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Frequently Asked Questions about ISAs

Frequently Asked Questions about ISAs

  • Are there any ISA changes you’re introducing from 6 April 2024?

    We’re increasing the minimum age to open Cash ISAs from 16 to 18. We’re also removing the requirement to re-register where an existing ISA account hasn’t received a subscription in the previous year.

    Multiple ISAs and partial transfers for current tax year subscriptions aren’t being introduced at this time.

  • What’s the difference between a Fixed Rate and Variable Rate Cash ISA?

    Fixed Rate Cash ISAs typically give you a better interest rate, but you’ll need to keep your money in the account for a set amount of time. The interest rate is fixed, so you’re guaranteed to earn that rate.

    Variable rate Cash ISAs give you more flexibility to access your money. The interest rates can go up or down and are typically lower than Fixed Rate Cash ISAs. 

    If you withdraw money from a Leek Building Society Variable Rate Cash ISA, known as our Easy Access Cash ISA, you can take money out whenever you wish. However, as this isn't a flexible ISA, any amounts withdrawn can only be replaced by using your current years' ISA allowance.

  • Can I withdraw money from a Fixed Rate Cash ISA?

    Typically, Fixed Rate Cash ISAs don’t allow you to withdraw money during the fixed term without a penalty or losing some or all the interest earned.

  • How much can I pay into an ISA each year?

    Each tax year you’re given an annual ISA allowance which is the maximum amount you’re able to pay in. For the current tax year it's £20,000 for adults and £9,000 for a child (JISA).

  • What are my options when my Fixed Rate Cash ISA matures?

    You have the below choices:

    • Reinvest the money into a new fixed or variable rate Cash ISA with a new or existing provider

    • Withdraw the money and/or close the account.

    Please check your Fixed Rate Cash ISA terms and conditions and speak to your ISA provider about any potential withdrawals, transfers, and maturity options. These can vary between providers and change over time.

  • Can I have more than one Cash ISA?

    Yes, however you can only open and save into one Cash ISA, fixed or variable, during the current tax year.

    You can save into one Cash ISA , or into another type of ISA i.e. Lifetime or Stocks & Shares ISA in the current tax year, as long as you don't exceed the annual £20,000 tax-free allowance.

  • How do Cash ISAs work?

    • They’re available to UK residents aged 18 and over

    • Using your annual ISA allowance, you can pay into multiple Cash ISAs each tax year, as long as the totals don't surpass the £20,000 threshold

    • Interest is usually paid annually

    • If your money stays in an ISA, you won’t pay tax on the interest.

  • What's a Junior ISA (JISA)

    A Junior ISA is an Individual Savings Account designed for children and young adults under the age of 18 to build up some tax-free savings from an early age. A parent, guardian, or family member can setup the account and contribute up to £9,000 in the current tax year for an eligible child.  

    Once the child reaches the age of 16, they can take control of the account, but in all circumstances, funds cannot be withdrawn until the age of 18.

  • What happens if I don't use all my allowance?

    As soon as the tax year ends on 5 April, your allowance for that tax year ends as well. If you haven’t used your tax-free allowance, it can’t be rolled over to the next tax year.

  • What’s my Personal Savings Allowance?

    Your Personal Savings Allowance is the amount of tax-free interest your savings can earn in each tax year (between 6 April and 5 April). 

    Your allowance depends on what rate of income tax you pay. If you’re a basic rate taxpayer, you can earn £1,000 tax-free interest, whereas higher rate taxpayers can earn £500 of tax-free interest. Additional rate taxpayers aren’t entitled to a Personal Savings Allowance.

  • Does my ISA allowance affect my Personal Savings Allowance?

    The tax-free interest you earn with an ISA doesn’t count towards your Personal Savings Allowance.

  • How’s an ISA different from other savings accounts?

    You may have to pay tax on the interest you earn on any money you have in other savings accounts. With an ISA however, the interest is tax-free.

  • Can I transfer a Fixed Rate Cash ISA before maturity?

    It’s possible to transfer a Fixed Rate Cash ISA to another ISA account or provider before the maturity date, but this may involve penalties or loss of interest. Transferring a Fixed Rate Cash ISA early isn’t as flexible as with other types of ISAs, like variable rate or easy access ISAs.

  • How do I open a Stocks and Shares ISA?

    If you’re interested in a Stocks and Shares ISA, Wren Sterling and their qualified Independent Financial Advisers can help you to organise your savings and investments, so you can achieve your long-term goals. 

    You can book an initial, no obligation appointment with a Wren Sterling Independent Financial Adviser by calling or visiting your local branch. 

    Leek Building Society is an introducer to Wren Sterling for investments, pensions and protection. Wren Sterling is a trading name of Wren Sterling Financial Planning Limited, which is authorised and regulated by the Financial Conduct Authority, Financial Services Register number 665653. Registered office: 13-19 Derby Road, Nottingham NG1 5AA. Registered in England No. 09157918 www.wrensterling.com.

ISA Transfers

  • Why transfer an ISA?

    You may wish to switch so you’re only using one provider for all your accounts. Or it may be because you’ve found an account with a better interest rate elsewhere.

  • What ISA transfer rules should I be aware of?

    • You can transfer your ISA savings between different types of ISA accounts and providers without affecting your annual ISA allowance

    • If you’re planning on moving your money to another ISA account or provider, please follow their ‘ISA transfer’ process to prevent losing the tax-free status of your savings

    • You can transfer all or part of your ISA. Please check that your new and existing providers allow this.

    • ISA providers have 15 working days to transfer Cash ISAs.

  • Can I transfer my Cash ISA to Leek Building Society?

    If you wish to transfer your ISA savings from the current tax year, you’ll need to transfer the full balance.

    If you’re transferring savings from a previous tax year’s allowance, you can transfer the full balance or part of it.

    Please check the terms and conditions of the ISA you’re transferring from and to for any deposit or withdrawal restrictions, or charges.

    If you wish to open a Cash ISA with us, you can do this by calling or visiting your nearest branch, by post, or Leek Online.

    If you’re applying by post, please download and print our ISA Application form.

     ISA application form.


    You’ll also need to complete and post the Cash ISA Transfer Form below.

     Cash ISA Transfer Form


    Visit our Savings page to view our range of accounts. 

  • Can I transfer my Leek Building Society ISA to another provider?

    If you wish to transfer your ISA savings from the current tax year, you’ll need to transfer the full balance.

    If you’re transferring savings from a previous tax year’s allowance, you can transfer the full balance or part of it.

    If you wish to transfer your Leek Building Society ISA to another provider, your chosen provider can arrange the ISA transfer for you. Once they’ve received your request, they’ll contact us to transfer the money to your new account. 

    Before you proceed with transferring, please check the terms and conditions of the ISA you’re transferring from and to for any deposit or withdrawal restrictions, or charges.  

    Please don’t close your account yourself and transfer the money to your new provider, as you’ll lose your tax-free status. 

    If you have any questions about an ISA, you can book an appointment at your nearest branch. 

How can we help you?

We're always happy to help you, whatever your query. You can contact us via phone, online enquiry or pop into any of our branches.

For new savings account enquiries
0800 093 0002

Monday - Friday 9am - 5pm

For dedicated mortgages, savings, insurance and financial planning numbers, visit our contact hub here.

For all savings administration enquiries
0800 281 9308

Monday - Friday 9am - 5pm