Annual Allowance ISA

Enjoy tax-free flexibility with our Annual Allowance ISA. This variable rate account is designed for those who want easy access to their money without impacting their annual ISA allowance. This is a flexible account, meaning you can deposit and withdraw funds as often as you like, and even replace money you've withdrawn within the same tax year without affecting your tax-free savings limit.

Understanding your allowance

For the current tax year, you can save up to £20,000 into an ISA tax-free. The Government is reducing the Cash ISA allowance from 6 April 2027. Those aged under 65 will be capped at £12,000 per tax year, meaning this is the final year to benefit from the full, larger allowance. Those aged over 65 will be unaffected.

View your passbook online

You can now access your branch‑based savings account online or in our app to view your balance and recent transactions. To get started, visit or call your local branch to link your account to our online services.

This account might be right if you

want easy, flexible access to your money without affecting your ISA allowance.
would like to benefit from your tax-free allowance.
would like to top up your savings any time up to your annual ISA allowance.

This may not be right if you

want a fixed rate of interest.
want to transfer in previous ISA savings from us or another provider.
want to open and manage your account online.

Open and manage an account in-branch

Account information

Annual variable interest is 4.00% tax-free p.a./AER*.
Open in branch with £1.
Minimum age 18.
Withdraw and replace funds within the same tax year without affecting your ISA allowance.
Unlimited penalty-free withdrawals.
Benefit from full £20,000 tax-free allowance.
Option to keep track of your balance and transactions online and in our app.
You can only open and manage in branch.

See full product details

What is a flexible ISA?

A flexible ISA is a cash ISA that gives you more freedom with your savings. if your circumstances change, it allows you take money out and put it back in — without affecting your annual ISA allowance, as long as it’s done within the same tax year and replaced back into the same account.

Flexible ISA rules

Tax-free savings: Earn interest on your money, without paying tax on it.
Withdrawals: Withdraw and repay money in the same tax year without losing more of your ISA allowance.

Example:

- Let’s say you pay in £10,000 into our flexible ISA.
- You then withdraw £2,000 at some point within the tax year.

The amount you can now put in during the same tax year is:

- £12,000 (The remaining £10,000 plus the £2,000 you took out).
- With flexible cash ISA rules, you can put that £2,000 back in later (as long as it’s in the same tax year) and still pay in up to your full ISA allowance limit (£20,000 for the current tax year).
Easy access: Take out money when you need it - no penalties or charges.
Peace of mind: Replace what you withdraw within the same tax year, and your tax-free ISA allowance limit stays the same.

Will I be taxed on the interest?

No, the interest you'll receive will be tax-free.

Additional information

The interest on this account is variable, this means that it can go up or down. The basis on which we might change your interest rate is set out in our terms and conditions. This is a limited issue account which could be withdrawn at any time. There are other savings accounts available with Nottingham Building Society and other banks and building societies. Subject to withdrawal conditions you can switch accounts at any point. You can read our branch savings terms and conditions here.

Open a branch savings account

To open one of our savings accounts call your nearest building society branch to book an appointment.

Find your nearest branch

View your savings passbook online

Contact your local branch

Your savings are protected

At Nottingham Building Society, your eligible savings are protected under the Financial Services Compensation Scheme.

That means your money is secure, even if something unexpected happens.

Find out more

Find out more