ISAs: Frequently Asked Questions

A cash ISA (Individual Savings Account) is a savings account where you don't pay tax on the interest you earn. ISAs are available through our Savings by MoneySuperMarket platform.

A flexible cash ISA provides more freedom than a standard cash ISA. If you take money out, you can put the same amount back in later in the same tax year without it affecting your annual ISA allowance.

This means you can dip into your savings if you need to, and top back up later, without losing the tax-free benefits.

You can add up to £20,000 to your ISAs in the current tax year.

The ISA allowance is set by the UK government. It runs from 6 April to 5 April each year.

Your £20,000 allowance is the total you can pay into all your ISAs combined - not each account. Any money you add to your cash ISA holding account or savings accounts counts towards this allowance.

You can't carry any unused allowance into the next tax year, so if you don't use it, you lose it.

You can read the latest rules on the UK government website.

A flexible cash ISA lets you take money out and put it back in during the same tax year without using more of your ISA allowance.

Here's how it works:

If you add £10,000 and later take out £3,000, you can pay that £3,000 back in before the tax year ends and still have £10,000 of your £20,000 allowance left.

Important to know:

Deposits are processed on working days (Monday-Friday)

So if you're adding money near the end of the tax year, make sure you leave enough time for it to go through before 5 April.

Yes, you can pay into more than one cash ISA, as long as you stay within your annual ISA allowance for the tax year.

If you have ISAs with other providers, you'll need to make sure you don't pay in more than your total ISA allowance across all your accounts.

Yes. You can have both a cash ISA and a stocks and shares ISA.

You can currently split your yearly ISA allowance between then in any way you like, as long as the total you pay in doesn't go over the £20,000 limit for the current tax year.

ISA transfers aren't available yet, but they're on their way.

To get started, reach out to your new ISA manager and let them know you'd like to transfer. They'll initiate the process and will need the following from you:

Transfers must be completed through this process to retain the tax-free status.

No. You can open as many products (like different fixed rate or easy access accounts) as you like within your cash ISA.

The only thing to keep in mind is that the total amount you pay into all of them combined can't go over your yearly ISA allowance.

Yes. You can open a cash ISA without adding any money or picking a product.

Once your account is open, you can browse our Marketplace and choose the products you want, whenever you're ready.

Yes. You can close your cash ISA at any time, as long as the balance is £0.

If you've paid money into your ISA, you'll need to take all of it out before we can close the account. Once it's closed, the ISA is no longer active.

If you open a cash ISA but never add any money, we may cancel it instead. A cancelled ISA doesn't count towards your ISA records.

Closing an ISA doesn't give back any ISA allowance you've already used this tax year.

If you prefer to move your money to a different ISA provider, let your new ISA manager know you want to complete an ISA transfer - this transfer process ensures you retain the tax-free status.

To close your cash ISA, contact our support team and they'll help you close it.