Paying money in
The minimum amount to open an account is £500.
You can make an unlimited amount of deposits up to the maximum allowance of £20,000 this tax year.
If you would like to use your maximum ISA allowance (£20,00) by investing in a stocks and shares ISA too, we can offer this through our financial planning service.
Please note that with a stocks and shares ISA, their value can fall as well as rise.
Taking money out
You can make unlimited penalty-free withdrawals.
While you can make as many withdrawals from this account as you wish, there is an important rule to remember about Cash ISAs. Once you have invested up to the maximum allowed for the tax year, you can’t add any more to your ISA even if you make a withdrawal. For example, if you invest your maximum allowance on 6th April 2019 and withdraw £500 on 6th December 2019, you would not be able to add any more to your account until 6th April 2020. However you can transfer your funds to a stocks and shares ISA and reinvest in a cash ISA as long as you don’t exceed the annual limit.
To operate the account you must maintain a balance of at least £500 at all times.