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CASH ISAS

strengthen your cash savings

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Compare cash ISAs

Why compare cash ISAs with MoneySuperMarket?

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    It’s quick and easy

    You can view a wide range of UK Cash ISAs all in one place

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    Compare by rate and ease of access

    View fixed rate and variable rate ISAs, comparing interest rate and other terms and conditions, such as minimum deposit

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    Apply today

    Once you’ve compared Isa accounts and decided which one is most suitable you can click through to the provider to make your application

What is a cash ISA?

A cash ISA is a type of savings account that lets you earn interest on your savings without paying tax on it. You can save up to £20,000 per person each tax year (which runs from April to April) in a cash ISA tax-free. But you can only save into one cash ISA account per year.

Cash ISAs are similar to other types of deposit savings account in that you can choose fixed interest rates or variable rates. Some accounts might be online-only, where others can be accessed in a bank branch, for example.

How do cash ISAs work?

If you want to start saving in a new cash ISA account, here’s how it works...

  • Choose your ISA account

    Do you want a fixed rate of interest or a variable rate, easy-access account? Think about what type of account will suit you best.

  • Compare ISA deals

    Use our handy comparison tables to see a wide range of cash ISA accounts from leading UK providers. You can compare rates and any terms and conditions.

  • Complete application

    After you choose the cash Isa account that best suits your needs and your savings goals, simply click through to the provider to start your application.

  • Start saving tax-free

    Open your ISA and start making deposits. For fixed rate accounts you’ll typically make a lump sum deposit. Earn tax-free interest on up to £20,000 each year.

Which type of cash ISA is best for me?

There is a wide range of different types of cash ISA available. See which might suit you best:

  • Easy access ISA

    An instant or easy-access account means you can withdraw your funds at any time if you need them – great for short-term borrowing, such as for a wedding, car or a holiday. Interest rates will be variable

  • Regular saver ISA

    With regular savings accounts you can save up to a maximum amount each month, such as £250, but you’ll typically earn a higher interest rate. This type of cash ISA could suits those who want to get into a savings habit.

  • Junior ISA

    Children can save into their own Junior ISA – or JISA – up to the age of 18. The annual maximum savings limit is £9,000. The money is locked away until the child reaches the age of 18.

  • Fixed rate ISA

    If you can put your savings away for a longer time frame a fixed rate cash ISA could reward you with higher interest. Make sure you’re comfortable giving up access to your funds for a year or more.

What are the pros and cons of cash ISAs?

Savings in a tax-free cash ISA has advantages and disadvantages, here are some of the main things to consider:

  • Pros:

    • Save tax-free – you don’t need to worry about any tax liability on your savings interest
    • Competitive interest rates – some cash ISAs pay more than standard savings accounts

    • Choose fixed or variable rates – some accounts pay a bonus rate

  • Cons:

    • Limit on deposits – tax-free savings capped at £20,000 each tax year
    • Rules on new accounts – cash ISA funds have to be transferred to new Isas to preserve their tax-free status. Exit fees can apply
    • Interest rates may fall – high rates often fall after a year

      •  

What are the rules around cash ISAs?

Cash ISAs can be a great way to save a nest egg but they have certain rules attached to how they work. For example, you can only open one cash ISA each tax year, although it is possible to transfer Isa savings to another cash or stocks and shares ISA – if the ISA provider allows it.

You can divide your annual £20,000 ISA allowance between different types of ISA – cash, equity or Lifetime ISA – but you can only have one of each in any tax year.

If you want to move your cash ISA funds to take advantage of a better cash ISA rate elsewhere you’ll need to apply for an ISA transfer, which your ISA provider should take care of.

How to compare cash ISA accounts with MoneySuperMarket

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    Browse our providers

    Just click the button below to see a list of all our cash ISA accounts

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    Compare and choose

    View accounts from leading UK ISA providers and compare rates

  • clipboard icon

    Click through to provider

    When you find the cash ISA you want, click straight to the provider to apply

Reporting ISA scams

We’re aware that some fraudsters are trying to use the MoneySuperMarket brand to trick consumers into handing over money or financial details, by offering fake Isa products with eye-catching rates.

The best way to stop these scams is to report them.

How do I report an ISA scam?

Check out our tips on how to keep you and your family safe from scams.

Phone Action Fraud on 0300 123 2040 to report fraud

Any UK resident over the age of 16 can hold a full cash ISA – and save up to £20,000 in their name. Junior ISAs are available to anyone under 18 – and they have a smaller annual savings limit of £9,000.

You can open most new cash ISA accounts online, over the phone or in a bank or building society branch. You’ll need to supply proof of identity and address.

Yes you can apply to transfer your cash ISA funds into a new ISA account. But be aware not all cash ISAs accept transfers – so check the terms and conditions to see who will accept your cash ISA funds. Never close down the cash ISA account and withdraw the money or you will lose the tax-free status of the money. To preserve the cash ISA status you must do a transfer - which your provider can help to arrange.

This will depend on the terms and conditions of your cash ISA account. For most instant and easy access cash ISAs there won’t usually be any limits or restrictions on withdrawals from your account. If you have a fixed rate cash ISA there will usually be penalties – such as a loss of interest – if you withdraw the funds within the fixed rate term. Always ask your provider about withdrawals if you’re unsure.

Cash Isa funds deposited with UK providers who are authorised and regulated by the Financial Conduct Authority (FCA), are protected by the Financial Services Compensation Scheme (FSCS). This scheme protects your money up to a maximum limit of £85,000 per person (£170,000 for a joint account, per authorised firm.

Be aware some finance brands are part of the same authorised banking group. If you have more than the £85,000 limit in cash savings it is worth spreading your money across different banking groups to get maximum protection.

You can compare savings accounts using a number of factors. These include the interest rates they offer as well as how long the rate will last, the amount you might need to deposit in order to open the account, and how you can access the account. Once you’ve decided which account you want, simply click through and you’ll be taken to the provider’s website.

Not sure what type of account to go for? Our Savings Decision Tree can help you decide.

 

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