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Cash ISA Savings Accounts

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    Opening a cash ISA is a good way to save for the future and gives anyone over the age of 16 to put away a significant amount of money. The current annual limit is £20,000, meaning that you can deposit this much and earn interest on it, without paying any tax.

    This might be to fund further education, for use as a deposit to get on the property ladder or for another significant future purchase. You are able to get cash ISA’s as easy access savings accounts or fixed rate savings accounts depending on whether you need to dip into your savings or you’re happy to leave your funds untouched for a certain period of time.

    What is a cash ISA savings account?

    A cash ISA savings account is a secure space to save money and you do not have to pay tax on the interest that you earn. That means you will not have any deductions and if you deposit a lump sum, you can calculate exactly how much you will get back, based on the length of time you plan on saving for.

    You can choose between having an easy access cash ISA or a fixed rate Cash ISA. The difference is that you can withdraw whenever you like from an easy access account, whereas a fixed rate account will have a set period you will have to wait before withdrawing.

    How does a cash ISA savings account work?

    • Deposit a lump sum (no more than £20k)
    • Earn interest on the full amount, without paying tax
    • Easy access account holders can withdraw at any time
    • Fixed rate account holders will have to wait until the end of a set period before making a withdrawal

    Like any other savings account, a cash ISA allows you to deposit money into it as a lump sum, then keep adding to it as time goes by. You will have the option of an easy access account, where you can withdraw whenever you like, or a fixed rate account, where you will have to wait a certain amount of time before you can withdraw.

    For example, if you have a 1-year cash ISA and withdraw your savings before the end of this period, you will have to pay an additional fee.

    There is currently an ISA allowance of per person of £20,000 per year, meaning that is the maximum you’re allowed to keep in the account. You are only allowed one active cash ISA with £20,000 deposited in it, but you can have several active ISA’s as long as they don’t go above the maximum amount in total.

    How to open a cash ISA savings account

    Getting a cash ISA savings account is a fairly quick process, especially as you can apply online and receive an immediate decision with some providers. As long as you have the required personal details (including your National Insurance number) there should not be any issues, though with some accounts you will be credit checked prior to acceptance.

    Have a look at the following details when applying for a cash ISA:

    • Type of cash ISA – choose between an easy access account or a fixed rate account
    • Fixed rate period – the longer the period, the more you will earn from interest
    • Interest rate – choosing a longer fixed rate period you will usually get a higher interest rate
    • Minimum and maximum deposit amounts – the current maximum is £20k but there will also be a minimum amount you need to deposit to open the savings account

    Once you have looked at these initial details, you should be able to use our comparison tables to find the right cash ISA savings account for you.

    Who we work with

    We work with a number of providers to deliver a wide selection of savings accounts for you to choose from, enabling you to find the best option for you, whether it’s a cash ISA, investment ISA, peer-to-peer savings account or otherwise.

    Each of our providers are screened to make sure they meet our high standards before we agree to work with them. This ensures that you can trust them as much as we do, allowing you to find the best savings product from a reputable source.

    You can find out more about our lenders and providers here

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