Bees

Easy Access ISA

If you're looking for a place to put away your savings – totally tax free – with anytime access, then our easy access ISA could be a great choice. There’s no charge on withdrawals and as for payments, you can make these as often as you like.

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What’s an easy access ISA?

With this account, you'll be able to dip into your savings anytime you need, and can pay in as much, or as little as you like, without any charges or penalties (providing its within the annual ISA allowance and isn't more than £250,000). You've even got a choice between how often you pay in – so whether it's a lump sum now and then or a regular monthly payment, it's entirely up to you. Even better, you’ll also earn tax-free interest on your savings. It’s open to UK residents over 18, and depending on the account, can be set up with a £10 deposit.

The highlights

  • residents-iconUK residents aged 18 or over
  • online-iconOpen online with £10 today
  • faqs-piggybankSave up to £20,000 for current tax year
  • advice-iconGet mortgage advice from Mortgage Advice Bureau
  • interest-iconEarn interest tax-free
  • deposit-iconUnlimited penalty-free withdrawals
  • Stuck inEasy access to your savings
  • transfer-iconManage your account on the go
  • lock-row-iconNo transfers of ISA savings

Why choose an easy access ISA?

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Enjoy easy deposits

Pay in whatever and whenever you like, without having to commit to fixed payments, (remember it has to be within the annual allowance and not over £250,000)

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Dip in whenever you need it

Access your money anytime you need it. Enjoy unlimited withdrawals, without penalties or charges. But, remember it all counts towards your £20,000 ISA allowance.

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Don't pay a penny of tax

Like other ISAs, the easy access ISA is a tax-free savings account. That means you won’t have to pay tax on the interest you earn.

Choose an account

You can open a savings account through the Beehive Money app. All of our accounts are just for UK residents; we pay interest annually; and how often (and how much) you can withdraw depends on the account. Bear in mind too that any of our products can be withdrawn at any time.

Need help deciding? Choose how much you’re likely to deposit to see the estimated total interest you could earn in 12 months. We’ve calculated it using the AER (Annual Equivalent Rate), assuming you’ll put in the amount you’ve chosen on the day that account launches. This gives you an idea of how much interest you might earn, based on your deposit.

Things to know

Tax-free savings accounts (also known as Individual Savings Accounts or ISAs), are simple, really: with accounts like these you won’t have to pay tax on the interest you earn. There’s also a cap on how much you can add each tax year, depending on your circumstances, and keep in mind that the tax rules around ISAs could change.

AER, or Annual Equivalent Rate, is designed to make savings accounts easier to compare. The AER will show you what your interest rate would be if interest was paid back into your account. For accounts that pay interest annually, the gross rate and the AER should be the same. For accounts that pay interest monthly the AER will be slightly higher than the gross rate. This is because if you leave your monthly interest in the account you’d start to earn interest on the interest.

Use the calculator below to get an idea of how much you could save, and the interest you could earn:

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The amounts given above are just examples of the types of savings balances you could be aiming for. Some of our accounts have a maximum annual deposit limit so you may need to save over several years to achieve your target savings goal. The calculator results are just estimates and they’re for illustrative purposes only. We’ve based our calculations on the assumptions that the account is opened the day it’s made available; the interest rate doesn’t change; interest is paid straight into your account; and that you don’t put in any more money or take it out. So, if any of these things changes, so will the amount of money you earn on your deposit.

*We will pay your interest free of UK income tax. Your tax treatment will depend on your individual circumstances and may be subject to change in the future. The tax treatment of ISAs may also change. AER stands for Annual Equivalent Rate. It shows what the interest rate would be if the interest was reinvested in the account each year. Interest rates are variable unless otherwise stated.

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Ready to get started?

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Download

Search for ‘Beehive Money’ in the Apple App Store or Google Play, then download the free app.

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Register

Follow a few simple steps to get set up. You can sign up for news and updates here too.

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Open an account

Open an account in a few simple clicks and start enjoying the app.

Frequently asked questions

How much can I save in an easy access ISA account?
The ISA allowance for this year is £20,000, but this is divided across all the ISAs you want to pay into. Bear in mind that paying in, and later withdrawing, still counts towards your allowance. But, it all resets on 6th April – ready for the new financial year.
How often can you withdraw money?
Whenever – and however much – you like, with absolutely no penalties to pay.
Is my money safe in an easy access ISA account?
Yes, your money is protected up to £85,000 under the FSCS scheme. To find out more go to FSCS.org.uk.
When is interest paid on easy access ISA accounts?
It's paid on 5th April each year, as a lump sum.
How does this account compare to an easy access account?
If you’re deciding between an easy access ISA and an easy access account, then it’s good to weigh up the pros and cons of each. While the ISA is tax-free, it’s also restricted by the yearly ISA allowance, or limit, on the amount of money you can deposit. Overall, you can only deposit £20,000 across all of your ISA accounts each tax year. There are no restrictions on how much you can deposit in the easy access ISA account providing it doesn't exceed the £250,000 limit. Depending on how much of your personal savings allowance you’ve used — it might be taxable.

Your savings are protected

Your savings will be protected up to a total of £85,000 by the Financial Services Compensation Scheme. There’s more about that here.

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Looking for something different?

Don’t sweat it, we have a range of accounts you can choose from. Check them out below.

Lifetime ISA

If you’re 18-39 and looking to save for your first home, or set aside money for retirement, a Lifetime ISA could be ideal. This tax-free savings account is boosted by a 25% Government bonus, which means you could earn up to £1,000 a year in bonuses alone until you turn 50 – plus you’ll earn interest on top. 

See our Lifetime ISA arrow

Easy access

Our easy access account is a flexible account with very few restrictions, which makes it a great choice for those who want to put away money but be able to access it at any time, without charges or penalties, and it’s never, ever ‘locked’ away.

See our easy access accounts arrow

All savings accounts

Not sure about which account you’re after? You might want to lock your money away or maybe you’d rather have a pot you can dip into now and then, just in case. Whatever your goals and however you’d like to save, there’s an account for almost everyone at Beehive.

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