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Flexible ISAs

A flexible Cash ISA could be ideal if you need easy access to your savings but still want to benefit from tax-free savings.

What is a flexible ISA?

A flexible Cash ISA is a type of ISA that offers a way to access to your savings without affecting your annual ISA allowance. This means that you can withdraw money when you need it and pay it back in later. You just have to make sure payments are put back in the same tax year as the withdrawal.

For example, let's say you pay £15,000 into your flexible Cash ISA during the current tax year (out of your £20,000 allowance) and you decided to withdraw £10,000.

You would still be able to add a further £15,000 to your ISA in that same tax year (your £10,000 re-deposited and the remaining £5,000 of your £20,000 allowance).

If you’re looking for an ISA that offers more freedom, a flexible Cash ISA might be the account for you. All of our current Easy Access Cash ISAs are flexible, but that might not be the case with other providers. 

Good to know

  • The tax year runs from 6 April to 5 April
  • The government sets the maximum amount you can save into an ISA each tax year and earn interest tax-free. This is known as the annual ISA allowance, which is £20,000 for the current tax year.

Fixed vs flexible ISAs from Skipton - what's the difference?

Our flexible Cash ISAs

  • Easy access to your money – flexibility to withdraw and pay in money without affecting your allowance so long as payments are put back in the same tax year.

  • Flexible Cash ISA interest rates are typically lower.

  • Suitable for short-term savings, emergency funds, or money you need easy access to. 

Our Fixed Rate Cash ISAs

  • Limited access - e.g. you can withdraw the full balance and close your account early if you need to. But you would have to pay an interest penalty, and so may get back less than you paid in. 

  • Interest rates tend to be higher.

  • Ideal for longer-term savings goals where you don’t need access to the money. 

Still unsure? Our My Money Review service could help you to decide whether a flexible ISA is right for you, or if another type of ISA would better suit your savings goals. As well as answering any questions you may have, it's an opportunity to have a chat about your money and see if you're on track to reach your savings goals.

How to transfer to a Skipton flexible Cash ISA?

If you're thinking of switching your ISA to Skipton, transferring is easy with our step-by-step process:

It's simple

We make transferring to a Skipton ISA as hassle-free as possible. You can request an ISA transfer into one of our ISAs as long as the terms of the account allow it. All you have to do is complete our simple form and we'll do the rest. Visit our ISA transfer explained page for more information.

It's tax-free

Transferring your ISA protects your tax-free status, so you’ll continue to maintain the tax benefits in the process:

If you're ready for a flexible, tax-free savings account that suits the way you save, take a look and see if one of our Easy Access Cash ISAs is right for you.