As well as not requiring you to pay any tax on interest earned, an easy-access ISA doesn’t impose any limitations on how and when you can withdraw the money you’ve saved up. This guide will help you compare what accounts are out there to find the best easy-access ISA for you. The Financial Services Compensation Scheme (FSCS) guarantees that it will step in to compensate the first £85,000 (£170,000 for a joint account) you have saved with a UK-authorised bank, building society or credit union in the event that the business goes bust.
Is my money safe?
An ISA is a savings account in which you won’t have to pay tax on any interest you earn. There is an annual cap on the amount of funds you can deposit into an ISA.
In an “easy-access” ISA, there are no (or barely any) hurdles to jump to withdraw your funds.
There are plenty of “instant-access” ISAs available, which allow you to withdraw your funds without giving any notice. There are also some accounts which require you to give up to 90 days’ notice that may still be labelled as “easy access”.
The main benefit is that you can earn tax-free interest on your savings, but still withdraw them with no troubles, perhaps to take care of an emergency payment.
Fixed-rate cash ISAs tend to offer higher interest rates, fixed for a defined amount of time. However, you can’t withdraw your cash during this fixed-rate period. Some fixed-rate ISAs will still allow you to withdraw your funds if you pay a penalty.
The only important factor separating the best easy-access ISA from the rest is the interest rate being offered. You can quickly find the easy-access ISAs offering the best rate using any price comparison website.
| Rates up to | 5.1% AER |
|---|---|
| Number of accounts | 188 |
| Number of brands | 80 |
| Minimum investment | £0 |
| Maximum investment | £150,000 |
| Opening options | Mobile app, branch, website, post, telephone |
If you need easy access to your savings but still want to earn some interest while your funds are stored away, easy-access ISAs are a great shout for you.
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