Product details
- What is the interest rate?
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3.90% Tax-free/AER
The interest is paid annually and will be credited to your account after close of business on 1 January. - Can Progressive change the interest rate?
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Yes, the interest rate is variable. We can increase or decrease the interest rate as described in our Savings General Terms and Conditions.
If we are decreasing the interest rate we will notify you at least 14 days before the change takes effect. - What would the estimated balance be at the end of the fixed term based on a £1,000 deposit
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£1,039.00
Thhis is an example based on a deposit of £1,000 made on account opening for the term of the bond and assumes no further deposits are made. - How do I open and manage my account?
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The account can only be opened and managed online www.theprogressive.com
The account is available to existing Members and new customers resident in the UK who are aged 18 years and over.
There is a minimum lodgement of £1 required to open this account.
You can save up to a maximum of the annual ISA allowance (£20,000 for the current tax year).
You can transfer existing ISA funds into the account. - Can I withdraw money?
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Yes, you can make 2 withdrawals per tax year (6 April - 5 April) without loss of interest.
You can make a withdrawal online to your nominated bank account.
The nominated bank account must be in the name of the account holder i.e. the individual named on the account.
We will contact you approximately 14 days before your ISA account matures to remind you about the maturity of the account.
At maturity your account will be rolled over into a new variable rate online instant access Cash ISA account, at the interest rate applicable at that time. - Additional information
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AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. This will enable you to compare more easily the return you can expect from your savings over time.
This is a tax-free account which means the interest paid is exempt from income tax.
The interest rate is correct as of 19 March 2026
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