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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 £11,520 (£5,760 in a Cash ISA).
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.
| Type of ISA | ||
| Investment Limits (from 6 April 2013) | Cash | Stocks & Shares |
|---|---|---|
| All ISA customers | Up to £5,760 with one provider | Up to £11,520 with the same or another provider |
| Minimum opening Age | 16 | 18 |
| Example 1 | Example 2 | Example 3 | |
|---|---|---|---|
| Start of tax year (from 6 April) | You can save £5,760 in a Cash ISA | You can save £2,760 in a Cash ISA | Set up £750 monthly Direct Debit into Stocks and Shares ISA = £9,000 invested over the tax year |
| During the same tax year | You can invest £5,760 in a Stocks and Shares ISA | You can save another £3,000 in the same Cash ISA plus you can invest £5,760 in a Stocks and Shares ISA with another provider | You can save £2,520 into a Cash ISA with another provider |
| Total Invested | £11,520 | £11,520 | £11,520 |
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 or agency 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 ISA's the Society provides or the ISA available through the Guaranteed Investment Account offered in association with Credit Suisse International 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.
Barnsley Building Society and the Barnsley are trading names of Yorkshire Building Society. Principal Office: Yorkshire House, Yorkshire Drive, Bradford, BD5 8LJ.
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. We are entered in the Financial Services Register under registration number 106085.
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