Instant access ISAs offer quick and easy access to your savings. There are a selection of market-leading instant access and easy access ISA options to maximise your tax-free returns.
James Caldwell, Director
|Fund Manager||Account||Rate||Term||More Info|
|Nationwide Web ISA||2.25%||Instant Access||More Info >|
|E-Cash ISA||1.30%||Instant Access||More Info >|
Instant access cash ISAs allow you the freedom to withdraw your tax-efficient savings as and when you need to. If you're a UK taxpayer over 16 years old, you can save up to £5,760 in an instant access cash ISA for the 2013/14 tax year.
This type of ISA allows you to pay in and withdraw money at any time throughout the financial year, which runs until 5th April. Many providers will allow you to pay in and withdraw any amount you wish, and these instant access cash ISAs can be opened with as little as £1. Other instant access ISA providers have more stringent conditions - for example, they may require a minimum deposit to open an account, or operate a yearly withdrawal limit. One thing to remember when choosing an ISA is that instant access cash ISAs often have comparatively low rates of interest compared to other types of ISA. This is the price you pay for the freedom of a having a fully flexible ISA.
It is important to remember that if you make a withdrawal from a cash ISA, any money you take out will still count towards that year's cash ISA allowance. For example, imagine you've put £3,760 into an instant access cash ISA, leaving you a further £2,000 of potential cash ISA allowance for that tax year. If you then withdraw £1,000, your remaining allowance for that tax year remains £2,000 despite the fact that you now only have £2,760 in your account. In short, you can't replace any of the money you withdraw, so think carefully before doing so.
There is a wide range of instant access or easy access ISA account deals to choose from, so we have highlighted some of the features to look out for:
ISA.co.uk provides information on a variety of instant access cash ISAs. If you're happy to tie up your savings for a longer period with the potential to gain more interest in the long term, then take a look at fixed-rate cash ISAs. If you're happy to commit your cash for even longer, then you may be interested in finding out about structured deposit plans, which require a commitment of three to six years.
Important Risk Information:
This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.