Account types

Easy access pot

Within your easy access pot is an ISA, which is a tax-free savings account, where you won’t pay any tax on the money you make within it (which can be a huge saving over time).

You can save up to £20,000 per tax year (April 6th to April 5th the following year).

If this limit is reached, or you don’t want to save within an ISA, a standard account will be used (this doesn’t have any tax-free benefits). More on this below.

You can access money within a few days but could be around a week.

Pension pot (25% bonus)

A pension pot is for saving towards retirement. You can start withdrawing your money from age 55 (57 from 2028).

Every time you add money, you’ll get a 25% bonus added automatically (this usually arrives at the end of the following month).

We call this a bonus as it’s like free money from the government. It’s actually tax relief, and is to refund tax you’ve paid (or will pay) on your income.

If you pay 40% or 45% tax, you can claim more back via a Self Assessment tax return (we can help point you in the right direction).

As an extra bonus, you also won’t pay any tax as your money grows, so it can grow much larger over time.

Each tax year, you’ll be able to save up to your yearly taxable income (with a maximum of £60,000 per year).

You may pay tax when you start withdrawing it, although 25% is typically tax-free (up to £268,275). How much you’ll actually pay depends on your income, circumstances and tax rules at the time.

These are the general rules, however your personal circumstances may mean different rules for you, and may change in the future.

Standard account

You’ll need a standard account in order to save with Beach. We use this account for essential features such as adding money from your bank account.

You can use this account as an alternative to an ISA within your easy access pot. Or, in addition to, if you’ve reached your yearly limits on your ISA and pension.

We’ll automatically invest your money in this account if you save more than £20,000 per tax year into your ISA.

There’s no tax-efficient saving benefits, so you might have to pay tax on the money you make.

Note: for all 3 accounts, the government could change these tax or any other rules in the future, and your overall tax treatment will depend on your individual circumstances.