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savings-isa-40

Cash ISA 40 Day Notice Account

With tiered interest rates you can earn more

Clydesdale Bank’s Cash ISA 40 Day Notice Account gives you the opportunity to save your funds, earn interest and still be able to access your funds with 40 days notice of withdrawal. When you know when you will need to withdraw funds in advance, this is one of the ways to save and earn interest within the tax year.

Main features
  • Provided you give us at least 40 days’ notice, you can withdraw your money without paying a penalty*. Withdrawals without sufficient notice incur a charge.
  • The overall ISA limit for 2014/15 is £15,000 with the option to save all or some of the full allowance in cash. You can put money into one cash ISA and one stocks and shares ISA each tax year. You can save up to £15,000 in one type of account or split the allowance across both types.
  • The more you save, the higher the interest rate you’ll earn, with our tiered rates.
  • If you already have ISAs with another provider, you can transfer them to the Cash ISA 40 Day Notice Account. Any previous years subscriptions transferred from other ISAs are not subject to the overall £15,000 limit.
  • You only need £500 or more to open an account and you can add to your savings through regular payments, deposit a lump sum, or both (up to your annual limit of £15,000)**.
  • You can make deposits at any branch, on the phone or by post.
  • Annual interest is paid directly into your account.

You must be aged 16 years or over and a resident of the United Kingdom to apply for a Cash ISA.

The value of any tax benefits to you depends on your individual circumstances, the Law and Her Majesty's Revenue and Customs (HMRC) practice which are subject to change. The proceeds of an ISA are currently free from UK Income Tax and Capital Gains Tax.

* You may make a withdrawal from your ISA, in whole or in part, by giving 40 days notice. If you do not give 40 days notice, a charge will apply. The charge is equivalent to 40 days gross interest on the withdrawal amount. Further details can be found in the terms and conditions. You can take your money out of an Individual Savings Account (ISA) at any time (subject to terms and conditions of the account), without losing any tax benefits. However, taking money out of your account doesn’t reset your tax-free ISA allowance. If you save up to your entire ISA allowance then withdraw some money, you can’t put anything else back into your ISA in that tax year.

** The annual ISA limit for 2014/15 is £15,000, with customers having the option to save all or some of their full allowance. You can put money into one cash ISA and one stocks and shares ISA each tax year. You can save up to £15,000 in one type of account or split the allowance across both types.

*** Rate was changed 1st December 2013. Tax free means the interest payable is exempt from UK tax. AER. Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year.

Tiered interest rates
Amount of savings Tax free AER rate (%pa)***
£24,000 and over 2.00%
£9,000 - £23,999 1.50%
£1 - £8,999 1.00%

Rates are correct as at 24th February 2015

Useful information
Product summary box
Account name Cash ISA - 40 Day Notice
Interest rates (AERs) Refer to the Cash ISA tariff for personal customers, our website www.cbonline.co.uk or the notice displayed in branch
Tax status Tax free – interest is paid gross
Withdrawal arrangements You may make a withdrawal from your ISA, in whole or in part, by giving 40 days notice. If you do not give 40 days notice, a charge will apply. The charge is equivalent to 40 days gross interest on the withdrawal amount. Further details can be found in the terms and conditions. ISA withdrawals have no effect on annual subscription limits as once you have reached the investment limit in any tax year you cannot make any further subscriptions in that tax year regardless of the number or amount withdrawn from your investment.
Access If you wish to open and subscribe to an ISA in tax year 2014/2015 you must visit a branch before close of business on the 2nd April. If you have already downloaded an application form from the website, the bank must be in receipt of your completed form along with your subscription before close of business on the 2nd April before the tax year 2014/2015 ends, requests received after this date will be returned.
Application process

To open a new Cash ISA 40 Day Notice:

If you wish to open and subscribe to an ISA in tax year 2014/2015 you must visit a branch before close of business on the 2nd April. If you have already downloaded an application form from the website, the bank must be in receipt of your completed form along with your subscription before close of business on the 2nd April before the tax year 2014/2015 ends, requests received after this date will be returned to you.

How to apply

Apply in branch

Apply in person at any one of our branches

Request a branch appointment