Written by: Cally Worden
If you’re on the lookout for a savings option that delivers a good return, but gives you easy access to your money then a cash ISA can be a good choice. Barclays have an appealing offer currently available in the form of a 3-year flexible ISA. Here’s the low down …
What it Offers
- Save – between ¬£1 and ¬£5,940 in the current tax year (to 5th April 2015) – provided you have not already used up the cash portion of your ISA allowance in another account
- Transfer – from existing ISA accounts within the cash limit, and within 30 days of opening the new account
- Interest – you can take this monthly into another account, or at the end of the 3-year term when it will be added to your ISA balance. The AER (Annual Equivalent Rate) of interest is 1.80% tax-free pa
- Tax-Free – As with most ISAs, provided the conditions of the account are met, any interest earned is exempt from Income Tax.
Can I Get my Money Out?
Yes, you can access your cash at any time. But there are conditions:
- Up to 3 free withdrawals are allowed during the 3-year term. These can be up to a value of 10% of the then current balance
- You can transfer out the full balance of the ISA or close it in full at any time before the full 3-year term has expired. However, if you do exercise your right to the early removal of money from this ISA, or initiate full closure of the account, you will be charged 270 days of interest according to the value of your balance at that time. If insufficient interest has accrued, this charge will be deducted from your ISA balance, meaning you could be left with less money that you initially deposited
How do I Get One?
This Barclays ISA is available in branches of Barclays Bank, or online or by telephone to customers registered for these services.
Could it Be a Good Choice for Me?
- You haven’t already opened an ISA this tax year
- You are looking for a fixed rate of interest so you know the approximate level of benefit your money will earn
- You are seeking the flexibility of relatively easy access to some of your savings – if immediate access to all your cash is important to you, an Instant Access cash ISA may be more suitable for your needs