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Why choose a cash ISA?

An ISA is an ‘Individual Savings Account’ which allows UK taxpayers to benefit from tax-free interest on their savings. To have a cash ISA you must be a UK resident. For those who would like to invest into a stocks and shares ISA you must be 18 or over. You can only pay into one cash and one stocks and shares ISA each year as long as you do not exceed your ISA allowance.

  • Earn tax-free interest
  • Easily transfer existing ISAs
  • Available as easy access or fixed rate
  • Choose monthly or annual interest
  • Higher interest with longer term

What is the ISA allowance?

Each tax year (6th April to 5th April) the government sets a maximum amount you can invest into an ISA. This can be split between a cash and a stocks and shares ISA. You can find details of this year's ISA allowance here

Current Cash ISA Accounts

View our competitively priced cash ISAs currently available

Easy Access ISA 1.15%
1 Year 1.35%
2 Year 1.45%
3 Year 1.50%
5 Year 1.60%
Cash Lifetime ISA 1.15%

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.

The transfer was much quicker than anticipated...The account was easy-to-set up and the system is easy-to-use

- Greg Haycock

Which account is right for me?

Fixed rate Easy access
Interest rate changes
Your rate will remain fixed for the agreed term you have chosen Your interest rate will be variable so can change over time. If your rate increases we may do this without prior notice, but for any other changes we plan to make, we will let you know two months in advance
Number of deposits accepted
Lump sum deposits plus any ISA transfers can be made as a one-off basis, after this no further deposits can be accepted You decide how many deposits you want to make into your ISA. You can also choose to transfer your existing ISAs.
Nominated bank account
When you open your account, you will be asked to enter the details of your nominated bank account. This is the account that you will need to make your deposits to and withdrawals from When you open your account, you will be asked to enter the details of your nominated bank account. This is the account that you will need to make your deposits to and withdrawals from
If you make any withdrawals or transfers to another provider during the fixed term, interest penalties will apply. These are dependent on the term of your account With an easy access cash ISA, we don’t include any introductory bonus rates or restrictions, so you can choose when you want to withdraw your money.
End of term
When your fixed term ends, we’ll email you in advance, explaining what options are available to you. Whether you’re looking to reinvest, or want to withdraw your money. If you don’t let us know what you want to do with your money we will automatically switch your account to an easy access cash ISA which you will be able to access at any time As your account is easy access there is no fixed term. You decide how much you want to save and how long you want to keep your account open
Account management
You can open and manage a Paragon Fixed Rate cash ISA online or by post You can open and manage a Paragon Easy Access cash ISA online
View fixed rate cash ISAs View easy access cash ISAs

Can I transfer money between ISAs?

Yes. From the 1 July 2014 ISAs became more flexible so not only can you transfer from a cash ISA into a stocks and shares ISA, but you can now also transfer money from your existing stocks and shares ISA into a cash ISA.

This change is important for those savers who have in the past used stocks and shares ISAs in an effort to receive improved returns, but no longer want to risk their capital investment and so would like to switch to a cash ISA.

When transferring an ISA you should always make sure you do it through an ISA transfer request with your bank or building society, otherwise your account will lose its tax-free status, which applies now and in the future.

Still have questions?

If you’re still unsure about the different types of cash ISAs and how they work we’ve created some useful Q&As to help you decide on which account is right for you.

Next steps

More about ISAs

For more information about the types of cash ISAs and useful Q&As view our online support here

Need some help?


We've collected all our useful documents in one place for your convenience.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551