Best Rate Cash ISAs for Over 60s | Up to 5.1% Interest Rate | money.co.uk (2024)

Yes, your money is safe in a cash ISA as most are backed by the Financial Services Compensation Scheme (FSCS, which protects your money up to £85,000 with a single institution).

Whether you can take money out of a cash ISA and put it back in again depends on which kind of account and provider you choose. Some ISAs let you withdraw money and replace it during the same tax year without using up any more of your ISA allowance.Find out more here.

You can take money out of your cash ISA whenever you want if it allows unlimited withdrawals. However, there may be restrictions on paying money back in.Find out more here.

Yes, you can have as many ISAs as you want, but you can't exceed the £20,000 allowance. However, if you're under 40, you can only pay into one lifetime ISA.Find out more here.

As well as a cash ISA, you can also pay into one of each of the other three types of ISA each year. So that's a stocks and shares ISA, Lifetime ISA– if you’re aged 18 to 40 – and innovative finance ISA. Your ISA allowance must be split between them though, so you can't pay in more than £20,000 a year in total.

Currently, our best interest rate for cash ISAs is 5.1%.