Best Easy Access Cash ISAs

Easy access cash ISAs explained

Also known as an ‘instant access ISA’ or ‘no-notice ISA’, an easy access cash ISA lets you add to and withdraw from your funds at any time so long as you don’t exceed the £20,000 annual ISA allowance. This type of account will typically offer a variable rate, meaning the amount of interest you earn can both increase and decrease over time.

Some easy access ISA rates will also include an introductory bonus; in this instance, it’s important to check you’re still receiving competitive returns once the bonus expires.

Other accounts may impose restrictions on the number of penalty-free withdrawals you can make within a given time frame. While further withdrawals are often permitted, exceeding this limit will most commonly result in a loss of interest penalty.

Easy access and fixed rate cash ISAs both come with their own sets of advantages and disadvantages; the right account for you will depend on your needs, circumstances and savings goals: 

*Recent economic volatility has resulted in the gap between fixed and variable rates narrowing. Some fixed accounts are currently offering lower rates than their easy access and notice counterparts due to uncertainty surrounding the future of the savings market.

Whether you should open an easy access or fixed rate cash ISA will depend on a number of factors, including the level of access you need to your cash, your savings goals and the wider economic outlook. If you know you’ll regularly need to dip into your savings, for instance, an easy access cash ISA will often provide the greatest level of access to your funds.

However, if you’re saving towards a longer-term financial goal, a fixed rate cash ISA may better help you achieve your target. In contrast to an easy access ISA, these accounts offer an interest rate which is guaranteed to stay the same over the course of its term. Find out more about fixed rate cash ISAs.

Otherwise, if you think interest rates will increase in the future, you may choose to bide your time with an easy access cash ISA. Conversely, if you think interest rates are likely to fall, you may want to lock in a competitive rate with a fixed rate cash ISA.

Cash ISAs are a largely risk-free way of saving, with the Financial Services Compensation Scheme (FSCS) protecting balances of up to £85,000 held in this type of account should your provider go bust.

While you can’t lose money with a cash ISA, you’ll want to make sure you’re maximising your savings by constantly reviewing top rates and considering switching if your account no longer offers competitive returns.

An easy access cash ISA can be opened by applying directly with a provider. Some providers will allow you to apply online or by mobile app, while others will operate using more traditional means, such as in branch, over the phone or by post. Our charts provide further detail on the methods by which you can open and manage an account.

This process will often involve filling out documents with your personal details. Most accounts will require you to have a minimum deposit, while some providers may also ask you for photo ID and proof of address.

The minimum deposit will vary between accounts and providers; you can find out what this amount is by viewing ‘further details’ next to an account on our chart.