If you don’t like the idea of having money in a savings account that you don’t have access to, your best option is an instant access ISA. Even though the money you have in an ISA is yours, some types of ISA’s restrict you from withdrawing the money whenever you need it. And, some even come with penalties or fees for making a withdrawal.

It would be really nice to be able to deposit money into a savings account and never have to use any of it. But, for many people that’s just not realistic. You never know when an emergency might arise and you need to be able to dip into your savings to get you through a rough time.

An instant access ISA allows you to withdraw money anytime that you need to. You are able to withdraw as much as you want and make as many withdrawals as you need to. You never have to worry about your money being locked into a savings account for a certain amount of time.

Many providers offer instant access cash ISA’s with competitive rates and some offer low minimum investments. But, like with any ISA you should always stay current on the best ISA rates available and consider transferring to a new provider to maximize your earned interest.