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Easy Access ISAs

Save tax-free – with easy access to your money when you need it 

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Why choose an Easy Access Cash ISA?

For savings you want to keep close by

It’s easy to get hold of your money if and when you need it. Ideal for short-term goals or just-in-case moments.

For growing your savings

Pay in money as little or as often as you like – and earn a rate of interest to give your savings a boost.

For tax-efficient saving

As with all ISAs, there’s no income tax to pay on the interest your money achieves.

How do Easy Access ISAs work? 

What are Easy Access ISAs?

Our Easy Access Cash ISAs allow you to put money away without paying tax on the interest you earn. You can pay in and withdraw money as often as you need to. This means they could be ideal for savings you might need to dip into at short notice, such as paying an unexpected bill. 

Who can open an Easy Access Cash ISA?

You can open an Easy Access Cash ISA if you’re 18 or over, a UK resident, and have a National Insurance number.

Can I withdraw from an Easy Access ISA?

Our Easy Access Cash ISAs allow flexible withdrawals and transfers from other ISAs. You can access to your money when you need it. And you won’t face a penalty for withdrawals.

What are the benefits and drawbacks of our Easy Access Cash ISAs? 

Pros

  • An Easy Access Cash ISA gives you the option to use your annual £20,000 ISA allowance, meaning you won't pay tax on the interest you earn.
  • You also have the ability to access your money when you need it. You don’t have to pay a penalty.
  • You can pay into the account over time, saving up each month and growing your savings. 

Cons

  • Easy Access Cash ISAs usually offer lower rates of interest compared to other types of ISAs.
  • This means they may be less suitable for longer-term goals. Such as growing savings you don’t immediately need access to.
  • Interest rates are variable and can go down as well as up. 

Frequently Asked Questions

  • You can open an Easy Access Cash ISA if you’re 18 or over, a UK resident, and have a National Insurance number.

  • You won’t pay any tax on the interest you earn in your Easy Access Cash ISA.

  • The annual ISA allowance for the current tax year is £20,000. Each tax year runs from 6 April one year to 5 April the next.

  • You can access your money easily, without having to pay a penalty. 

  • You can regularly add to your Easy Access Cash ISA throughout the year, up to your annual ISA allowance.

Our Easy Access Cash ISAs might be a great fit if you want to benefit from tax-free savings but also value flexibility. Think about the following:

  • Do you need the option to access money when you need it?

  • Would you like to top up your savings throughout the year?

  • Are you looking to avoid locking in your savings for a fixed period?

If your answers are mostly “yes,” one of our Easy Access Cash ISAs could be a good choice. This type of account lets you earn tax-free interest on your savings while maintaining the freedom to withdraw money should you need it. 

All our Easy Access Cash ISAs are flexible. This means you can withdraw money and pay it back in without it having an effect on your annual ISA allowance, as long as these are made within the same tax year, and the account remains open. This might not be the case with other providers, so if you want a flexible ISA you will need to check with them.

  • Let’s say you pay £15,000 of your £20,000 ISA allowance into a flexible ISA during the current tax year and you decide to withdraw £10,000. 

  • With Skipton, you could still pay in a further £15,000 in the tax year. (This would mean paying £10,000 back in and using the remaining £5,000 of your £20,000 allowance.)   

  • Your payments need to be put back into the same account – and in the same tax year – as the withdrawal.

If you have any questions about what makes an ISA flexible, you can read more on our flexible ISAs page.

All of our Easy Access Cash ISAs have a variable rate of interest. This means that interest rates can sometimes rise and fall depending on various economic factors.  

If the terms of your account allow it, you can transfer money from one ISA to another by completing an ISA transfer form. By moving your money this way, your money keeps its tax-free status. To find out more about how to do this, visit our ISA transfer page. Depending on your provider, ISA transfer charges may apply.

Free advice on your money?

If you're not sure of the best place for your savings, we’re here to help. With a My Money Review you can speak to one of our savings specialists to review your plans and get advice on ways we could help you make more of your money. Best of all, this service is completely free. 

Book your My Money Review

You're protected up to £85,000

Your eligible deposits with Skipton Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.

Learn more about the FSCS

Jargon Explained

AER

AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year. All ISA interest is paid tax-free, which means it’s exempt from income tax. We pay all non ISA savings interest gross, which means no tax is deducted. It’s your responsibility to pay any tax due, based on your individual circumstances. Tax rules may change in future. Please be aware that products can be withdrawn at any time and without notice.