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Here's our straightforward guide to Cash ISAs.
What is a Cash ISA?
Introduced in 1999, an Individual Savings Account – ISA for short – is a tax-free savings account.
You can currently pay up to £20,000 into your ISA each new tax year, without paying tax on the interest - this means any money you save into an ISA does not go towards your personal savings allowance. The tax-free ISA allowance is set by the government.
You must be aged 18 or over to open an adult Cash ISA. Click here for our guide to Junior ISAs.
Different types of Cash ISAs
Easy Access Cash ISA
Easy access ISAs usually allow you to withdraw your money whenever you like. They often have variable rates, meaning the interest rate could go up or down at any time.
Notice Cash ISA
A Notice Cash ISA has a variable rate of interest, but restricts withdrawals. For example, a Notice Cash ISAs may only let you withdraw money after 60 or 90 days.
Fixed Rate Cash ISA
With a Fixed Rate ISA, you can't take any money out until the fixed term ends, so they're not suitable for savers who want or need easy access to their money. These accounts have a fixed rate of interest, which means it stays the same for the term of the account.
FAQs about Cash ISAs
Can you have more than one Cash ISA?
As of 2024, you can save into more than one Cash ISA in a year with different providers. Some providers will also allow you to open more than one Cash ISA with the same provider in a single year.
If you open more than one Cash ISA in a year, your tax-free allowance is £20,000 split across all your ISAs, not £20,000 in each account.
Can you have a joint ISA?
No, ISAs can only be held in a single name.
Can you transfer an ISA to a different bank or building society?
Yes, you can transfer your Cash ISA to a different ISA provider. However, you need to check that the new provider accepts transfers in. The new provider will contact your current provider to make the transfer.
Can you inherit a Cash ISA?
If your spouse or civil partner dies, you can inherit their ISA allowance. For specific information, you'll need to have a chat with your ISA provider.
If you pass away and your Cash ISA is not closed by your executor or the administration of your estate isn't completed, your account will stay open for three years and one month after your death. Learn more on GOV.UK
Talk to us about opening a Cash ISA
Book an appointment with one of our friendly savings advisers, who will discuss your needs and help you to find the right account.
Reviewed February 2025.
