Danske Cash ISA

An instant access savings account that pays you tax-free interest.

Good to know

  • You can pay in and withdraw your money at any of our branches
  • Access your account 24 hours a day, 7 days a week via eBanking and our app
  • Interest is paid tax-free
  • Tiered interest rates - the more you save, the more you earn
  • Withdraw your money whenever you need it
  • Transfer in an existing ISA and we'll pay interest from the date you apply, provided the funds are free to move

Need to know

  • You must be aged 16 or over and a UK resident for tax purposes
  • You need your National Insurance number to apply
  • The ISA subscription allowance for the 2019/2020 tax year is £20,000 
  • Tax rules and tax levels may change in the future including the favourable treatment of ISAs

Want to open an account?

You can open a Danske Cash ISA account in any Danske Bank branch.

To arrange an appointment call us on 0800 660 033

Start chat

Interest rates

Rates correct as at 1 November 2019

BalanceTax-free/AER (variable)
Under £20,000 0.25%
£20,000 to £44,999 0.25%
£45,000 and over 0.75%

Interest rate with effect from 1 April 2020.

BalanceTax-free/AER (variable)
Under £20,000 0.20%
£20,000 to £44,999 0.20%
£45,000 and over 0.50%

One credit interest rate applies to the total balance of the account. That rate depends on the total balance.

Interest is calculated daily and paid into your account at the end of December each year.

Tax-free means that interest is paid free from income tax. This position may change in the future.

AER stands for 'Annual Equivalent Rate' and illustrates what the interest rate would be if interest was paid and compounded (paid on the total balance including previous interest) once each year.

The rate of interest is variable and subject to change in the future. Where the balance in your Danske Cash ISA is £100 or more, we will give you 14 calendar days' notice of any reduction in the credit interest rate. If we increase the credit interest rate on your account we will make the change immediately.

Additional Information

The account is not suitable for day to day banking.

You will be sent a statement at least every six months. With eBanking, you can ask us to make your statements available electronically rather than as paper copies.

Danske eBanking may be temporarily unavailable when we carry out routine maintenance.

General information about ISAs

  • What is an ISA?

    An ISA (Individual Savings Account) is a tax efficient way of saving or investing. Any income you earn is exempt from income and capital gains tax.

    There are 4 main types of ISA on the market which are designed for adults:

    • Cash ISA
    • Stocks and Shares ISA
    • Innovative Finance ISA
    • Lifetime ISA or LISA

    Danske Bank offers the Danske Cash ISA which is an instant access savings account.

  • What is the annual limit for saving into an ISA and how can I use it?

    Each tax year you can pay a certain amount into ISAs. This is your ISA allowance.

    Each tax year you get a new ISA allowance. For the tax year 2019/20, the adult ISA allowance is £20,000 and the Junior ISA (JISA) allowance is £4,368. The tax year runs from 6th April until 5th April the following year.

    A payment to an ISA is called a subscription. You are allowed to 'subscribe' the maximum ISA allowance in each tax year, but there are some rules around using your allowance.

    Each tax year you can subscribe the full ISA allowance to one type of ISA or split the allowance across different types of ISA.

    Exceptions to this are the Lifetime ISA and Help-to-Buy ISA (which is a type of Cash ISA) which have lower individual account limits.

    You can only subscribe to one ISA of each type each tax year.

    This means that you cannot subscribe part of your allowance in a Danske Cash ISA and part of your allowance in a cash ISA with another provider in the same tax year. This includes subscriptions to a Help-to-Buy ISA, which is a type of cash ISA.

    Any money withdrawn from your ISA can only be repaid into the ISA where permitted by your remaining ISA allowance.

    An exception to this is if your cash ISA is a ‘flexible ISA’ which permits money withdrawn to be repaid to the ISA within the same tax year without impacting your ISA allowance. The Danske Cash ISA is not a flexible ISA.

    You don’t have to use your full allowance but you can’t go over it.

    However, if you don’t use it, you lose it as you cannot carry any unused ISA allowance into the following tax year.

    If you are age 16 or 17, you are eligible for both an adult cash ISA and a Junior ISA.

    This means that for 2 years only, you can have 2 separate subscription allowances.

  • Who can open an ISA?

    You can open a cash ISA if you are aged 16 or over and you are a UK resident for tax purposes.

    Each tax year, you can open a new cash ISA or can continue to subscribe to an existing ISA. You may hold multiple cash ISAs at the same time (from previous tax years) but you can only subscribe to one cash ISA in each tax year.

More about the Danske Cash ISA

  • How do I open a Danske Cash ISA?

    You can open a Danske Cash ISA account in any Danske Bank branch. Alternatively, if you are aged 18 or over you can apply by telephone.

    To arrange a branch or telephone appointment call us on 0800 660 033 or start chat.

    You will need to provide your National Insurance number when you apply to open the ISA.

    Please note that if you wish to open the account to transfer in an existing ISA from another provider you will need to do this in a Danske Bank branch. Refer to the Transferring your ISA guide for details.

  • Can I change my mind about my Danske Cash ISA Account (cancel the Account) after I have opened it? 

    Yes. You will have a right to cancel your Danske Cash ISA within 14 days of the day after the date that the Account was opened, or the date you receive the terms and conditions, whichever is later. You can cancel the agreement by contacting your branch or by writing to the ISA Manager at:

    Danske Bank,
    Donegall Square West,
    Belfast BT1 6JS.

    If you are required to complete a new Account Agreement because you have made no subscriptions in the previous tax year, the same cancellation rights apply.

    After you have cancelled your application you will be free to subscribe to another cash ISA in the same tax year.

  • How do I subscribe to a cash ISA?

    You can make subscriptions at any time, subject to your ISA allowance. You can subscribe to your ISA by:

    • Cheque
    • Cash
    • Electronic transfer
    • Standing Order

    If you stop making subscriptions to your Danske Cash ISA for a full tax year, you will be required to sign a new Account Agreement before you can start subscribing again.

  • Can I make withdrawals from the Danske Cash ISA?

    Yes. You may make a withdrawal from your Danske Cash ISA, in whole or in part, at any time.

    Taking money out of your Danske Cash ISA will reduce the balance of your Danske Cash ISA and therefore may reduce the tax savings you could be entitled to at the end of the tax year.

    If you have fully subscribed to your ISA in a tax year, any amount withdrawn cannot be reinvested in the ISA until the following tax year.

  • Is the Danske Cash ISA a "flexible" ISA?

    No. A 'flexible' ISA allows you to replace, in whole or in part, cash you have withdrawn without the replacement counting towards your annual subscription limit. Cash withdrawn from the Danske Cash ISA will continue to count towards your annual limit and therefore can only be reinvested in the ISA where you are able to do so within your remaining ISA subscription allowance.

  • Can my interest rate change?

    Yes. We set the credit interest rate which is variable. We will give you two months' written notice of any reductions to the credit interest rate. If we increase the credit interest rate on your account we will make the change immediately.

  • What happens to my Danske Cash ISA if I move abroad?

    If you cease to be a UK resident you can still keep your Danske Cash ISA open and earn interest tax-free but you will not be eligible to subscribe to the account. If you change your address to outside of the UK we may block your account for further deposits until you confirm you are still eligible to subscribe. If we do this we will write to you to advise and request confirmation of your residency status.

    If you are unsure of your residency status you should refer to the UK Government's Statutory Residence Test

  • What happens to the money in my Cash ISA when I die?

    When you die, the tax benefits of your ISA will continue for up to three years. During this time, we will continue to deal with your account in accordance with the ISA terms and on the instruction of your legal representative(s). If, after three years, the account has not been closed, the tax benefits of your ISA will end.

  • Am I eligible for the Additional Permitted Subscription (APS) allowance?

    If your husband, wife or civil partner has passed away and they had an ISA, you’ll be eligible for an additional ISA subscription allowance known as an Additional Permitted Subscription (APS) allowance. If your spouse or civil partner died on or after 6th April 2018, the amount of the APS allowance that you can claim is either equal to the amount which they had in their ISA at the time of death or equal to the value of the account when it is closed. If you use any APS during the period after your spouse's or civil partner’s death but before the account is closed, then you are only entitled to claim an allowance equal to the value of the deceased’s ISA at the time of their death.

    The APS allowance doesn’t mean the money that’s in your spouse's or civil partner’s ISA, but an additional subscription allowance which you can use in addition to your own individual ISA allowance.

    The allowance is available for three years, or 180 days after the administration of the estate has been completed (whichever is later).

  • How do I find out more about my APS allowance?

    The Obtaining additional ISA allowances leaflet gives more information on the APS allowance.

    You can enquire about or claim an APS allowance for an ISA held with Danske Bank by visiting any Danske Bank branch.

    You will be required to confirm marriage/ civil partnership with the deceased and that you were living together at the time of death.

    You can use the APS allowance to subscribe to a Danske Cash ISA or you can transfer the allowance to another ISA provider so that you can subscribe with them.

Transferring your ISA

  • Can I transfer my ISA between providers?

    Yes. It's possible to transfer an existing ISA between providers or combine ISAs held with one provider. It is also possible to transfer from one type of ISA to another.

    You can request the transfer of an ISA by contacting the new ISA provider who will arrange the transfer.

  • How do I transfer an existing ISA to a Danske Cash ISA?

    You can apply to transfer an existing ISA to a Danske Cash ISA in any Danske Bank branch. To arrange an appointment call us on 0800 660 033 or request a callback.

    We will pay interest on the full amount to be transferred as soon as we receive your application. This is provided that the funds are free to move and are not tied up in a fixed-term or notice amount.

    You will need to provide your National Insurance number and details of your existing ISA when you apply.

  • How long will the transfer take?

    Danske Bank follows the industry Transferring your Cash ISA guidelines which outlines a typical cash ISA to cash ISA transfer process and indicative timescales.

    Transfers from a cash ISA should be completed within 15 business days, and transfers from a stocks and shares ISA within 26 business days.

  • Do I have to transfer all the money in my ISA?

    No, however if you are transferring current tax year savings, these need to be transferred in full. You can transfer as much as you wish from previous tax year savings.

  • Why shouldn't I withdraw the money and open a new ISA?

    It's important that you don't withdraw the money from an ISA yourself to transfer it to another ISA. If you do this, you will only be able to lodge the money to a new ISA subject to your remaining ISA allowance. Make sure you use your new provider's transferring service. That way your ISA provider will take care of the transfer for you and it won't affect your ISA allowance.

Want to open an account?

You can open a Danske Cash ISA account in any Danske Bank branch.

To arrange an appointment call us on 0800 660 033

Start chat