What is a Cash ISA?

A Cash ISA is an individual savings account that you can use to earn tax-free interest on your money. You can save up to £20,000 a year – which is split across any ISA accounts that you have including a Lifetime ISA or Stocks & Shares ISA.

Moneybox has two Cash ISAs to choose from, helping you select the account that suits your needs. Get our top-paying rate while making up to three withdrawals every 12 months with our Cash ISA, or enjoy a competitive rate and enjoy unlimited withdrawals with our Open Access Cash ISA.

Our Cash ISAs compared

Here is the breakdown of what you get with our Cash ISA accounts:

  • Cash ISA: Earn 4.65% AER (variable) on balances £500 or more, which includes a bonus rate of 0.70% for your first 12 months. You can make up to three withdrawals within a 12 month period. If you exceed your withdrawal limit, or your balance drops below £500 you’ll earn a lower rate of 0.75% AER (variable). Your withdrawal limit will reset each year on the date you opened your Cash ISA.
  • Open Access Cash ISA: Earn 4.45% AER (variable) on balance £500 or more, which includes a bonus rate of 0.70% for your first 12 months. Enjoy unlimited withdrawals without impacting your rate. If your balance falls below £500, you’ll earn a lower rate of 0.75% AER (variable).

You can only have one Moneybox Cash ISA account open at this time.

Cash ISA new customer rate as of 20/06/2025 and subject to conditions, includes bonus rate for first 12 months. ISA and tax rules apply. Tax treatment depends on individual circumstances and may be subject to change in the future.

Open Access Cash ISA new customer rate as of 20/06/2025 and subject to conditions, includes bonus rate for first 12 months. ISA and tax rules apply. Tax treatment depends on individual circumstances and may be subject to change in the future.

 

When is my Cash ISA interest paid?

With both the Cash ISA and Open Access Cash ISA your interest is accrued daily and paid on the first day of each month. The rate you earn is subject to the account conditions outlined above.

If you request a full withdrawal, or a full transfer out to another provider, we’ll prepay any interest you’ve earned to date.

The interest rate is variable, and we’ll keep you informed if it changes. AER stands for annual equivalent rate and illustrates what the interest rate would be if it was paid once a year.

 

What’s my annual allowance?

You can save up to £20,000 across your ISAs each year – which is also the maximum you can pay into a Cash ISA each tax year. The interest you earn is completely tax-free.

Here are the different maximum amounts that you can pay into each type of ISA. The £4,000 for a Lifetime ISA comes out of your £20,000 total allowance. So if you max out a Lifetime ISA, you’ll have £16,000 remaining for your Stocks & Shares or Cash ISA. The Junior ISA allowance is in your child’s name and does not come out of your personal allowance. 

Can I transfer other Cash ISAs into Moneybox?

Yes, you can transfer any ISAs you hold with other providers into a Moneybox Cash ISA via the app (Settings > Transfer in an existing ISA), or the website (Home > Cash ISA Product Page > Transfer in an existing ISA). We don’t charge for transfers and requests only take a few minutes.

If you’re looking to transfer in an existing ISA from another provider which has a maturity date, it’s best to wait until this has matured before starting a transfer in. This is because providers are typically unable to hold your transfer until your maturity date and may reject the transfer request or apply for an early closure penalty.

ISA and tax rules apply.

 

Can I withdraw money from my Cash ISA?

You can withdraw from your Cash ISA at any time to your linked UK bank account. You can either withdraw the full balance or withdraw part of the balance and your money will be with you the next working day.

Depending on the Cash ISA account that you have, your account will be subject to the following withdrawal conditions:

  • Cash ISA: if you exceed the withdrawal limit and make four or more withdrawals within a 12 month period from the date of opening your Cash ISA, you’ll receive a lower rate of 0.75% AER (variable) exclusive of any bonus interest rate for the rest of that period after you’ve made four or more withdrawals. The number of withdrawals you can make without impacting your rate will reset yearly on the date you opened your account.
  • Open Access Cash ISA: you can withdraw from an Open Access Cash ISA as often as you need to without impacting your rate.

If you request a full withdrawal, or a full transfer out to another provider, we’ll prepay any interest you’ve earned to date.

Our Cash ISA accounts are not ‘flexible’, meaning any withdrawals you make will still count towards your annual ISA allowance and cannot be replaced in the same year.

 

What’s the difference between a Cash ISA, Stocks & Shares ISA, and Lifetime ISA?

  • A Cash ISA is a cash savings account and does not offer any investment options. Instead, you’ll earn interest on your money completely tax-free.
  • A Stocks & Shares ISA is an investment account that lets you invest your money in the stock market. You can pick a premade portfolio, or customise your investments to access more funds and US stocks. Any gains you make are tax-free.
  • A Lifetime ISA is designed to help you buy your first home, faster – or save for retirement. For every £4 you put into a Lifetime ISA, the government will give you £1 for free. Since you can deposit £4,000 into your Lifetime ISA each tax year, you can earn up to £1,000 as a free annual bonus.

There’s loads more content available in-app. From expert commentary to step-by-step guides, we’ve got it all.

If investing, capital at risk. ISA and tax rules apply.

Discover more

 

Unlock 3.90% AER (variable) on regular access savings

As a Cash ISA customer you’ll unlock an exclusive reward rate on our Simple Saver! Build your savings and enjoy next-day withdrawals, with a maximum of one per calendar month.

You can earn a Simple Saver reward rate of 1% (variable) on top of the underlying rate of 2.90% AER (variable), by keeping your balance above £0 in a qualifying Moneybox account*.

Open a Simple Saver

 

*You will earn this reward rate if you either: have a balance above £0 in a qualifying account, which includes: Cash ISA, Open Access Cash ISA, Stocks & Shares ISA, Lifetime ISA**, Junior ISA, Personal Pension, or; have a Reward Savings Account that hasn’t been cancelled. **If your balance in your Lifetime ISA drops to £0 then you are eligible to keep the reward rate for 12 months or until 13/08/2025, whichever date is later. % AER (annual equivalent rate) is the rate you will earn after a year, including compounding.

The interest rate may change. Interest is earned daily and paid monthly. Please note, instant bank transfers are not supported by all banks. Bank transfers typically take minutes to arrive, but can take up to 24 hours.

Cash ISA new customer rate as of 20/06/2025. 4.65% AER (variable) includes a bonus rate of 0.70% for the first 12 months. Open Access Cash ISA new customer rate as of 20/06/2025. 4.45% AER (variable) includes a bonus of 0.70% for the first 12 months. A lower rate of 0.75% AER (variable) applies if account conditions aren’t met. Cash ISA and Open Access Cash ISA interest is accrued daily and paid into your account on the first day of each month. . Tax treatment depends on individual circumstances and may be subject to change in the future.

All investing should be long term (min. 5 years). The value of your investments can go up and down, and you may get back less than you invest.

A 25% government penalty applies if you withdraw money from a Lifetime ISA for any reason other than buying your first home (up to £450,000) or for retirement, and you may get back less than you paid into your Lifetime ISA.