What's so great about ISA flexibility?

In 2016, the UK government changed the ISA rules to allow ISA providers (including banks and building societies) to offer more flexibility to savers.

This change was optional, so not all ISA providers chose to make their accounts flexible. However, at Newbury Building Society, all of our adult ISAs are fully flexible.

So, what does having a flexible ISA actually mean for you?

ISA flexibility gives you the freedom to withdraw savings from your ISA and then pay that money back in without it counting towards your annual allowance of £20,000. You can withdraw and replace money as many times as you like as long as you don't go over your this allowance. 

Any replacement savings need to be paid into your ISA before the close of business on 5 April (the end of the tax year) or it will count towards the next year's annual allowance. 

This example shows how ISA flexibility works in practice. In this scenario, you would not be able to open another ISA until the following tax year.

There's still time to save this year with an ISA!

If you're interested in taking advantage of the tax-free savings allowance that an ISA provides before the end of the tax year on 5 April, we have accounts which could suit you and your circumstances.

To find out more, visit our ISA page, or book a savings review with one of our friendly Qualified Savings Advisers, who will be able to recommend the best products to suit your needs. Appointments can take place in person, by video call or over the phone to suit you.

*Information correct as of March 2024.