Cash ISA

Make the most of your tax-free allowance with a Cash ISA.

What's all the fuss about?

• tax free interest 2.85% AER (2.81% tax-free) variable
• the interest rate effective from 2 October 2024 will be 2.70% AER (2.67% tax free) variable
• save between £1 and £20,000 this tax year
• instant access by a transfer to a first direct 1st Account
• you can transfer to us from other providers.

All things tax

If you are over 18 and eligible to subscribe, you can save up to £20,000 this tax year in an ISA without paying Income Tax or Capital Gains Tax on the interest.

The maximum amount you can deposit in an ISA is subject to annual subscription limits. The annual subscription limit for the current tax year is £20,000. From 6th April 2024, for customers aged 18 and over, ISA regulations allow this to be saved in multiple cash ISAs, multiple stocks and shares ISAs, multiple innovative finance ISAs* or up to £4,000 into one lifetime ISA* with either the same or different providers in the same tax year.

Customers aged 18 or over, will only be able to subscribe to one type of cash ISA and one type of stocks and shares ISA in the same tax year with either first direct or HSBC. However, even if they subscribe to an ISA with first direct (or HSBC) they will still be able to subscribe to ISAs with other ISA providers (subject to eligibility and availability).

*first direct do not currently offer an innovative finance ISA or a lifetime ISA.

There are changes to the ISA regulations from the 6 April 2024. For more information read our ISA reform FAQs (PDF).