Navigate the cash Isa maze for best deals

SAVERS looking to open an easy-access cash Isa face a quagmire of terms and conditions.

Some let you make as many withdrawals as you want, then return the money to the account later in the tax year without busting your cash Isa allowance — but others don’t.

Similarly, some, but not all, will let you transfer your existing cash Isas to them.

The confusion makes choosing an account a real slog and it’s easy to pick the wrong one.

Money Mail has done the hard work for you. We’ve picked the best accounts on the High Street and online, with a rundown of the terms and conditions you need to know about.

The basic rules of cash Isas apply to every account. You must be a UK resident and 16 years old or over to open one, and your interest is automatically tax-free.

Also, the Government limits the amount you can put in annually. This tax year — ending on April 5 — it is £ 15,240, rising to a maximum £20,000 next tax year.

In the past, every pound you put in your account reduced your annual allowance by £1.

However, last April, the socalled flexible Isa was launched — which has complicated the calculation.

The basic concept with these accounts is that you can put in your full Isa allowance, take some out and replace it over the same tax year. It does not matter if your total contributions that year breaches the Isa allowance barrier. So, you can put in £15,240, take out, for example, £500 and put it back later in the tax year.

You can also use this flexibility to take money out of your previous years’ Isas and replace it.

And you can transfer your easy-access account between providers if you see a better deal elsewhere.

It wouldn’t be too confusing if all Isas operated like that. But, unfortunately, it is up to banks and building societies whether they offer this new flexibility — and whether they accept transfers from other providers.

Each of the top variable rate accounts has different rules. National Savings & Investments Direct Isa pays a top 1 pc, but is not flexible and does not accept transfers from other cash Isas.

With a minimum £ 1 initial investment, it is available online or by phone. You can still have access to your savings.

It’s good for new savers wanting to put money aside each month and for seasoned savers looking to use their full Isa allowance, but unlikely to need the money.

Nationwide Flexclusive Isa at 0.95 pc is available only to Nationwide current account holders. It accepts transfers and offers the flexible feature.

If you want to stick to the High Street, the flexible Nationwide Instant Saver Issue 9, at 0.6 pc, accepts transfers. You might want to head for Virgin Money, Coventry BS or Newcastle BS, if they have a branch in your area. The Virgin Defined Access Isa Issue 10 at 0.95 pc is not flexible and limits you to a maximum three withdrawals a year. If you make more, your rate drops to 0.5 pc. It is available through branches and by post as well as online, and accepts transfers. If you need the flexible feature, its Easy Access Isa issue 18 at 0.75 pc is one of the top High Street rates open to all. It accepts transfers. The Coventry BS Easy Access Isa Issue 5 pays 0.9 pc through its branches, online by phone or post. It is flexible, but does not accept transfers. Newcastle BS Community Isa Issue 1 offers 0.8 pc. You open this in its branches or online and, once opened, you can also run it by phone or post.

It accepts transfers, has the flexible option and pays an extra 0.1 pc to charity.