Flexible Easy Access ISA | |
---|---|
Interest rate gross/tax-free p.a./AER* | 2.05% |
Type of account | |
Withdrawals | Unlimited |
Open with | £1 |
Open and manage |
|
More details |
Account Name | Interest rate gross/tax-free p.a./AER* |
Type of account | Withdrawals | Open with | Open and manage | |
---|---|---|---|---|---|---|
Flexible Easy Access ISA |
2.05% |
|
Unlimited | £1 |
|
More details |
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.
Let’s run through the ISA basic rules first:
With a standard cash ISA, if you withdraw money, that amount still counts towards your annual ISA allowance for the tax year, and you can't replace it.
With a flexible ISA, the rules are different.
Example: Let’s say:
Just remember:
Here’s a step-by-step example of how your ISA allowance is affected when you deposit and withdraw money in a flexible vs standard cash ISA.
Standard cash ISA | Flexible cash ISA |
|
£5,000 of your £20,000 ISA allowance has been used. |
Standard cash ISA | Flexible cash ISA |
|
|
Standard cash ISA | Flexible cash ISA |
|
|
Pros:
Cons:
Take a look at the table at the top of this page to see the current range of flexible ISAs that are on offer.
With our flexible ISAs, you can:
You’ll need to be:
A fixed rate ISA:
A flexible ISA:
No, currently you can only open our flexible ISAs in one of our branches.
Yes. You can transfer both current and previous years’ ISA savings into a flexible ISA with us. However, if you’ve already withdrawn money from another provider before transferring, that money can’t be replaced once the transfer is complete.
The key difference is what happens when you withdraw money.
With a non-flexible ISA, any money you take out still counts towards your annual allowance - even if you pay it back in.
With a flexible ISA, that’s not the case. You can take money out and replace it in the same tax year, without losing any allowance.
Not with a flexible ISA. You can take money out and replace it within the same tax year without it counting twice.
This is a flexible Cash ISA, which means you can withdraw money and pay it back in without affecting your ISA allowance, as long as it’s done in the same tax year. Some important points to note about flexible ISAs are:
No. You can take money out whenever you like, with no penalties or charges.
If you don’t replace it by the end of the current tax year, that amount will count towards your annual ISA limit, and you won’t be able to repay it.
A flexible ISA could be a great option if you want the reassurance of tax-free saving, with the added peace of mind that you can access your money if you need to - without losing out on your full allowance. It’s savings that adapt to life, not the other way round.
The content on this page is for reference, this is intended as a summary only and should not be interpreted as legal or financial advice given by Nottingham Building Society. You’ll need to consider and make your own decisions. If you have any questions, we recommend seeking legal and/or financial advice. You can receive impartial finance advice from MoneyHelper
Your savings are covered by the Financial Services Compensation Scheme (FSCS), so your savings are protected. The scheme was set up by the Government and is funded by the industry. Savers are protected up to £85,000 if their bank or building society goes out of business.
Find out more