Any interest you make from a cash ISA is tax free, and your money is usually protected under the Financial Services Compensation Scheme (FSCS).

You can save up to 15,240 in an ISA each tax year, and if you do not pay anything into a stocks and shares ISA or innovative finance ISA then you can put it all in a cash ISA.

If you already have cash ISAs, use our table to find a higher interest rate on a cash ISA that accepts transfers in.

Use our table to find the best cash ISA

You can change the order of cash ISAs in our table to find:

  • The highest interest rate: you get a better return the higher the rate

  • The shortest term: from instant access to a 5 year fixed term cash ISA

  • ISAs that accept transfer ins: move your ISAs from previous tax years into a new cash ISA

If you have existing ISAs here is how to transfer them into a new cash ISA.

Do not tie your money up for longer than you think you can afford to. If you withdraw money before the account's maturity date you will be charged an interest penalty.

What types of cash ISA can over 60s get?

There are six types of ISA in our table:

  1. 1.

    Instant access ISA: These let you withdraw your money anytime you want, but do not usually offer competitive interest rates

  2. 2.

    Easy access ISA: These let you withdraw anytime, but are usually managed online, over the phone or by post so it can take a short while for you to get your money

  3. 3.

    Notice ISA: These let you withdraw after you give a set amount of notice, such as 60 days, or you can withdraw anytime with an interest penalty

  4. 4.

    Regular ISA saver: These require you to pay in a set amount each month to qualify for the advertised rate offered

  5. 5.

    Fixed rate cash ISA: These tie your money up for a set term from the date you open the account and the rate is guaranteed

  6. 6.

    Limited access ISA: These accounts tie your money till a set date, rather than for a set term after opening the account

Cash ISAs for over 60s FAQs

Q

Can I save more money into an ISA because I am over 60?

A

No, your allowance is still 15,240 a year. Over 50s had a higher allowance between October 2009 and April 2010, but this is no longer the case.

Q

Can I get a better cash ISA because I am over 60?

A

No, most cash ISAs are available to anyone over the age of 16 and your age will not affect the rate or how much you can pay in each tax year.

Q

How many ISAs can I have?

A

As many as you want, but you can only pay into one cash, stocks and shares and innovative finance ISA during the same tax year. Find out more here.

Q

Is my money safe in a cash ISA?

A

Yes, most are backed by the Financial Services Compensation Scheme (FSCS) which protects your money up to 75,000 in a single institution.

Q

Can I take my money out of my ISA whenever I want?

A

Only if the ISA allows withdrawals but there are restrictions on paying money back in, find out more here.

Q

Can the interest rate go down on a fixed rate cash ISA?

A

No, once you open a fixed rate cash ISA you will get the rate you signed up for throughout the full term of the account.