Monument Easy Access Cash ISA

A Monument Easy Access Cash ISA is a tax-free savings account you open and run entirely through Monument's mobile app. It is a cash ISA, so the interest is free of UK tax, and it is an easy access account, so you can take money out without giving notice. The account is aimed at savers with larger sums: the minimum balance is £10,000 if the ISA is the only account you hold with Monument, although the minimum opening deposit drops to £1 if you already bank with the firm¹.

Two rules shape how the account works in practice. You must make your first payment within 30 days of the account being opened, or Monument closes the ISA, and money can only arrive by electronic payment from a personal UK bank account in your name that you link to the ISA, or from another Monument savings account in your name¹. Monument does not accept deposits in cash or by cheque¹.

The window for the current offer runs from 6 April to 31 May 2026, and rewards are due to be paid by 15 August 2026². The provider's own site carries today's interest rate and the current reward terms.

What the Monument Easy Access Cash ISA offers

The account is a variable rate cash ISA with instant access. Monument describes it as letting you earn interest monthly, completely tax-free, with interest calculated daily and paid monthly to the account¹. That combination, tax-free interest plus access without notice, is what defines an easy access cash ISA generally: the trade-off is that the rate is variable, so it can go up or down, and providers can change it⁴.

Monument is an app-only bank. It says you can only access your account through the Monument mobile app, and that you can open and manage the Easy Access Cash ISA there¹. The app is downloadable from the Apple App Store or Google Play, and Monument requires biometric or pin authentication when you access it⁶. There are no branches to visit and no postal service for this account, which matters if you prefer dealing with a person face to face or need to act on someone else's behalf.

The wider Monument range is small: savings accounts and an ISA with flexible options³. Alongside the Easy Access Cash ISA, Monument offers an Easy Access Savings account and a Limited Access Saver, both opened and managed in the app⁸. The Limited Access Saver carries a £25,000 minimum balance across all Monument savings accounts you hold, including that one, so the ISA's £10,000 minimum is the lower entry point of the two⁹.

Minimum balances and how much you can hold

The minimum balance rule depends on what else you hold with Monument. If the Easy Access Cash ISA is your only account with the firm, the minimum balance is £10,000¹. If you are already a Monument client, you can start the ISA with £1¹. That structure means the account is designed for savers who can leave a five-figure sum in place, not for building up a small balance from scratch.

On top of the minimum, there is the annual ISA allowance. You can deposit up to a maximum of £20,000 per tax year in this account, which Monument describes as reflecting the annual ISA allowance set by HM Revenue & Customs¹. The allowance is a limit on what you pay in during a tax year, not a cap on the balance: interest already earned and money transferred in from previous years' ISAs sit outside it.

The allowance is changing for cash ISAs. The change is not in force yet, and it applies to cash ISA subscriptions rather than to money already saved. Our page on changes to the cash ISA limit sets out what has been announced and when it takes effect.

Who can open a Monument Cash ISA

You must be a UK resident to open the Easy Access Cash ISA¹. That rules out the Channel Islands and the Isle of Man, which are not part of the UK for this purpose. NS&I takes the same line on its own Direct ISA, requiring holders to be resident in the UK for tax purposes and stating that this does not include the Channel Islands or the Isle of Man¹⁰. NS&I's general ISA guidance is blunter still: you cannot open an ISA if you are resident abroad¹¹.

The account can only be opened in one person's name¹. Joint cash ISAs are not permitted, and that is a rule of the ISA system rather than a Monument quirk: providers across the market state that a cash ISA can only be held in the name of one person who owns the funds, and several also exclude attorneys acting under a power of attorney, guardianship or intervention order¹². If you need to hold an ISA for someone else, our page on managing an ISA for someone who lacks mental capacity explains the position.

Beyond residency and sole ownership, the practical eligibility question is the minimum balance. A saver who cannot leave £10,000 in the account, and who holds no other Monument account, does not meet the terms. Our page on who can open an ISA covers the wider eligibility rules, including age and residency.

Opening the account in the Monument app

The application runs through the Monument mobile app, which is also where the account is managed afterwards¹. Monument is app-only, so there is no branch or phone route to open this ISA⁵. The app is available from the Apple App Store or Google Play, and once you have logged out you need biometrics or your pin to get back in⁶.

Before you start, it helps to have two things ready: your linked account details and the money to fund the ISA. The linked account is a personal UK bank account in your name, which you provide when you open the account¹. It is the only route for paying money in, apart from another Monument savings account in your name, so an account that cannot make electronic payments will not work as a funding source.

The 30-day rule is the part most likely to catch people out. You need to make your first payment into the Easy Access Cash ISA within 30 days from the date the account is opened, and if you do not, Monument closes the ISA¹. Other providers set different windows, so the deadline is worth checking wherever you open an account. If you are weighing up whether an app-only account suits you, our page on cash ISAs explained sets out how these accounts work more generally.

Paying in: the linked account and the ISA allowance

Money reaches the ISA in one of two ways: an electronic payment from the personal UK bank account you linked when you opened it, or a payment from another Monument savings account in your name, subject to that account's terms¹. Cash and cheques are not accepted, and Monument confirms the same across its accounts: you cannot pay a cheque into a Monument account¹.

The linked account has to be in your name and be a UK personal account¹. That is a fraud control as much as an administrative one, and it means the ISA cannot be funded from a business account or from someone else's account. Monument's own fraud guidance notes that it requires biometric or pin authentication when accessing the app⁷.

Each tax year you can pay in up to £20,000 across your ISAs, and Monument caps deposits into this account at that figure¹. If you pay in more than your annual ISA allowance, Monument says it will return the full payment to the account it came from⁵. That is a correction rather than a penalty, but an over-payment can still mean a subscription breaks the ISA rules, which our page on when an ISA subscription breaks the rules explains.

Transferring an existing cash ISA to Monument

Monument accepts transfers in from other cash ISA providers, but only as full balance transfers: it does not accept partial transfers in¹. If you want to move part of an ISA and leave the rest where it is, this account will not do it. Our page on whether you can transfer part of an ISA covers how partial transfers work elsewhere.

The mechanics are standard. You find the ISA you want to move to, check the terms of the ISA you are leaving for anything that affects the move, contact the new provider, and complete the transfer form it gives you, either on paper or online¹⁴. The money moves between providers rather than passing through your bank account, which is what keeps the ISA status intact. Our page on how to transfer an ISA walks through the process.

Timing matters if you want the ISA Reward. Monument says ISA transfers can take up to 15 working days to complete, depending on your existing provider, and that it should receive your transfer request by 11 May 2026 so the funds arrive within the deposit window². Working back from that, a transfer started in the last days of the window is unlikely to land in time.

Withdrawals and access to your money

The account is easy access, so there is no notice period and no early access charge. You can withdraw up to £150,000 per day per account through the Monument app¹. That daily ceiling is high enough that most savers will never meet it, but it is a limit rather than unlimited access, and it applies per account per day.

Withdrawing money from a cash ISA does not create a tax charge, and the interest already earned stays tax-free. What it can affect is your allowance for the year: money taken out of a cash ISA and paid back in counts against your annual allowance unless the ISA is a flexible one. Our page on taking money out of an ISA explains how withdrawals interact with the allowance, and our page on flexible ISAs covers the accounts that let you replace money without using fresh allowance.

Monument's app is the only channel for this account, so withdrawals run through the same biometric or pin login as everything else⁶. If you need money paid to a particular account, that is worth checking against your linked account details before you need it.

How the Monument ISA Reward is paid

The ISA Reward is a cash payment for customers who increase their ISA balance during a set deposit window.

Rewards are due to be paid by 15 August 2026². The money does not go into the ISA: Monument says the ISA Reward will not be paid into your Easy Access Cash ISA, and will instead go into your Easy Access Savings Account if you have one, or your linked account if you do not². That matters for anyone counting the reward towards their ISA balance, because it will not appear there.

Two conditions are worth noting. You must have an open Monument savings account at the time the ISA Reward is due to be paid, or Monument says it will not be able to pay the reward². And the balance has to be maintained, not just reached, so moving money out before the payment date can cost you the reward. Our page on ISA promotions, boosted rates and transfer offers looks at how these offers work across the market.

FSCS protection for Monument savers

Eligible savings with Monument are protected up to £120,000 by the Financial Services Compensation Scheme³. That is the current FSCS limit for eligible deposits, and it covers cash ISAs as well as ordinary savings accounts¹². The protection applies per person, per authorised firm, so money held in more than one brand under the same licence counts together towards the limit.

If you hold other accounts with Monument, the balances count together towards the same limit. Our page on how your ISA is protected explains how the scheme works and where it stops.

Protection is not the same as a guarantee against poor service or a change in terms. If something goes wrong with the account, the usual route is a complaint to Monument first, and then the Financial Ombudsman Service if it is not resolved. Our page on complaining about an ISA provider sets out the steps and the time limits.

If you hold other Monument accounts, those balances count towards the same limit as your ISA.