A cash ISA is an “Individual Savings Account”, with tax free interest. This type of account is for individuals to save money without incurring tax on the interest earned.
It is not possible to have a joint Cash ISA as they are Individual Savings Accounts.
No, we currently only provide two types of Cash ISAs (Fixed Rate Cash ISAs and Easy Access Cash ISAs)
Yes, you can open a combination of ISA’s in each tax year across different providers as long as you don’t exceed the overall annual ISA allowance of £20,000.
The tax year runs from April 6th of one year to April 5th of the following year.
Current tax year funds are new financial contributions that have been deposited into a Cash ISA in the ongoing tax year.
Previous tax year funds are old contributions that were deposited into a Cash ISA in previous tax years.
No, your ISA allowance will be used in the tax year that we receive your deposits. Any deposits received in a new tax year, for an ongoing ISA will count for the new tax year.
You can open multiple cash ISAs each tax year as long as you do not deposit more than £20,000 allowance across all of your ISA accounts in a tax year.
Upon account approval of your ISA, you will have 30 calendar days to fund your account via a new deposit and/or Cash ISA transfer before your account will expire and be closed. For Fixed Rate ISAs, after this period, no further funding is permitted. For Easy Access ISAs, additional deposits are permitted up to the current ISA subscription limit.
No. For example, if you open a Cash ISA on 28th March 2025 and cancel the ISA account within the cooling off period of 14 days (i.e. after 5th April 2025 but before 12th April 2025) then you will not be eligible for the £20,000 allowance for the 2024-2025 tax year as that tax year has now passed.
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