You can add to the same ISA every year or transfer in an ISA every year to one ISA. Thereās a 500k total limit on monzos ISA product.
1 Like
Cheers, I was literally on the Gov site looking for at this:
Z2005 Monzo Bank Limited 38 Finsbury Square, London EC2A 1PX
Components offered Cash ISA, Cash Junior ISA, Innovative Finance ISA, Stocks and shares ISA, Stocks and shares Junior ISA.
@cookywook Could Moshe Raphaely update the article to make it clear that Monzo are the ISA manager and maybe another row under Can I withdraw money?. Might be worth also stressing the point that as its easy access there are no penalties or restrictions on how many times you can withdraw.
Can I withdraw money?
Yes, with it being Easy Access you can take out your money whenever you want, without penalty. Money withdrawn will reach your account the next working day. If you want to take money out and you have less than Ā£500 in your Savings Pot, you have to withdraw your full balance and close your account.
Can I replace withdrawn money?
Yes, as it is a Flexible ISA it allows you to withdraw and replace money without the replacement counting towards your annual ISA allowance.
2 Likes
Iāve already suggested this is added to the blog as itās a huge bonus for this product 
9 Likes
I donāt know if this has been said yet - but in real terms, for most people all savings are now tax freeā¦
On 6 April 2016 the personal savings allowance (PSA) launched, which means all savings are now automatically paid tax-free. Basic 20% rate taxpayers can earn up to Ā£1,000 interest a year without needing to pay tax on it, higher 40% rate taxpayers Ā£500 (top 45% taxpayers will always pay tax on savings).
For most people that will be enough to make all their savings tax-free, and therefore the question is simply āwhat pays the highest rate?ā
The answer to that isnāt always cash ISAs - though rates are picking up. So for most people with under around Ā£20,000 of total savings, cash ISAs wonāt always be a winner as theyāre beaten by the top fixed savings accounts, though itās a closer battle with the top easy-access savings accounts.
Quoted directly from MoneySavingExpert.com - https://www.moneysavingexpert.com/savings/best-cash-isa/
2 Likes
and from the same link
"Cash in an ISA stays tax-free as long as itās in there. The aimās to protect more of your money which is why we nag you about using the full ISA allowance if you can.
If you miss a year now, you might regret it five years later. If youāve big savings, you can gradually protect more and more of your cash. Those who started saving when ISAs were first introduced in 1999 could now be sitting on a good tax-free lump sum."
sorry to keep banging on about the benefits of tax free allowances being used as much as possible , it might at the moment in your own personal circumstances at this time be better to take advantage of the 1.5% on offer from the likes of Marcus and dismiss the 1.14% ISA from Monzo - ( or better ISA rates elsewhere) but if your circumstances change as your earning potential hopefully progresses in life you will rue the days of not taking up as much of your personal ISA tax allowances as possible year on year
8 Likes
Itās worth noting that itās a double whammy as your income and savings increase - your PSA halves when you go into the higher tax bracket just as youāre likely to be saving substantial amounts.
3 Likes
I do wonder sometimes who these people are that have 20k spare each year to throw in savings that the limits actually matterā¦ stock brokers? politicians? 
4 Likes
Your ISA can build up over time. You might not have 20k now but you might build it up over a few years. Also, the ISA limit isnāt guaranteed to stay the same, it has increased every few years but it doesnāt need to and could also go down.
Using it up where you can is beneficial. And no, not stock brokers. With good money management and dual income most people could save up to 20k a year on an average wage.
Lol. The average salary is Ā£29k. No, most people couldnāt afford to save 2/3 of their income and still pay mortgage, car, food etc.
Saving is a luxury, most people barely manage Christmas presents and holidays. Iām pretty well off compared to many of my peers and couldnāt dream of saving at that level.
6 Likes
just saying whatās worked for me over my lifetime at 59 - if people want to choose a different path - alls good - and I appreciate people on modest incomes donāt have the same opportunities
3 Likes
Saving isnāt a luxury, thatās a cop out for people who donāt manage their money. Everyone can save a penny.
And a dual income of Ā£58k is more than enough to save.
3 Likes
I dont think thats what hes sayingā¦ hes saying saving Ā£20k a year is only for those that are extremely well off
That might be all well and good for those that grew up when house prices were cheap as chips and interests were higher but nowadays for a person to be saving over Ā£10k a year they need to make serious sacrifices to other aspects of their lives and for many its just not feasable or dare i say it worth it
If you dont think its āworth itā then that is entirely your choice, and if you donāt think the sacrifices are worth the benefits again its your choice , Im just relating my life and what worked for me coming from a ānormalā working class background , if people take that on board or not is entirely up to them - I know what benefits Ive got from using my tax free allowances over 42 years - entirely personal choice
2 Likes
Not really as he already said. Average 29k, on a dual income thatās perfect feasible. It all depends on your goals, but it can be done. You choose what you want to do. not everyone will be able to save 20k a year and some people will be able to save more than 20k and wonāt be able to save tax on the rest of their money. 20k is a good middle ground that many people can reach.
1 Like
I accept both of your points and the difference in opinion could well be down to age?
Iāve graduated from uni a few years ago, been in a role since then and have a salary thats a few k over the amount youāve mentioned and I couldnt even think of hitting Ā£20k in savings per annum (considering thats >50% of my salary).
If i did that Iād be a very depressed manā¦ all work no play comes to mind.
2 Likes
yes I agree all work and no play - definitely, but having left Uni a few years ago and now getting closer to the higher rate tax band (? ) do you expect to be earning more , or less in the future ? if you expect to be earning more - who wouldnāt - then the tax benefits of saving an amount of your tax free allowance every year become even more beneficial donāt they ? because once the financial year ends the allowance for that year is gone for good - for ever - never to be repeated - lol Im getting repetitive now 
3 Likes
I feel like part of the ISAās benefits also become its main drawback. The ISA is to a large extent very beneficial when you have larger sums in it - this is compounded should interest rates start to increase as you can capitalise on having the āreservesā.
However, should you not have the means to plough everything into an ISA and begin to build it up, there are more beneficial/ lucrative ways to save your money whether that be a 5% interest bearing current account, a Marcus Saver, S&S (although these can be in ISA wrappers).
With the cost of house deposits, general cost of living and wanting to have a work life balance, it becomes quite hard to save so much into something which isnāt as valuable as other things - if that makes any sense? (not sure it does.).
1 Like
Iām not saying ISAās dont serve their purpose because they certainly do!
But only for those that aim to have Ā£20k+ savings per annum to see the real benefits which I unfortunately donāt or wont have for well over a decade even though im in a above average job/salary 
Until then Iāll look to try and maximise my contributions to my LISA and use Savings Accounts like Dozens and Marcus to help grow what I have
2 Likes
somebody ( cant remember who sorry ) had the system of putting their ISA funds in at the start of the tax year and then transferring them out into a high ( ) interest account for the majority of the following tax year , and then transferring them back into their (flexible) ISA before the end of the tax year to retain the tax free amount invested in the tax year , seemed like quite a good idea - not sure if it works though - cant see why not - I personally prefer a S&S ISA although it is more of a risk there is more potential to make many years ānormalā returns in one years investment - also there is potential to lose the lot - horses for courses
1 Like
Yeah that is a great idea however, if I took myself for an example, all my savings are in two places: Dozens 12 month Bonds and a LISA.
I suppose I could cut the Dozens Bonds off a month short, however I would then lose 1 months interest (although these arenāt really the problematic vehicles for the āflexibleā ISA switching).
My other money (and majority of my savings) is in a S&S LISA for my house deposit. I canāt take that money out until I use it for a house deposit otherwise Iād lose 25% of the total saved in there.
Maybe once Iāve bought a house I can start putting away into an ISA wrapper proper - but I suppose it is difficult for me at my age to not want to min/max now because the interest rates are so poor.
1 Like