What are the three different types of Cash ISAs? Part 2

By Jmehta87 | Save and Make Money | 8 Nov 2022

There are three different types of Cash ISAs to which will be explained in this article.

Instant access:
You can make deposits into this account whenever you want and withdraw funds for whenever you need it. There are flexible accounts available, but many accounts have withdrawal amounts that are restricted. It's essential to search for a flexible account with the highest interest rates possible.

Regular Savings:
These accounts require a predetermined amount to be paid into the account each month but will have a fixed rate of interest per year that is often set over time. Since each account is unique, search once more for the finest offer you can acquire.

As the name implies, you will receive a fixed rate of interest each year, but these accounts demand for you to put your money in storage for a time period. The longer your money is fixed in these accounts, the higher interest they generally pay.

You may only have one Cash ISA open at any particular time. You can transfer your ISA, but you'll want to first make sure that it is the best type for you and that you are not forced into a fixed term.

Your annual deposit limit for cash ISAs is £20,000. For the upcoming tax year (2022-2023), this has been extended.

In the next part of this series, I will discuss Stocks and Share ISA and if you haven’t done so already, please do check out my previous articles to learn more about ISAs 😊

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