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In 2016, the UK government changed ISA rules to allow ISA providers (including banks and building societies) to offer more flexibility to savers.
This change was optional, so not all ISA providers chose to make their accounts flexible. However, at Newbury Building Society, our full range of adult ISAs (excluding the Senior ISA Fixed Rate Bond) are fully flexible.
So, what does having a flexible ISA actually mean for you?
ISA flexibility gives you the freedom to withdraw savings from your ISA and then pay that money back in without it counting towards your annual allowance of £20,000. You can withdraw and replace money as many times as you like as long as you don't go over this limit.
Any replacement savings need to be paid into your ISA before the close of business on 5 April (the end of the tax year) or it will count towards the next year's annual allowance.
This example shows how ISA flexibility works in practice. In this scenario, you would not be able to open another ISA until the following tax year.
There's still time to save this year with an ISA!
If you're interested in taking advantage of the ISA tax-free savings allowance before the end of the tax year, we have accounts which could suit you and your needs.
To find out more, visit our ISA page, or book a savings review with one of our friendly savings advisers. Appointments can take place in person, by video call or over the phone to suit you.
*Information correct as of February 2025.
