Flexible ISAs 

savings with choice

Make the most of your ISA allowance and save with more freedom with a flexible ISA.

What makes an ISA a flexible ISA?

Each tax year (6 April to 5 April) the government sets a maximum amount of money you can save in an ISA and earn interest tax-free. This is your annual ISA allowance. The ISA allowance for the 2020/21 tax year is £20,000.

With a flexible ISA, withdrawals and deposits don’t affect your annual ISA allowance. If you’re looking for an ISA that offers more freedom, a flexible Cash ISA might be the account for you. Flexibility is a feature of some ISAs - all our easy access Cash ISAs are flexible, but that might not be the case with other providers.

So for example, if 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, you could still pay in a further £15,000 in the tax year (your £10,000 re-deposited and the remaining £5,000 of your £20,000 allowance). You just have to make sure payments are put back into the same account and in the same tax year as the withdrawal.

How is a flexible Cash ISA different from a Skipton fixed-rate Cash ISA?

When you’re finding a good place for your money, remember to find an account that suits the way you save.

With our flexible easy access Cash ISAs, you can withdraw money from your account without giving notice and then put it back in without affecting your allowance. However, with a Skipton fixed rate Cash ISA, you agree to lock your money away away for a fixed term, usually in exchange for a higher rate of interest.

As ISA Specialists, we offer fixed rate and flexible Cash ISAs, and if you need help understanding which type could be better for you, why not book an appointment with one of our Savings Specialists today?

Time to transfer to a Skipton flexible easy access Cash ISA?

If you’re thinking of switching your ISA to Skipton, transferring is simple with our step by step process. You can request an ISA transfer into one of our ISAs, as long as the terms of the account allow it. It’s easy to do, all you have to do is complete our simple form and we do the rest.

Instead of withdrawing money and redepositing it elsewhere, which would end the tax free status of the savings, an ISA transfer switches your savings directly from one ISA to another, maintaining the tax benefits in the process.

If you’re ready for a tax-free savings account that suits the way you save, take a look and see if one of our easy access Cash ISAs are right for you.

Need more help?

We’ve been helping people make the most of their ISA allowances since ISAs were introduced in 1999.

If you need a little more help and guidance first, head to our Savings Hub. From jargon busters to change of address forms, there’s lots of useful information to help you make your next decision.

We’re here to help you save for the future and find a good place for your money.

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