1-Year Flexible Cash ISA

You can open and manage your account in the Barclays app⁽²⁾ or Online Banking⁽³⁾. Alternatively, you can book an appointment to do this at a branch.

See how to apply.

ISA stands for ‘Individual Savings Account’ – it’s a tax-efficient savings or investment account.

Usually, interest earned on savings accounts is taxable if it exceeds your Personal Savings Allowance (PSA). With an ISA, interest you earn doesn’t count towards your PSA. You won’t pay income tax, tax on dividends or Capital Gains Tax on an ISA, so any returns your ISA makes won’t be taxed. Terms, conditions and ISA rules apply.

If you have an existing ISA, held with us or another provider, and you want to transfer the balance to a 1-Year Flexible Cash ISA, you’ll need to give us the details of the ISA you want to move the money from. You’ll also need to do this within the first 30 days of opening the ISA. You can do this in our app and Online Banking.

In our app, go to ‘Products’ and scroll down to ‘Our services’, then tap ‘Transfer-in an existing ISA’ and ‘Get started’.

In Online Banking, select ‘Save’ in the top menu, then ‘Transfer an ISA in’ from the dropdown menu.

Alternatively, you can speak to us and we’ll help you do this.

The ISA rules changed from 6 April 2024. This means you can now pay into more than one cash ISA in the same tax year.

However, we can only let you pay into one cash ISA with us each tax year right now. You can still open and pay into cash ISAs with different providers, as long as you don’t pay in more than £20,000 across them all.

The government sets the limit on the maximum amount you can add to your ISA accounts each tax year (6 April to 5 April). This limit is known as your annual ISA allowance and is £20,000 for the 2024/25 tax year. You can make up to three withdrawals from this account and put the same amount of money, or less, back in within the same tax year without it affecting your annual ISA allowance. Any interest your ISA earns won’t reduce your annual ISA allowance.

You don’t have to top up an ISA with the full £20,000 each tax year – just what you can, when you can. However much you top up, any interest you earn will be tax-free. Remember, if you don’t use your ISA allowance by the end of the tax year, you’ll lose it as it won’t roll over into the next year.

You’ll get the most out of this account by adding up to £20,000 to it over the tax year and limiting your withdrawals. It’s a good idea to add money to your ISA as soon as possible after opening it, so you can start earning interest sooner. This is a tax-efficient account, so you’ll keep all the interest you earn from it. To maximise your interest, you could split your savings across a combination of accounts that offer different interest rates and withdrawal options.

Remember, there are rules around withdrawing from or transferring an ISA. Our guide to ISAs can help you understand them.

If you’d like an ISA that allows instant access to your money, you could try our Instant Cash ISA.

If you’re looking for a savings account that’s not an ISA but still offers instant access, you could try our Reward Saver account which rewards you with a higher interest rate in months you don’t make withdrawals. Barclays Blue Rewards members and Premier Banking customers have access to our instant-access Rainy Day Saver and Blue Rewards Saver accounts too.

If you’re growing your money for the future, you could explore your investment options with us. Investments may offer higher returns than cash savings in the long term.

For savings accounts, the interest rate tells you how much interest we’ll pay you for saving with us – it’s shown as a percentage of your account balance. The higher the interest rate, the more interest you’ll earn by leaving money in the account.

The returns you make on cash ISAs are tax-efficient, so you won’t pay income tax on the interest you earn on this account.

Any interest earned on a cash ISA doesn’t impact your Personal Savings Allowance (PSA).

Your PSA is the total amount of interest you can earn each tax year, across all your accounts (except ISAs) with any bank or building society, without paying tax. The tax year runs from 6 April to 5 April.

For basic-rate taxpayers, the PSA is £1,000 and for higher-rate taxpayers, it’s £500. Additional rate taxpayers don’t have a PSA.

You’ll need to start paying tax on any interest you earn above your PSA. Go to HMRC’s site to find out how to do this.

You can read our guide to ISA rules to find out more.