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Apply for a Hodge ISA quickly and easily, choose from a one, two, three or five year term and apply online.

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Cash ISAs explained

Considering a cash ISA? In under two minutes, we'll explain all you need to know, how they work and how they could benefit your savings plans.

About our ISAs

Here are some of the key things you should know before deciding if an ISA will work for you.

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What is a cash ISA?

A cash ISA is an individual savings account which works like a standard deposit account, but with one big difference – you won’t pay income tax on the interest you earn. Each tax year, you’ll get an ISA allowance that lets you save a certain amount of money tax free.  Keep in mind the tax rules can change, and might depend on your personal circumstances.

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How do cash ISAs work?

You get an ISA allowance of £20,000 per year to deposit into your ISA, and the interest paid will be free from income tax as long as you don’t deposit more than the allowance. It’s quick and easy to open a Hodge account online, and once open, you’ll have 14 days to fund your account. You also have 14 days to close the account if you change your mind.

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How does a fixed rate work?

A ‘fixed rate’ is a guaranteed interest rate for a set length of time. During that time, you won’t be able to access your money unless you pay an early access fee. A cash ISA is great for those with long term saving goals. 

Key features

  • Choose a 1, 2, 3, or 5 year term
  • Get a guaranteed interest rate when you apply
  • Open and manage your account online
  • Deposit a minimum of £1,000 and a maximum of £20,000 within 14 days of opening your account
  • Earn tax-free interest

The details

  • Your interest rate is guaranteed – even if we change our rates, the rate you’re given when you apply is the one you’ll get for the full term
  • Earn tax-free interest up to the personal allowance – the annual tax-free ISA allowance is £20,000 for the 2024/25 tax year
  • You have 14 days to fund your account – after those 14 days, you won’t be able to add any more money. If you don’t add the minimum amount of £1,000 in time, we’ll close your account
  • You can only add money from a nominated account in your name – let us know your nominated bank account at time of opening, then transfer the money directly from that account. The quickest way is via electronic transfer
  • There’s a 14 day cancellation period – if you change your mind, you can cancel your Fixed Rate ISA within 14 days of opening it. Your deposit will be transferred back to your nominated account and this might impact your tax wrapper
  • If you need to, you can close your ISA early – you’ll be able to access your money early if needed, but you’ll be charged a fee.
  • You can’t transfer an existing cash ISA – you’ll need to open a new account with Hodge, we don’t offer ISA transfers from other providers.

Terms and Conditions

FAQs

Find out more about our Cash ISA savings accounts.

Your nominated bank account is the account you register with us when you open your savings account, and is the one you’ll use to send money into your new Hodge account.

To help keep your money safe and protect against fraud, we’ll only accept deposits from this account, and we’ll always transfer money back to it too – whether that’s interest payments, withdrawals, or maturity. If your nominated bank account changes because you switch banks, let us know as soon as possible.

We’ve made it as simple as possible for you to set up online banking. When you apply for your ISA, you’ll automatically register for an online account at the same time. You’ll then use those details to manage your account in future.

Tax-free savings: Cash ISA accounts help your money grow long term. The interest you’ll earn is free of tax which means you can make the most of your hard-earned cash.

You know how much you’ll earn: With a fixed rate cash ISA, you’ll always know where you stand. You can be confident your savings are growing and know exactly how much interest your money is earning and the total sum you’ll get at the end of the fixed term.

FSCS protection: By choosing our fixed-rate ISA account you’ll have peace of mind that your cash will be protected up to £85,000 by the Financial Services Compensation Scheme. The eligibility criteria can be found here

The ISA subscription limit is £20,000 for anyone eligible to invest. This can be saved in one ISA account, or across different Cash ISAs and Stocks and Shares ISAs, with different providers. You can only have one Cash ISA with Hodge, and we don’t offer other types of ISAs.

If you’re a UK resident aged 18 or over, and have some cash to save, then yes, you can apply for a Hodge personal cash ISA. There is a minimum deposit requirement of £1,000, so this might be the right account if you’re saving for a larger event or one off payment purchase, like a holiday or wedding. 

No, you cannot transfer your existing cash ISA into a Hodge account.

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