1 Year Double Access Cash ISA (Issue 13)

Product details

What is the interest rate?

3.85% 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?

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

£1,038.50

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?

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.

The account can be opened and operated at any of the Society's branches, agencies or by post.

Can I withdraw money?

Yes, you can make 2 withdrawals per tax year (6 April -5 April) without loss of interest.

If you make more than 2 withdrawals in the tax year the account will become a variable rate instant access Cash ISA at the interest rate applicable at that time.

You can withdraw up to £500 in cash in a branch and £250 in cash in an agency, larger amounts must be withdrawn by cheque.

We will write to you in good time before the end of the fixed term on your account to advise you of the options available to you for the closing balance of your account.

If we do not receive written instructions from you, the quoted variable rate of interest will cease to apply on the date the fixed term ends, and the balance of your account will be rolled over into a variable rate instant access Cash ISA at the interest rate applicable at that time.

Additional information

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded 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 1 February 2026.

For further information refer to the terms and conditions of the account and the terms and conditions contained within the Savings General Terms and Conditions. You can obtain a copy of these documents in the 'Useful Information' section below.