Cash ISA

Phone, post, in-branch and online - manage your NatWest Cash ISA your way

No penalties – we won't charge you for withdrawing your money. However, if you decide to make a further deposit, remember that you can only deposit a maximum of £3600 or £5,100 if you are 50 or over by 5 April 2010, over the entire tax year

Tax-free interest – paid directly into your account

Fast transfers – it's quick and easy to move money between your Cash ISA and your other NatWest accounts

You will also need to hold or open an instant access account. We will use this account to hold your money if you accidentally put more than £3600 a year into your Cash ISA.

Not paid money into your Cash ISA for a year?

Complete our re-activation form.
UK regulations say that we have to lock your account if you don’t make any deposits for a year. This form lets you pay money into our Cash ISA again – the more you save, the higher the interest you’ll earn. Simply take your completed form into your local branch or post it to: Central Tax Unit, 9th Floor, 1 Hardman Boulevard, Manchester M3 3AQ.

Of course, you could simply open a new Cash ISA with us for the current tax year.

Earn 0.50% AER to 2.00% AER – with instant access

Save up to £3600 or £5,100 in a tax year - this is the limit for tax year 2009/2010, and the minimum balance is £1. From 6 October 2009, customers aged 50 or over by 5 April 2010 will qualify for the higher £5,100 annual limit.

Transfers made easy – we make it simple to move your cash ISA or cash ISA-TESSA funds from other providers. You’ll simply need to complete a ISA transfer form. Then simply take the completed ISA transfer form into your local branch.

If you do not currently have an ISA with us we'll open an account for you in branch. If you don't already bank with us we'll also need to open an instant access account, so please bring appropriate ID.

Using your Instant Access Cash ISA

• Do I need another account with NatWest?
• Are there any penalties?
• Can I transfer money in from more than one bank or building society?
• I have paid £700 of my current tax year allowance into a Cash ISA with another provider. Can I open another Cash ISA with NatWest and pay in the remaining £2,900?
• Do I need to enclose a cheque for my initial deposit and who should I make it payable to?
• I have received my ISA application form, what do I put in the ‘credit interest’ section?

Transfer your existing cash ISAs

• How do I transfer a Cash ISA with another provider to NatWest?
• How long does it take to transfer a Cash ISA?
• I have a TESSA ISA – can I transfer this to you?
• I have a stocks and shares ISA – if I transfer this to you will I get the bonus?
• I have an old cash ISA with NatWest which I haven’t used for several years. Can I transfer my cash ISA with another bank to you?
• I only want to transfer part of my cash ISA balance to NatWest – can I do this?
• What should I enter in the initial deposit section if I have already fully subscribed my tax-free allowance for the year?

Bonus offer and interest rate

• Do I qualify for the bonus?
• When is the interest paid?
• When is the bonus paid?

Do I need another account with NatWest?

Yes. You need to have a current account or instant access savings with us. We need this to receive any deposits which may accidentally exceed your annual ISA allowance.

Are there any penalties?

No. You can withdraw your money or close your account at any time. We’ll simply pay interest on the daily cleared balance.

Can I transfer money in from more than one bank or building society?

Yes. Simply fill out a cash ISA transfer form for each one you want to transfer.

I have paid £700 of my current tax year allowance into a Cash ISA with another provider. Can I open another Cash ISA with NatWest and pay in the remaining £2,900?

No, due to Cash ISA Regulations you cannot have more than one Cash ISA in a tax year.

However, you can pay the remainder of your annual allowance into your existing Cash ISA with the other provider and then transfer it over to us.

Do I need to enclose a cheque for my initial deposit and who should I make it payable to?

If you wish to make an initial deposit, please enclose a cheque with the application form and make it payable to yourself. If you do not wish to make an initial deposit you do not need to send a cheque.

I have received my ISA application form, what do I put in the 'credit interest' section?

If this section is left blank, interest will automatically be credited to your ISA. If you would like to credit another NatWest account, please specify the details in the box provided.

How do I transfer a Cash ISA with another provider to NatWest?

Simply complete a Cash ISA Transfer Form (PDF, 886k) and take this to any NatWest branch. If you do not currently have an ISA with us we'll open an account for you in branch. If you don't already bank with us we'll also need to open an instant access account, so please bring appropriate ID.

How long does it take to transfer a Cash ISA?

No more than 30 days. We follow the rules set down by HM Revenue and Customs

I have a TESSA ISA – can I transfer this to you?

Yes, since April 2008 these have been classed as Cash ISAs so you can transfer these to NatWest.

I have a stocks and shares ISA – if I transfer this to you will I get the bonus?

No. Stocks and shares ISAs cannot be converted to cash ISAs and so aren’t included within this offer.

I have an old cash ISA with NatWest which I haven’t used for several years. Can I transfer my cash ISA with another bank to you?

Yes. However you will also need to complete a reactivation form (PDF, 103k) as well as the Cash ISA transfer form (PDF, 886k).

I only want to transfer part of my cash ISA balance to NatWest – can I do this?

We will accept partial transfers however you will need to check with your existing ISA provider as their terms and conditions may not allow partial transfers.

What should I enter in the initial deposit section if I have already fully subscribed my tax-free allowance for the year?

Please key in £1 initial deposit, select payment method cheque/cash and click that you do not wish to make regular savings. This will allow you to move forward through the screens. By enclosing the transfer form with your application we will be aware that you do not wish to deposit £1 therefore you will not be oversubscribing to your ISA.

Do I qualify for the bonus?

If you transferred an existing Cash ISA from another provider to NatWest (excluding The Royal Bank of Scotland) between 18 September 2008 and 18 December 2008, then you qualify for the following bonus interest:

• 2% bonus interest for 12 months on Cash ISAs transferred between 18 September 2008 and 9 November 2008
• 1.76% bonus interest for 12 months on Cash ISAs transferred between 10 November 2008 and 18 December 2008.

When is the interest paid?

We calculate interest on the daily cleared balance in your account. We pay your interest on the last working day of every month.

When is the bonus paid?

We pay your bonus monthly – on the same day we pay your interest.

This page provides the current interest rates that apply to this account. We have a separate page for previous savings interest rates

Full copies of the fees and rates, and terms and conditions that apply to our personal accounts can be downloaded from our terms and conditions

Last updated on: 4 Sep 2009.

Including 1.76% bonus (for ISA transfers requested 10 Nov to 18 Dec 2008)

Last updated on: 4 Sep 2009.

Including 2% bonus (For ISA transfers requested 18 Sep to 9 Nov 2008)

Interest paid monthly.
Interest is paid tax free and is paid monthly to the account.

Bonus offer - This limited period offer is now closed.
Bonus is for customers transferring in Cash ISA funds from another provider (excludes transfers within the RBS Group) and is calculated on the whole balance in the account for 12 months from receipt of the Cash ISA transfer request. The bonus interest will be paid along with the standard interest payment.

1.76% gross bonus is for customers who apply to transfer from 10 November 2008 until 18 December 2008.
2.00% gross bonus is for customers who apply to transfer from 18 September 2008 until 9 November 2008.

Last updated on: 4 Sep 2009.

Annual Equivalent Rate (AER). This is a notional rate used for interest bearing accounts which illustrates what the gross credit interest rate would be if paid and compounded on an annual basis. It helps you to compare the effective rates of credit interest on different accounts.

Gross Rate. This means the interest rate you are paid before the deduction of income tax.

Net Rate. This means the interest rate you are paid after the deduction of income tax.

You can download terms and conditions for NatWest current accounts and savings accounts and information on fees and charges as PDFs.

We sometimes allow savings accounts to be operated in a way which enables the customer to give instructions for a withdrawal or other payment which cannot be met from the funds in the account. If this happens, we may apply charges to the account. Please read our leaflet Personal and Private Banking - A Guide to Fees and Interest which contains details of these charges.

NatWest Personal and Private Banking - Terms and Conditions (PDF File 330KB)

NatWest Personal and Private Banking - A Guide to Fees and Interest (PDF File 225KB)

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