A new tax year means it's time to think about what to do with your brand new ISA allowance, which for the 2017/18 tax year clocks in at an impressive £20,000. If you're not sure you want to make a fixed rate commitment just yet, a variable rate ISA could be ideal.
After all, sometimes you want to keep your cash accessible, and variable rate ISAs can offer that kind of flexibility - you're not tied into a fixed rate deal but instead have the freedom to add to your savings pot and access your cash should you wish, ensuring you don't have to keep your money locked away for too long.
However, while many variable rate ISAs are easy access, some ask you to give a bit of notice to make that all-important withdrawal, so it's important to check the terms and conditions of each account before you take the plunge. You could also come across the odd challenger bank in the ISA sector, but don't let that put you off! Challenger banks are easily giving high street names a run for their money, so why not give them a go?
To help you decide, we've outlined the top six variable cash ISAs currently available. Some offer instant access, whereas others require a bit of notice to withdraw your cash, but either way, you won't have to wait long to get your hands on your money.
Taking the top spot is this instant access deal from Coventry BS, an entirely restriction-free account that offers the height of flexibility - unlimited withdrawals and further additions are permitted, as are penalty-free transfers away from the account, all from a minimum investment of just £1. It can be managed via all key channels, too, giving savers easy access from every angle.
In second place is this deal from Royal Bank of Scotland, an instant access account that pays a headline rate of 1.05% to those who deposit the full 2017/18 ISA allowance. However, this includes a conditional bonus of 1.00% which is only paid if the full £20,000 allowance is deposited by 5 May 2017, so it may not be suited to those with less than this to invest (savers will only earn 0.05% on any amounts below £20,000).
NatWest secures a top-three spot with this easy access deal, another account that pays a conditional bonus provided the full 2017/18 ISA allowance is deposited. However, this again means it's only suitable for those who are able to deposit (or transfer in) that kind of sum, otherwise it'll pay just 0.01%.
Next up is this simple, straightforward online account from Skipton BS. It's a true easy access deal that offers plenty of flexibility, with unlimited withdrawals and further additions permitted without notice or restriction. Transfers in will also be permitted after the first 12 months. All that from a minimum deposit of just £1, and with a variable rate of 1.00% (including a 0.35% bonus), it comfortably makes the charts.
Sitting comfortably in the top five is this no notice deal from NS&I, the perfect choice for those who want the security of Government backing. It offers unlimited withdrawals and further additions, as well as penalty-free transfers away from the account, and all it requires is an investment of just £1.
Just squeezing into the top six is this deal from Al Rayan Bank, paying an indicative profit rate of 1.00% AER to those willing to give 60 days' notice to access their funds. This account welcomes further additions at any time and permits unlimited withdrawals, subject to the required notice period being given, and can be managed via all channels for the height of flexibility.
Information & Rates correct as at: 07.04.2017
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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