What is a Select Access Cash ISA?
A Select Access Cash ISA offers a higher interest rate if you make 2 (or fewer) withdrawals a year. If you need to withdraw more we’ll lower your rate to 2.60% AER (variable) if you have a free Monzo current account and 3.10% AER (variable) if you have Monzo Perks, Max, Plus or Premium until you hit the one-year mark since opening your Pot. No matter how many withdrawals you’ve made, you can always access your money instantly. You can start saving with a £500 minimum deposit.
Since it’s a Cash ISA, you don’t have to pay any tax on the interest you earn. The taxes you pay depend on your circumstances and could change in the future.
What is the difference between Instant Access and Select Access?
Select Access could be a great option for medium-term savings goals where you'll probably need the money later, like a big trip, a wedding or even a house deposit. Instant Access could work for money you expect to need sooner, or money that you’re likely to withdraw across many transactions.
The Select Access interest rate is 0.40% AER (variable) higher than the Instant Access interest rate.
Are there withdrawal limits on Select Access?
You can make as many withdrawals from your Select Access Savings Pot as you want, just make sure you keep your balance at £500 or above to keep your Pot open. You will earn a higher interest rate if you make 2 (or fewer) withdrawals a year. If you need to withdraw more we’ll lower your rate to 2.60% AER (variable) if you have a free Monzo current account and 3.10% AER (variable) if you have Monzo Perks, Max, Plus or Premium until you hit the one-year mark since opening your Pot. No matter how many withdrawals you’ve made, you can always access your money instantly.
Can I have both a Select and Instant Access Cash ISA?
Yes, you can have multiple Pots within the same Cash ISA, helping to organise your money, and they can be a combination of Select Access and Instant Access Pots.
This means you can spread your annual ISA allowance across different savings goals, and move money between them without ever leaving your Cash ISA.
What happens to the interest? Do I pay tax on my Select Access Cash ISA savings?
You don’t have to pay any tax on the interest you earn. The taxes you pay depend on your circumstances and could change in the future.
