Depositing money into Easy Access Cash ISA

wisdenfan

Hi All,

I have a question regarding depositing money into Easy Access Cash ISA. I'm currently considering opening an Easy Access Cash ISA with Newcastle BS (flexible) for the tax year 2022/23. My question is, can I deposit money into this account throughout the rest of this tax year?. For example, if I open the account with £100 now (minimum opening amount is £1), can I keep on depositing £100 every subsequent month, up until 5th April 2023?

Any help on this would be much appreciated.

25_Years_On

Yes you can. As long as you don't go over the £20000 limit. I hope you mean the Triple Access ISA (1.5% interest) rather than the easy saver ISA (1% interest).

wisdenfan

25_Years_On said:

Yes you can. As long as you don't go over the £20000 limit. I hope you mean the Triple Access ISA (1.5% interest) rather than the easy saver ISA (1% interest).

Thank you for your comment. Much appreciated! Yes, I'm considering the Triple Access ISA.

refluxer

Yes - you can usually make deposits into an Easy Access Cash ISA any time you like, subject to the £20k per tax year limit.

That Triple Access ISA is only paying 1.5% though so paying £100 a month into it is only going to earn you £10 in interest over a 12 month period - you can get more than that currently (1.81%) in the best-paying easy access (non-ISA) account. I would read up on the Personal Savings Allowance and have a think about whether you actually need an ISA or not.

If you decided that you didn't need an ISA, then you'd get even more from your £100/month deposits in a Regular Saver account, where you can earn anything up to 5% interest - just keep an eye on the number of withdrawals allowed if access to the money is important to you as many are penalty-free but some are restricted.