Best Easy Access ISA
Easy Access ISAs provide a way for savers to save their money in a tax-free wrapper, while still maintaining the flexibility to make withdrawals whenever they want to, they may also let the saver make deposits whenever, so long as they don’t exceed their overall ISA allowance. As such you be wondering what the best easy access ISA is.
The best ISA for a specific individual will depend on their own specific needs; you can use the tables on this website to compare a selection of ISAs from different providers and follow the links to get more information and apply.
Choosing a Cash ISA
You can only open up to a maximum of one new Cash ISA in each tax year, it is possible to transfer accounts; however, not all ISAs will accept transfers in. It is therefore wise to shop around to try and find the product that fits best with the way you want to save. In addition to Instant Access you may want to also think about other types of ISA
Types other of Cash ISA include
Notice Cash ISAs: Notice accounts are a sort of middle point somewhere in between Instant Access and Fixed Rate products; they require savers to give a certain period of time’s worth of notice before making a withdrawal, usually between 30 and 120 days notice, depending on the account. In return for this notice period providers may offer a better interest rate on their notice ISAs than on their instant access ISAs.
Fixed Rate Cash ISAs: Generally require the account holder to lock their savings into the account for a period of time, normally 1, 2, 3 or 5 years depending on the account. During this period the account holder has very little access to their savings; some accounts do permit early withdrawals but tend to charge a penalty for doing so. In return for locking their money within the ISA savers are offered a fixed rate of interest, which means the amount of interest calculated on the account will not fluctuate and it’s possible to work out exactly how much the saver stands to gain by the end of the ISA’s fixed term.
All providers of ISAs are required to allow transfers out of their accounts; however, they can impose a penalty for doing so. It’s also important to remember that providers do not have to accept transfers into their ISAs, therefore if you are looking to switch ISAs you will need to first check that the one you want to move to accepts transfers. It’s possible to transfer an ISA into a different type of ISA for example moving an Investment ISA to a Cash ISA or vice versa.