Investment limits

Investment examples

Customers born after 5 April 1960

Example 1:
An individual is aged 45. He has not opened an ISA in tax year 2009-10. His total allowance for this tax year is £7,200. Up to £3,600 of his allowance can be saved in a Cash ISA with one provider. The remainder of the £7,200 can be invested in a Stocks and Shares ISA with either the same or another provider. Alternatively, the full £7,200 can be invested in a Stocks and Shares ISA with one provider.

Example 2:
An individual is aged 35. She has opened a Cash ISA in 2009-10 in which she has subscribed £1800. She has £1800 remaining of her Cash ISA allowance, and £3,600 available to invest in a Stocks and Shares ISA which can be invested with the same or another provider.

Customers born on or before 5 April 1960

Example 3:
An individual is aged 55. She has opened a Cash ISA in 2009-10 in which she has subscribed £3,600. From 6 October 2009 she will have an ISA allowance of £10,200. She could save up to another £6,600 in ISAs. This could be up to £1,500 in the same Cash ISA, or up to £6600 in a Stocks and Shares ISA with either the same or another provider, or a combination of both.

Example 4:
An individual is aged 65. He has not opened an ISA in tax year 2009-10. From 6 October 2009 his ISA allowance will be £10,200. Up to £5,100 of his allowance can be saved in a Cash ISA with one provider. The remainder of the £10,200 can be invested in a Stocks and Shares ISA with either the same or another provider. Alternatively, the full £10,200 can be invested in a Stocks and Shares ISA with one provider.

Example 5:
An individual's 50th birthday falls on 15 March 2010. He has opened up a Stocks and Shares ISA in 2009-10 in which he has subscribed £7,200. From 6 October 2009 he could save up to another £3,000 in ISAs. This could be up to £3,000 in the same Stocks and Shares ISA, or up to £3,000 in a Cash ISA with either the same or another provider, or a combination of both.

Eligibility for ISA accounts

To qualify for one of our Cash ISAs, you must be 16 or over and both resident and ordinarily resident in the UK, 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 or agency 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 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 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.

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.