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Flexible ISAs: save tax-free with easy access

savings with choice

Make the most of your ISA (Individual Savings Account) allowance and save with more freedom with a flexible ISA.

A flexible cash ISA is the perfect choice if you need easy access to your savings but still want to benefit from tax-free savings.

What is a flexible ISA?

A flexible cash ISA is a type of ISA that offers easy access to your savings without affecting your annual ISA allowance. This means that you can withdraw money when you need it and pay it back in later, all while your interest grows tax-free. You just have to make sure payments are put back in the same account and in the same tax year as the withdrawal.

For example, let's say you pay £15,000 into your flexible cash ISA during the current tax year (out of your £20,000 allowance) and you decided to withdraw £10,000.

You would still be able to add a further £15,000 to your ISA in that same tax year (your £10,000 re-deposited and the remaining £5,000 of your £20,000 allowance).

If you’re looking for an ISA that offers more freedom, a flexible cash ISA might be the account for you. All of our current Easy Access Cash ISAs are flexible, but that might not be the case with other providers.

Good to know

  • The tax year runs from 6 April to 5 April.
  • The government sets the maximum amount of money you can save into an ISA each tax year and earn interest tax-free. This is known as the annual ISA allowance, which is £20,000 for the 2024/25 tax year.
  • You can find out more information about your annual ISA allowance on our ISA Allowance page.

Fixed vs flexible ISA accounts from Skipton - what's the difference?

Choosing between a fixed or flexible cash ISA depends on your savings goals and the level of access you need to your money.

If you're wondering which could be best for you, here's the lowdown on each:

Our flexible ISAs

  • All our Easy Access Cash ISAs are flexible.
  • Easy access to your money – flexibility to withdraw and pay in money without affecting your allowance.
  • Flexible cash ISA interest rates are typically lower.
  • Suitable for short-term savings, emergency funds, or money you need easy access to.

Our Fixed Rate ISAs

  • All our Fixed Rate ISAs are not flexible.
  • Limited access - typically have penalties for making a withdrawal before the end of the fixed term.
  • Interest rates tend to be higher.
  • Ideal for long-term savings goals where you don’t need access to the money.

Still unsure? Our My Money Review service could help you to decide whether a flexible ISA is right for you, or if another type of ISA would better suit your savings goals. As well as answering any questions you may have, it's an opportunity to have a chat about your money and see if you're on track to reach your savings goals.

How to transfer to a Skipton flexible cash ISA?

If you're thinking of switching your ISA to Skipton, transferring is easy with our step-by-step process:

  • It's simple

    We make transferring to a Skipton ISA as hassle-free as possible. You can request an ISA transfer into one of our ISAs as long as the terms of the account allow it. All you have to do is complete our simple form and we'll do the rest. Visit our ISA transfer explained page and select the type of transfer you would like to make for more information.

  • It's tax-free

    Transferring your ISA protects your tax-free status, so you’ll continue to maintain the tax benefits in the process.

If you're ready for a flexible, tax-free savings account that suits the way you save, take a look and see if one of our Easy Access Cash ISAs is right for you.

Know your ISA

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