6th March 2025
Curious about Flexible ISAs and how they work? This guide explains everything you need to know.
A flexible ISA is feature of some Individual Savings Accounts (ISA) that allows you to withdraw money and replace it within the same tax year without affecting your annual ISA allowance. Unlike standard ISAs, where withdrawals cannot be replaced without reducing your remaining allowance, a flexible ISA provides more freedom to manage your savings.
Your tax-free savings allowance is £20,000 and you put £10,000 into an ISA during the 2024 to 2025 tax year. You then take out £5,000.
The amount you can now put in during the same tax year is:
This flexibility can be particularly useful for those who experience fluctuating incomes, have short-term financial needs, or simply want peace of mind knowing they can access their savings without impacting their tax-free savings allowance
Our Easy Access Cash ISA is flexible, designed to help you save tax-free while maintaining access to your money when you need it.
If you don’t already have a Cash ISA with us, you’ll need to open one first. Just make sure the account you choose allows transfers from other providers, as some of our Cash ISAs don’t support this. To transfer your existing ISA, simply fill out a form – available online or at any of our branches - and we’ll take care of the rest. We’ll send the request to your current provider, and they’ll transfer the money directly into your new account with us.
Want to make the most of your tax-free savings? Get in touch today to learn more about our range of Cash ISAs and start saving with Greater Manchester and Chesire’s local building society.