Cash ISAs, or Individual Savings Accounts, provide a flexible and tax-efficient way to save money. The interest you earn on the savings is tax-free, meaning any interest earned will go straight to you.
With an ISA account, you can save money for your short and long-term goals, such as:
If you’re a UK resident aged 18 and over, you can open a cash ISA.
Any interest on these accounts is typically paid annually, and as long as your money remains in an ISA account, any interest earned will be tax-free.
The tax year runs from 6 April to 5 April. Each tax year you’re given an annual ISA allowance, which is the maximum amount you can pay into your ISA.
By 6 April 2025, you’ll get a new ISA allowance of £20,000 to invest.
Each tax year, you get what’s called an ISA allowance. This is the maximum amount you can pay into your account in a tax year. The current tax year runs from 6 April to 5 April.
If you’re over 18, you can put up to £20,000 into your cash ISA. For junior ISAs, the maximum allowance for the tax year is £9,000.
As soon as the tax year ends on 5 April, your allowance for that tax year ends as well.
Your ISA allowance will reset on 6 April.
If you have any unused amount in your account, it won’t roll over. So, consider taking advantage of your allowance before it resets.
The short answer is: As many as you like.
Each tax year, you can contribute to multiple cash ISAs using your annual ISA allowance, provided the total amount deposited does not exceed the £20,000 limit.
However, you may only subscribe to one cash ISA in a single tax year with Leek Building Society.
For example, in the same tax year, you could open a 1 year fixed rate cash ISA and also put savings into another type of ISA, such as a Lifetime or Stocks & Shares ISA.
There are currently five different types of ISAs on the market, and here at Leek Building Society, we offer Cash ISAs and Junior ISAs (JISA).
ISA transfers allow you to move your savings from one cash ISA provider to another.
You may wish to switch your ISA if you’re only using one provider for all your accounts.
Alternatively, it may be that you’ve found an account with a better interest rate elsewhere.
For more detailed information on how ISA transfers work, visit our ISA FAQs page.
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.
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