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Michelle Monck

Consumer Finance Expert
Published: 04/10/2019
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Coventry Building Society is now offering the top rate of interest for an easy access ISA by increasing the rate its Limited Access ISA. The building society joins Yorkshire Building Society, Virgin Money, Leeds Building Society and Chelsea Building Society in having an easy access ISA that comes with withdrawal restrictions. 

The ISA from Coventry Building Society pays 1.46% (which includes a bonus of 0.31% until 31 January 2021) yearly and savers can make up to three withdrawals per year without incurring any penalty. Savers can transfer-in other previous year’s ISA allowances, as well the £20,000 maximum allowed for the 2019/20 tax year.

The account can be opened in branch, online, by post or over the phone and if savers need to access their funds for more than three withdrawals, they can do so but will incur a 50 days’ interest penalty on the amount withdrawn.

Yorkshire Building Society launched a nearly identical product back in May, but its account comes with a condition that withdrawals can only be made on one day per account year and pays a rate of 1.40%.

What is an ISA with limited access?

ISAs with limited access are deemed to be easy access ISAs, which usually do not place any restrictions on accessing your funds. However, ISAs with limited access mean that while your funds are still accessible, the number of withdrawals is capped.

Which easy access ISAs don’t have withdrawal restrictions?

The best easy access ISA rate that does not have withdrawal conditions is from Al Rayan Bank, with its Instant Access Cash ISA offering an expected rate of 1.36%. This account can be opened by post, by phone, online, via its mobile app or in branch and transfers in from cash and stocks and shares ISAs are accepted.

Family Building Society pays a rate of 1.34% on its Market Tracker Cash ISA (2). It accepts transfers in, but only from other cash ISAs, while stocks and shares ISA transfers are not allowed. The minimum balance to open this account is £500 and it can be opened in branch, online or by post.

Can stocks and shares ISAs be transferred to into a cash ISA?

From July 2014, savers could transfer savings from stocks and shares ISAs to cash ISAs. However, it is still the decision of banks and building societies to decide if their ISAs will accept these. Currently, the four providers offering the best easy access ISA rates available to all savers all accept transfers in from both cash and stocks and shares ISAs.


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