A cash ISA is a savings account where you can earn tax-free interest. If you are 18 years old or over and a UK resident, you can apply and start to save up to £20,000 each tax year without paying tax on the interest earned.
Yes, you can transfer an existing cash ISA from another provider into your Monument Easy Access Cash ISA, if the transfer in option is available to you in the Monument app. We only accept full balance transfers. We don't accept partial transfers in.
We don’t accept transfers from Stocks & Shares ISAs, Junior ISAs, Innovative Finance ISAs or Lifetime ISAs.
Due to a high volume of ISA transfer-in requests, we’ve temporarily limited the number of providers we can accept transfers from. This ensures we can continue to meet required processing times. Please check our Easy Access Cash ISA Transfer Provider List to see which providers we’re currently accepting transfers from.
Yes, our Easy Access Cash ISA is flexible which means you can withdraw and replace any amount in the same tax year without affecting your annual ISA allowance.
If you only have a Monument Easy Access Cash ISA, the minimum balance is £10,000.
If you hold more Monument savings accounts the minimum total balance across all your Monument savings accounts (including Monument Easy Access Cash ISA) must be £25,000.
For example, if you have a Notice Account and an Easy Access Cash ISA with us you must hold a minimum of £25,000 in total across both accounts. This can be any combination, for example £10,000 in your Easy Access Cash ISA and £15,000 in your Notice Account, or £5,000 in your Easy Access Cash ISA and £20,000 in your Notice Account.
After opening your Easy Access Cash ISA account, you will be given a sort code and an account number which you can use to make electronic payments into your Monument account from your Linked Account.
Your Linked Account is a personal UK* bank account in your name which you’ll provide when you open your account. In certain circumstances, we may be able to accept an account held with a UK* electronic money institution (known as an e-money account). Any funds received from another bank account will be returned.
You can also move money into your Easy Access Cash ISA account from an eligible existing Monument savings account if you have one, subject to the terms of that account.
You can also transfer an existing cash ISA from another provider into your Monument Easy Access Cash ISA, if the transfer in option is available to you in the Monument app. We only accept full balance transfers. We don't accept partial transfers in.
We don’t accept transfers from Stocks & Shares ISAs, Junior ISAs, Innovative Finance ISAs or Lifetime ISAs.
*UK means England, Wales, Scotland and Northern Ireland and does not include the Channel Islands and Isle of Man.
To be eligible for a Cash ISA, you must meet the following criteria:
Each tax year, you have an ISA allowance of £20,000 - the maximum you can deposit into ISAs between 6th April and 5th April. This amount, set by HMRC, allows you to save tax-free within the set limit.
At the start of a new tax year (6th April), your allowance resets. Any unused allowance from the previous tax year cannot be carried over, meaning if you don’t use it, you lose it.
Your ISA annual allowance applies to all ISAs you hold, including any you may have with other providers.
The allowance used and allowance remaining displayed in your Monument Easy Access Cash ISA account only reflect the money you have deposited in an ISA with us. It doesn’t take into account any money you’ve paid into any ISAs you may have with other ISA providers.
If you pay in more than your annual ISA allowance into your Monument Easy Access Cash ISA we will return the full payment to the account this came from.
The allowance used and allowance remaining displayed in your Monument Cash ISA account only reflects the money held in an ISA with us. It doesn’t take into account any other ISA accounts you may have with different providers.
Yes, you can open a Cash ISA with Monument, but please note that each tax year you can only save up to the annual ISA allowance in total across all your ISAs. It’s your responsibility to ensure you don’t exceed the total ISA allowance across your accounts.
For example, you could deposit £2,000 into an ISA with another provider and deposit up to £18,000 in the same tax year into a Monument Easy Access Cash ISA.
Open your Monument app, tap your Easy Access Cash ISA, then tap 'Add Money'. You will then see the option to transfer in your cash ISA.
Yes, you can transfer your Easy Access Cash ISA (fully or partially) to another ISA provider at any time. You'll need to contact your new ISA provider to start this process. Your new ISA provider is required to forward the request to us on your behalf. Once we’ve received the transfer request from your new ISA provider, we'll send your money and the supporting information to them.
We'll restrict your account while we're processing your transfer, which means you won't be able to pay money in or out during this time. The money in your account will continue to accrue interest up to the day we transfer it to your new ISA provider.
If you transfer the full balance of your Easy Access Cash ISA, we'll close your account.
The transfer process should take no longer than 15 business days in total.
We support transfers from all cash ISA providers who can send to us your money electronically.
Please note we will not be able to accept transfers from providers who only use cheques as their payment method.
No, we don’t charge any fees for transferring your cash ISA to us.
Transfers can take up to 15 business days, however we aim to complete it sooner than that. If it takes longer than 15 business days, we will contact you.
You’ll start earning interest as soon as we receive your money from your existing cash ISA provider.
You may be able to cancel your request depending on how much progress has been made on your transfer. Please contact us as soon as possible if you wish to do this.
The minimum you can transfer is £1,000.
Please refer to the Summary Box for your Easy Access Cash ISA for more information on the minimum and maximum balance limits.
Yes, but we can only process one transfer in request at a time.
If you’d like to transfer in money from more than one existing cash ISA, please wait for one request to be completed (we’ll send you an email to confirm this) before starting a new transfer request.
The interest rate on your Easy Access Cash ISA is variable and may change. If we change the rate, we’ll let you know by emailing you.
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