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 can invest in three separate ISAs each year: a cash ISA (from age 16), a Stocks & Shares ISA and an Innovative Finance ISA (both from aged 18). You can invest in any combination of the three types of ISA in one tax year up to your total annual ISA allowance limit which is £15,240 for the 2016/17 tax year.
By choosing a Cash ISA you will benefit from tax-free interest. Although Stocks & Shares ISAs are tax efficient they are not completely tax-free. These ISAs are best suited for money that you can leave untouched for at least 5 years or more.
An Innovative Finance ISA allows interest and gains from peer to peer loans to qualify for tax advantages.
Barnsley Building Society only offers Cash ISAs.
The value of an investment in a Stocks and Shares ISA may fall as well as rise so you may get back less than you invested.
Your capital and interest may be at risk in an Innovative Finance ISA and your investment is not covered under the Financial Services Compensation Scheme.
Please note: If you fail to invest in your Cash ISA in a single tax year, under HM Revenue & Customs rules you will be required to complete a declaration form before you can invest further.
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 0345 1200 898.
If you do not cancel your subscription within the 14 day time period please note you will have subscribed to a Cash ISA for this tax year and you will not be able to open another Cash ISA with us or any other provider in the same tax year.
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.
An Innovative Finance ISA allows individuals to use some or all of their annual ISA allowance to lend funds through the Peer to Peer lending market. Peer to Peer lending allows individuals and companies to borrow money directly from lenders.
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 previous tax years into a Cash ISA and/or Stocks & Shares ISA and/or Innovative Finance ISA without affecting your annual allowance, subject to account terms. You can also transfer money saved in a Cash ISA for the current tax year into a different ISA with the same or a different provider, although you can only hold one of each type of ISA for each tax year. You must transfer the whole amount saved in the current year. Transfer charges may apply, please check with your existing provider. Do not transfer any ISA balance yourself otherwise you'll lose your tax benefits.
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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