Flexible Easy Access Cash ISA

explorerm

Hello,

I opened a Skipton Building Society Flexible Members Cash ISA and paid in £10K, on 7th April 2026. A week or so later I opened two further Flexible Easy Access cash ISAs, one at Monument and one with Principality. I withdrew £9985(from Skipton) and then paid it into Monument. Leaving £15 in Skipton and then paid £10K into Principality.

Im thinking to withdraw 5K from each ISA and open an AJ Bell account for an opening incentive of £150 Amazon voucher. Am I correct in thinking I can do this or should I do an ISA transfer to AJ Bell instead, as I believe AJ Bell ISA is not flexible.

Is there any danger that I could get into trouble with HMRC if I often withdraw funds from flexible ISAs and pay into new ISA?

I’ve never used a flexible ISA before so this is new to me, I was working in the basis that as long as I don’t exceed the 20K contribution for this year I would be fine?

Or is it a case of although in theory it is fine, it could get very messy proving where the withdrawn funds were deposited and ended up?

Thank you

eskbanker

Im thinking to withdraw 5K from each ISA and open an AJ Bell account for an opening incentive of £150 Amazon voucher. Am I correct in thinking I can do this or should I do an ISA transfer to AJ Bell instead, as I believe AJ Bell ISA is not flexible.

The fact that AJ Bell's ISA isn't flexible only becomes relevant if you later wish to withdraw money from it with a view to redepositing without transferring.

Is there any danger that I could get into trouble with HMRC if I often withdraw funds from flexible ISAs and pay into new ISA?

I’ve never used a flexible ISA before so this is new to me, I was working in the basis that as long as I don’t exceed the 20K contribution for this year I would be fine?

Or is it a case of although in theory it is fine, it could get very messy proving where the withdrawn funds were deposited and ended up?

Provided your net contributions for the tax year don't exceed £20K then yes, you're fine, but opening and funding four ISAs within the first three weeks of the tax year is already a pretty unusual pattern, so if you carry on at that rate, I'd say there is a danger that at some point you'll make a mistake!

explorerm

https://forums.moneysavingexpert.com/discussion/comment/81978879#Comment_81978879

Thank you @eskbanker. In previous years I’ve usually been slower to use my 20K allowance (but partly due to exceeding the PSA and having read about flexible ISAs)I thought I would take advantage of the new years allowance immediately.

But perhaps I’ve got a little carried away! I’ll certainly be careful moving forward🙂