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ISA Explained

An ISA is a special type of account in which every eligible adult can save and invest tax-efficiently each tax year. Currently, the limit is 15,000.

You will benefit from tax-free interest if you choose a Cash ISA. Download our free guide to Cash ISAs. Stocks and Shares ISAs are tax-efficient, they are not completely tax free.

Investment limits

You can invest in two separate ISAs each tax year; a Cash ISA and a Stocks & Shares ISA. Every eligible individual will have a total annual investment allowance of 15,000 for the 2014/2015 tax year. This can be invested in the following ways:

  • Open a Cash ISA from age 16 and invest up to 15,000 with one provider; or
  • Open a Stocks & Shares ISA from age 18 and invest up to 15,000 with one provider; or
  • A combination of Cash ISA and Stocks & Shares ISA (minimum age is 18) up to the overall maximum subscription limit of 15,000. This can be split between two providers. However you can only subscribe into one Cash ISA and one Stocks & Shares ISA in a tax year.

    Important Information: the value of an investment in a Stocks & Shares ISA is not guaranteed and can fall as well as rise.

    Eligibility for ISA accounts

    To qualify for one of our Cash ISAs, you must be 16 or over and resident in the UK for tax purposes, or be a qualifying Crown employee, married to or in a civil partnership with a qualified Crown employee.

    Your right to cancel ISA accounts

    If you open an ISA and then change your mind within 14 days, you may cancel your subscription and we will give you your money back with any interest it has earned. We will not apply any notice period or charge. You can then open another ISA in the same tax year if you wish.

    Should you wish to cancel your subscription within this period, please write to the branch where you opened your account or call 0845 1200 898.

Barnsley Building Society Cash ISAs

Our Cash ISAs are designed for money that you may wish to access in the short or medium term to suit different needs.

And don’t forget that once you’ve invested up to your maximum allowance for the tax year, we have other savings options for your short and longer-term savings goals.

Stocks and Shares ISAs

These types of ISAs are best suited to money you can leave untouched for at least five years or more. Stocks and Shares ISAs are available through our association with Legal & General. To discuss your needs with a Legal & General financial consultant contact your local branch .

Stakeholder Standards

These are guidelines set by the Government to make it easier for you to identify simple, low-cost savings products.

For example, for a Cash ISA, Stakeholder Standards mean:

  • There are no account charges
  • The minimum investment is not more that 10
  • Withdrawals can be made in 7 working days or less and there is no limit on the number of withdrawals.
  • They provide a variable interest rate guaranteed to be no lower that 1% below the Bank of England base rate.

None of the ISAs the Society provides currently meets the Stakeholder Standards.

However, a Stakeholder Standard ISA may not necessarily be more suitable than a non-stakeholder standard ISA. It simply shows that the product meets all of the Government's criteria.

Please contact us if you are unsure which ISA is right for you.

Transferring ISA allowances

You can transfer some or all of your money saved in Cash ISAs in previous tax years into a Cash ISA and/or Stocks and Shares ISA without affecting your annual ISA allowance.

You can also transfer money saved in a Cash ISA for the current tax year into different ISAs with the same or a different provider, although you can only hold one of each type of ISA for each tax year.

If you choose to transfer your Cash ISA for the current tax year into a Stocks and Shares ISA, you must transfer the whole amount saved in that tax year. You can then save up to the remaining balance of your ISA allowance in the same Stocks and Shares ISA, or you could open a new Cash ISA.

You can now also transfer from a Stock and Shares ISA to a Cash ISA.

 

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Barnsley Building Society and the Barnsley are trading names of Yorkshire Building Society. Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Yorkshire Building Society is entered in the Financial Services Register and its registration number is 106085. Principal Office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ

References to 'YBS Group' or 'Yorkshire Group' refer to Yorkshire Building Society, the trading names under which it operates (Barnsley Building Society, the Barnsley, Chelsea Building Society, the Chelsea, Norwich & Peterborough Building Society, N&P and Egg) and its subsidiary companies.

Get in touch with us:

  • Call us on 0845 1 200 898
    Lines are open from 8am – 8pm, Monday to Friday and 9am - 1pm, Saturday.
  • Find a branch:
    http://www.barnsley-bs.co.uk/about/branches.xml
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    http://www.barnsley-bs.co.uk/security/online_help.html

This site is intended for UK Residents unless otherwise stated. All communications with us may be monitored/recorded to improve the quality of our service and for your protection and security.

Barnsley Building Society and the Barnsley are trading names of Yorkshire Building Society. Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Yorkshire Building Society is entered in the Financial Services Register and its registration number is 106085. Principal Office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ

References to 'YBS Group' or 'Yorkshire Group' refer to Yorkshire Building Society, the trading names under which it operates (Barnsley Building Society, the Barnsley, Chelsea Building Society, the Chelsea, Norwich & Peterborough Building Society, N&P and Egg) and its subsidiary companies.

This site is intended for UK Residents unless otherwise stated. All communications with us may be monitored/recorded to improve the quality of our service and for your protection and security.

* Charges to 0845 numbers may vary. Prices can be checked with your phone provider. Mobile calls usually cost more. Landline calls to 0800 numbers are free. Mobile phone providers may charge.