What are tax-free savings accounts?
In the UK, tax-free savings accounts are designed to help individuals save money without paying tax on the interest earned. The most common types of tax-free savings accounts are ISAs (Individual Savings Accounts).
For what period can I open a fixed-rate ISA?
In the UK, you can open a fixed-rate ISA (Individual Savings Account) for various periods, depending on the provider and the specific product. Fixed-rate ISAs offer a fixed interest rate for the duration of the term, which can help you earn a guaranteed return on your savings. Here are the typical periods for which you can open a fixed-rate ISA:
- Short-Term Fixed-Rate ISAs: generally range from 6 months to 1 year.
- Medium-Term Fixed-Rate ISAs: typically range from 1 year to 3 years.
- Long-Term Fixed-Rate ISAs: often range from 3 years to 5 years.
- Very Long-Term Fixed-Rate ISAs: some accounts may offer terms of up to 10 years.
What are flexible ISA in the UK?
Flexible ISAs in the UK are a type of Individual Savings Account (ISA) that offer more flexibility compared to traditional fixed or easy access
They allow you to manage your savings in a way that accommodates changes in your financial situation.
You can withdraw funds from a flexible ISA without losing the tax-free status of the account. Unlike traditional ISAs, you can take money out and replace it without affecting your annual ISA allowance.
If you withdraw money, you can usually pay it back into the account within the same tax year without it counting towards your annual ISA contribution limit.
Calculate future income on a 1-year term deposit (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 4.05% | 1,013 |
| 25,000 | 4.10% | 1,025 |
| 25,000 | 4.15% | 1,038 |
| 50,000 | 4.55% | 2,275 |
| 50,000 | 4.60% | 2,300 |
| 50,000 | 4.65% | 2,325 |
| 100,000 | 5.05% | 5,050 |
| 100,000 | 5.10% | 5,100 |
| 100,000 | 5.15% | 5,150 |
| 200,000 | 4.55% | 9,100 |
| 200,000 | 4.60% | 9,200 |
| 200,000 | 4.65% | 9,300 |
What are the best ISA with instant access?
The best instant access ISAs in the UK offer flexibility in terms of deposits and withdrawals while providing competitive interest rates. These accounts are suitable for individuals who want easy access to their savings without locking their funds away for a fixed period.
Top Instant Access ISAs in the UK:
- Marcus by Goldman Sachs Online Cash ISA
- Chase UK Saver ISA
- NS&I Direct ISA
- Virgin Money Easy Access Cash ISA
- Halifax Cash ISA (Online)
- TSB Cash ISA
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Details of companies offering the financial services:
Aldermore Bank
Head office’s address: Apex Plaza, Forbury Road, Reading, RG1 1AX
Phone: +44 20 7788 6699
Web-site: http://www.aldermore.co.uk/
Swift code: ALDBGB2P
Reference number: 204503
Stock code: 51WB
ABN: 00947662
BSB: ALD
Al Rayan Bank
Head office’s address: PO Box 12461 Birmingham B16 6AQ
Contact center: 0 800 4086 407
Phone: +44 129 889 0137
Web-site: http://www.alrayanbank.co.uk/
Swift code: ARAYGB22
Reference number: 229148
ABN: 04483430
BSB: ARAY
Charter Savings Bank
Head office’s address: 2 Charter Court, Broadlands, Wolverhampton WV10 6TD
Contact center: 0800 111 6768
Phone: +44 800 032 9999
Web-site: https://www.chartersavingsbank.co.uk/
Close Brothers
Head office’s address: 10 Crown Place
Contact center: 0800-588-40-64
Phone: +44 (033) 3321 61 00
Web-site: https://www.closebrothers.com/
Swift code: CBRLGB2LTSY
Reference number: 124750
Stock code: CBG
ABN: 00195626
BSB: CBRL
Kent Reliance
Head office’s address: Kent
Web-site: https://www.kentreliance.co.uk/
Leeds Building Society
Head office’s address: Building, Hardman Boulevard, Manchester M3 3AQ
Web-site: https://www.leedsbuildingsociety.co.uk
OakNorth Bank
Head office’s address: 57 Broadwick Street London, WIF 9QS, UK
Contact center: 0161-713-4071
Phone: +44 330 380 1181
Web-site: https://oaknorth.co.uk/
Swift code: OAKNGB22
Reference number: 629564
ABN: 8595042
BSB: OAKN
Shawbrook Bank
Head office’s address: Lutea House, Warley Hill Business Park, The Drive, Great Warley, Brentwood, Essex, CM13 3BE
Contact center: 0345-266-6611
Web-site: https://www.shawbrook.co.uk/
Swift code: WWLLGB2B
Reference number: 204574
ABN: 00388466
BSB: WWLL
Skipton Building Society
Head office’s address: 71 High Holborn, London WC1V 6EA
Phone: +44 20-7242-8147
Web-site: https://www.skipton.co.uk/
Teachers Building Society
Head office’s address: Teachers Building Society Allenview House, Hanham Rd, Wimborne Minster BH21 1AG
Phone: +44 800-378669
Web-site: https://www.teachersbuildingsociety.co.uk/
The Loughborough Building Society
Head office’s address: 6 High St, Loughborough LE11 2QB
Contact center: 01509-610707
Web-site: https://www.theloughborough.co.uk/