FAQs
You can make as many fee-free withdrawals as you like. However, as our ISA isn't a flexible cash ISA, any amount withdrawn will not change how much of your annual ISA subscription limit you have already used. If you have fully subscribed, you will need to wait until the next tax year to subscribe further funds.
ISA loyalty ISA the same as a cash ISA? ›
This account is designed for those who want to save within a tax-free cash ISA, but will rarely need to make withdrawals. You need to have been a continuous member of Nationwide Building Society for at least one year to be eligible for this account.
What is the loyalty rate for HSBC ISA? ›
Key HSBC cash ISA account details: HSBC Cash ISA Loyalty rate: 2.85% AER (2.81% tax free) HSBC Cash ISA Standard rate: 2.50% AER (2.47% tax free) HSBC Cash ISA Premier customer loyalty rate: 3.20% AER (3.15% tax free)
How much can I pay into my loyalty ISA? ›
Account opening and management
The maximum balance is £20,000 for 2023/24 ISA allowance plus previous years' ISA transfers. Please check with your existing provider if any charges are applicable on transfer. Deposits for the current tax year's ISA allowance can be made at any time.
Can I take all my money out of my ISA account? ›
You can take your money out of an Individual Savings Account ( ISA ) at any time, without losing any tax benefits. Check the terms of your ISA to see if there are any rules or charges for making withdrawals. There are different rules for taking your money out of a Lifetime ISA.
What happens if I take money out of my ISA HSBC? ›
If you withdraw funds from your ISA you will lose the associated future tax benefits. A 30-day cancellation period applies to this account.
Can I put $20,000 in an ISA every year? ›
Putting money into an ISA
Every tax year you can save up to £20,000 in one account or split the allowance across multiple accounts. The tax year runs from 6 April to 5 April. You can only pay into one Lifetime ISA in a tax year. The maximum you can pay in is £4,000.
What is the highest paying ISA at the moment? ›
The top paying rate in this sector is 5.05% over a one year term. A fixed rate Isa can be a great option if you don't need access to your savings and if you're saving towards a longer-term goal. Longer-term Isas, with terms of five years, are paying rates up to 4.07%.
Why ISA cash ISA better than a savings account? ›
One of the main differences between ISAs and savings accounts is that any interest earned on your savings account over a certain threshold is liable for tax, whereas ISAs remain completely tax-free regardless of how much interest you earn.
Which UK bank has the best ISA? ›
- Plum. Account: Plum Cash ISA. Notice: None. Rate: 5.17% AER (Includes a bonus) ...
- Chip. Account: Chip Cash ISA (powered by ClearBank) Notice: None. Rate: 5.10% AER. ...
- Zopa. Account: Smart ISA - Access ISA pot. Notice: None. Rate: 5.08% AER (Includes a bonus)
Cash ISAs work like other savings accounts, with the added bonus of being tax efficient. You can choose from: fixed rate cash ISAs – which offer you a fixed interest rate over a set period of time. variable rate cash ISAs – which have a variable interest rate over a set period of time.
Is it worth investing with HSBC? ›
Investment expert's opinion
This is still a basic investment service, but it's an easy option for those who bank with HSBC and want a simple way to start. Charges are OK and the performance has been consistently decent over the last 2 years.
Where can I get 5% interest on my savings in the UK? ›
Easy-access accounts – what we'd go for
| Top standard easy-access accounts. Here are the highest paying traditional savings accounts. |
|---|
| Paragon Bank | 5.05% (two withdrawals per year, rate drops to 1.5% from third onwards) | Monthly or annually |
| Oxbury | 5.02% | Monthly |
| Monument Bank | 5.01% | Monthly |
| Close Brothers | 5% | Annually |
12 more rows21 hours ago
Easy-access cash ISAs – what we'd go for
| Top rates for online accounts with unlimited withdrawals. Though rates can be beaten below. |
|---|
| Charter Savings Bank (min £5,000) | 4.87% | Online |
| Kent Reliance (min £1,000) | 4.86% | Online/ branch |
| Cynergy Bank (min £1) | 4.82% | Online |
8 more rows19 hours ago
Since the start of the 2024/25 tax year, there is no limit on the number of ISAs that you can open with different providers (apart from lifetime ISAs). This means you could have a Cash ISA with us, and another with a different bank or building society.
What happens if I withdraw money from my cash ISA? ›
Withdrawals from an ISA do not count as taxable income. Any interest you earn within an ISA will remain tax-free, as long as you have never exceeded your annual deposit allowance. However, your money does lose its tax-free status once you withdraw it from an ISA.
Can you withdraw money from instant cash ISA? ›
The benefits
Earn up to 1.90% AER/tax free variable interest. The rate depends on your balance. See summary box for details. This is a flexible ISA which means you can withdraw money and put it back in without counting towards your annual ISA limit.
Can I withdraw foreign currency from HSBC? ›
Withdraw your money in the local currency via thousands of HSBC ATMs globally. Money is automatically withdrawn from and deposits paid into the correct currency (where available), such as for international payments and receipts.
How do I withdraw a large amount of money from HSBC? ›
HSBC “There are no limits on the amount of money a customer can withdraw from their account – as long as there are sufficient funds.” It adds: “For larger withdrawals we do not require advance notice, but we are more likely to be able to meet requests for specific denominations or larger amounts if we are given prior ...
