Budget 2015: ISAs to become more flexible

Currently, the ISA allowance is £15,000 (£15,240 from 6 April), and once you've deposited that amount, you can't put any more in during the same tax year, even if you make a withdrawal. See Top Cash ISAs for more on the current rules and top rates.

The changes, which will come into effect from autumn 2015, will mean that savers who need access to their ISA cash are not then penalised if they then want to save more later on that tax year.

The only limit is that you need to top up your ISA during the same tax year the withdrawal was made – if you don't it will count towards your new allowance.

However, with the introduction of a new personal savings allowance which is set to take almost 95% of people out of paying tax on savings interest altogether when it's launched in April 2016, for many, these new ISA freedoms will not be needed. (See Savers to get £1,000 personal allowance before interest is taxed news story).