Investing in a cash ISA can be a great way to save money for your future because any interest you earn on the first £20,000 you invest per tax year is tax-free, giving you the opportunity to really grow your savings pot over the long term.

However, many people looking for a place for their savings often overlook ISAs because of the perception that they won’t have access to their money, should they need it in an emergency, without losing out, or that they can only choose one ISA product per tax year.    

The good news is, with an ISA which comes with Flexible ISA features, that’s not the case. Designed specifically to give you more freedom with your money, you can withdraw your savings from a Flexible ISA and later replace it in the same tax year, without it affecting your annual ISA allowance.

So, how do ISAs that are Flexible work?

Flexible ISAs are a way to maximise your ISA allowance. They give you all the benefits of tax-free savings but also give you access should you need it, allowing you to withdraw money and replace it later, without it counting towards your annual allowance.

For example, if you deposit £20,000 in an ISA with Flexibility on or after April 6th, you’ve used your full allowance for the current tax year. But should you need to withdraw, say, £10,000 later in the year, under Flexible ISA rules, you can re-deposit this before the end of the tax year and continue earning tax-free interest on the full amount.   

To enjoy even more freedom with your annual allowance, you can combine the benefits of a Flexible ISA with our ISA Wallet.

What is an ISA Wallet?

Our ISA Wallet gives you even greater flexibility for getting the most out of your ISA allowance. It allows you to spread your savings across more than one ISA with us during the same tax year, giving you even more options to achieve your savings goals.

For example, you could split your ISA savings and put some in a higher rate fixed rate ISA and keep some cash readily available in an easy access ISA.  This means that by taking advantage of the features of our Flexible ISAs and our ISA Wallet, you can really commit to building your nest egg whilst still enjoying peace of mind knowing that your money is within easy reach should you need it.

So, if you have long-term savings goals as well as short-term plans, find out more about our Flexible ISAs and ISA Wallet.