What is a Cash ISA?
Introduced in 1999, an Individual Savings Account (ISA) is a tax-free savings account. You can currently pay up to £20,000 into your ISA each new tax year, without paying tax on the interest. From April 2027, the tax-free allowance for adults under 65 will fall to £12,000. You can read about the changes in full here.
Different types of Cash ISAs
- Easy Access Cash ISA - easy access ISAs usually allow you to withdraw your money whenever you like. They often have variable rates, meaning the interest rate could go up or down at any time.
- Notice Cash ISA - a Notice Cash ISA has a variable rate of interest, but restricts withdrawals. For example, a Notice Cash ISA may require you to give 60 or 90 days notice in order to withdraw funds.
- Fixed Rate Cash ISA - with a Fixed Rate ISA, you can't take any money out until the fixed term ends, so they may not be suitable for savers who want immediate access to their money. Fixed Rate Cash ISAs have a fixed rate of interest, which means it stays the same for the term of the account.
FAQs about Cash ISAs
Can you have more than one Cash ISA?
As of 2024, you can save into more than one Cash ISA in a year with different providers. Some providers will also allow you to open more than one Cash ISA with the same provider in a single year.
If you open more than one Cash ISA in a year, your tax-free allowance is £20,000 split across all your ISAs, not £20,000 in each account.
How old do you have to be to open a Cash ISA?
You must be aged 18 or over to open an adult Cash ISA. Click here for our guide to Junior ISAs.
Can you have a joint ISA?
No, ISAs can only be held in a single name.
Can you transfer an ISA to a different provider?
Yes. You can transfer your ISA to another provider, provided the new provider accepts transfers in. They will manage the transfer process on your behalf.
Reviewed January 2026.