest due date is a non-business day (Saturday, Sunday and Bank Holidays), we’ll send your interest payment via BACs on the next business day.
If the anniversary date falls on February 29th, we’ll pay your interest on February 28th, except in leap years when we will pay it on February 29th itself.
You can request to transfer current or previous ISA savings into your Ford Money Flexible Cash ISA during the application process. Or, if you already have a Cash ISA with us you can download the appropriate transfer form below.
You may transfer an existing Stock & Shares ISA to fund your Ford Money Cash ISA but please be aware that some or all of the investments within your Stocks and Shares ISA will be sold as only cash may be deposited into a Ford Money Cash ISA. Restrictions or fees specified within the Terms and Conditions of your Stocks and Shares ISA may apply to these sale transactions so it is advisable to check with your existing ISA provider for full information.
Transfers must be completed within 14 calendar days of the date we receive your application.
A Cash ISA transfer form is available as a downloadable PDF here.
A Stock and Shares ISA transfer form is available as a downloadable PDF here.
You can transfer your balance to another provider at any time without charge. You’ll need to contact your new provider and instruct them to request a transfer from us.
To make sure Flexible Cash ISA is the right product for you, read the following documents.
Gross p.a. (per annum) is the taxable rate of interest without the deduction of UK Income Tax per year.
AER stands for Annual Equivalent Rate. This shows what the gross rate would be if interest was paid and compounded each year. Every savings product will communicate an AER, so you’ll be able to compare product rates more easily.
Tax-free means you are exempt from UK Income Tax.
Tax treatment is dependent on the personal circumstances of each customer and may be subject to change in the future.
Term Breakage Charge
This is a charge or loss of interest applied if you make a withdrawal from a Fixed ISA product.