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Cash ISA Eligibility

Cash ISA Rules

A cash ISA may be a very useful way of maximize your savings, as their interest rates are often very competitive when compared against a number of other, similar savings products. However, it is always important to be aware of cash ISA eligibility criteria before opening an account with either your current financial provider or a new financial provider. Any person over the age of 16 is eligible to open an ISA, but they may not be permitted to withdraw from the cash ISA until they reach the age of 18. There are also a number of other eligibility requirements that the saver may be required to meet before opening a cash ISA:

  • You will usually have to be a resident of the United Kingdom
  • The ISA should be in your name and all financial deposits made into the account must belong to you.
  • You must not hold more than one ISA account and deposit into both in the same financial year.
  • If you do not deposit any finance in your cash ISA for the duration of a whole financial year, you may have to re-apply to make more deposits.

You may wish to look at our tables below for some comparisons on cash ISA deals from several different providers. It should also be remembered that rules regarding eligibility for cash ISAs may vary depending on the provider:

Instant Access Cash ISAs
ProviderAccountInterest RateTermApply


Instant AccessApply Now >
  • Earn 1.11% AER (variable)
  • Minimum opening balance of £1
  • Interest paid monthly or annually
  • Transfers in allowed
  • Unlimited deposits and withdrawals
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be UK resident and aged 16 or older
0.75%Instant AccessApply Now >
  • Instant access
  • 0.75% AER/Gross
  • Minimum deposit £1
  • Open and manage your account online or in branch
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be 16 or older
0.75%35 Days NoticeApply Now >
  • Apply and manage your account online
  • Unlimited withdrawals subject to 35 days notice
  • Transfer from other cash ISA providers
  • Interest paid annually into ISA
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be UK resident and aged 16 or older
  • Minimum opening balance of £500
  • Variable rate of interest
Up to 0.75%Instant AccessApply Now >
  • Earn 0.75% AER (variable) on balances above £50,000, 0.50% AER (variable) on balances between £25,000 and £49,999, 0.25% AER (variable) on balances between £10,000 and £24,999, and 0.10% (variable) AER on balanced between £1 and £9,999
  • Open from £1
  • Transfers allowed in – bring all your cash ISAs together in one place
  • Instant access – manage your account by phone, in-branch and online
  • Must be 16 or over
  • Must be a UK resident
0.35%Instant AccessApply Now >
  • No bonus included in the rate
  • No notice period or loss of interest for withdrawals
  • Transfers accepted
  • Minimum balance £10
  • Access – online, telephone and post
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be 16 or older
  • Annual interest
  • Variable interest rate

Depending on the type of deal that is selected, there may be several advantages and disadvantages of opening a cash ISA with a particular provider. Here are some examples:


Potential Advantages

  • Interest on your savings will usually be provided tax free
  • As the market is so competitive, you may be able to compare cash ISA deals with a variety of different benefits to suit your circumstances



  • There is a limit on the amount of tax-free savings you can put away each year
  • You may have to abide by a predetermined depot limit for your ISA

 Important Risk Information:

This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested.

Investments in Stocks & Shares ISAs do not contain the same degree of capital security as investments in deposits. Stocks and shares ISAs are designed as medium to long term investments of, for example, five years or more. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.

Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.