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Easy access ISAs

Compare easy access cash ISAs

  • Have the flexibility to withdraw whenever you want

  • Enjoy tax free interest on your savings

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What is an easy access ISA?

An easy access ISA is a type of individual savings account in the UK that allows savers to deposit and withdraw money at any time without penalty.

It offers tax-free interest on savings and is a flexible option for short-term and emergency funds.

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How does an easy access ISA work?

  • Open the account

    Compare features such as interest rates before deciding which ISA to apply for and clicking through to the provider to open the account online

  • Deposit money

    Add money to your account and watch the balance grow as you accrue interest tax-free. You can save up to £20,000 tax-free each year

  • Withdraw funds

    You can access and withdraw your savings at any time without penalty, but keep an eye on the interest rate in case it drops over time

What is the difference between an easy access ISA and an easy access savings account?

The two accounts are similar in that there are no restrictions on withdrawing money, but there’s a key difference in terms of how interest is treated: 

  • An easy access ISA allows you to receive tax-free interest on deposits of up to £20,000 a year

  • You may have to pay tax on the interest gained from an easy access savings account, but the personal savings allowance (PSA) also allows most people to earn up to £1,000 in interest without paying tax

This means that a tax-free ISA isn’t always the best choice. For example, an easy access savings account that pays a higher return doesn’t take you over the PSA threshold could be preferable to a cash ISA.

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What are the pros and cons of an easy access cash ISA?

  • Tick

    Pros:

    • You can withdraw your money whenever you need it without giving notice

    • You can earn interest-free returns on deposits of £20,000 each year

    • Unlike stocks and shares ISAs that can go down as well as up in value, cash ISAs are very low risk

  • Cross

    Cons:

    • Interest rates for cash ISAs might be low – and not keep up with inflation

    • While introductory interest rates might be appealing, they could also drop with little warning

    • Your tax-free deposits are limited to £20,000

Why compare easy access ISAs with MoneySuperMarket?

  • We only work with trusted providers

    All our savings account providers are FCA-registered and your money will be protected under the financial services compensation scheme (FSCS)

  • See key information at a glance

    You’ll be shown the important details such as interest rate, account type and minimum  and maximum deposits so it’s easy to compare

  • Find relevant results with ease

    To filter for easy access ISAs, just select ‘ISA’ from the account type options and ‘no notice’ from the term length dropdown

Can I withdraw my money instantly from my ISA?

Yes, if you have an easy access ISA, then you will be able to withdraw your money whenever you need access to it. 

If you have a different type of ISA, such as a fixed term or a notice account, then your money is locked away, usually in return for higher interest payments.

While you may be able to access it earlier than agreed, you might find there are financial penalties such as a loss of interest.

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How do I pick the best easy access cash ISA?

Choosing the best easy access cash ISA is quite straightforward. There are just a few things to keep an eye out for.

  • Compare interest rates

    Look for the highest tax-free return for your savings by comparing interest rates from leading providers

  • Check deposit limits

    Take note of what the maximum and minimum deposits are for the account before applying

  • Consider customer service

    Read reviews of the provider to understand whether you’re likely to have a good experience 

  • Deposit protected

    Ensure the provider is covered by the FSCS to protect up to £85,000 of your savings

How do easy access ISA interest rates compare to other savings accounts?

It’s always worth comparing easy access ISAs with other savings accounts to see where you might get the best returns.

An easy access ISA might not pay as much as a regular easy access savings account, but you will benefit from its tax-free status.

Fixed rate bonds or fixed term savings accounts are also likely to pay more because you are committing to locking your money away for a given period.  

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What are the rules for easy access cash ISAs?

Opening and running an easy access cash ISA is relatively simple, there are just a few factors to be aware of. These include:

  • Your annual ISA allowance is £20,000 for the tax year 2024-25

  • There is no tax to pay on the interest earned

  • Easy access means no penalties for withdrawing your money

  • You can open as many easy access cash ISAs as you like (within the £20,000 total subscription limit)

  • You must be a UK resident and at least 18 years old

  • Funds should be deposited with a UK-regulated provider

  • You should be able to transfer ISAs from previous years, but check with your ISA provider first

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How to compare easy access ISA accounts with MoneySuperMarket

  • Browse our ISA providers

    You can see all our available ISAs from our leading panel of providers in the UK at a glance

  • Compare and choose

    To filter for easy access ISAs, select ‘ISA’ from the account type options and ‘no notice’ from the term length dropdown

  • Click through to apply

    Once happy with your choice of account, click through and complete the application online

The maximum deposit for an easy access cash ISA will depend on the account provider, but many accounts offer no limit to the amount you save with a £1 minimum to open the account.

It’s worth remembering that the government’s FSCS will only guarantee your savings up to £85,000 per person per financial institution. You may wish to spread the funds between different accounts if you are saving more than this.

Whether it’s better to get a fixed term or easy access ISA depends on your financial circumstances and priorities.

If you are able to lock the money away for a given period, then a fixed term ISA usually offers better returns, for example.

In contrast, if you are concerned that you might need the funds to cover overheads in the near future, then an easy access ISA may be a preferable option, knowing you can access the money whenever you like.

Yes, you can usually transfer your ISA from one provider to another at any time. And as of 2024-25, you can now usually make partial transfers when transferring money you’ve invested in an ISA during the current year.

For money you invested in previous years, you can choose to transfer all or part of your savings. Check with your ISA provider for terms and conditions

You need to be aged 18 or over to open an easy access ISA and there is no upper age limit.

Opening an ISA won’t typically affect your credit rating because unlike a credit card or loan it is not a type of borrowing.

Building a savings pot to help you in the future can ultimately mean that you won’t have to borrow as much when it comes to buying a house or a car though, and this can indirectly help keep your credit score healthy. 

If you are moving abroad you should tell your ISA provider straightaway.

You can keep your ISA open and benefit from its tax-free status, but you usually cannot put more money into your easy access ISA after the end of the tax year that you move.

There may be exceptions if you’re a member of the armed forces, a civil servant or diplomat.

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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