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 £15,240.
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.
From 6 April 2015, a 0% tax rate for savings means more pensioners, low earners, or those with only investment income, can have some or all of their savings interest paid without tax being deducted. For more information and to check if you're eligible please go to gov.uk/taxfreesavings.
If eligible, adults and children can be registered for gross interest by completing the Getting your savings interest without tax taken off (form R85) for each account held with the Society. This form is also available from any Barnsley Building Society branch or by calling us on 0845 1200 898. If you are not eligible to receive gross interest then interest will be paid with tax deducted. Please note, gross interest can only be paid to customers who are aged 16 or over if they are the named account holder.
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 £15,240 for the 2015/2016 tax year. This can be invested in the following ways:
Important Information: the value of an investment in a Stocks & Shares ISA is not guaranteed and can fall as well as rise.
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.
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.
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.
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
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:
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.
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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.
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.
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