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, you can save money for various reasons, including short-term goals such as a holiday or emergency fund, or to buy a home or complement your existing retirement plans.
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). The main types of ISAs are explained in more detail below.
Visit our Savings page to view our range of Cash ISAs.
The tax year runs 6 April to 5 April. 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).
To find out more about ISAs and ISA transfers, visit our FAQs page.
Like normal savings accounts, there are different types of Cash ISAs available.
With an Instant Access Cash ISA, you can deposit and withdraw money any time you wish without penalty, although your ISA provider may impose a limit on how often or the number of times you can do this.
A Fixed Rate Cash ISA allows you to save a lump sum for a fixed term, usually between one and five years, and earn interest on your savings.
Visit our Savings page to view our range of Cash ISAs.
A Junior ISA (JISA) is 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 set up the account and contribute up to £9,000 in the current tax year for each eligible child.
Once the child reaches age 16, they can take control of the account, but in all circumstances, funds cannot be withdrawn until they turn 18.
For further details on our Junior Cash ISA and to see the current interest rate, click here.
A Stocks and Shares ISA is a type of investment account which allows you to choose from a variety of investment options, such as stocks, shares, bonds, and funds, all within a tax-efficient wrapper.
Although Stocks and Shares ISAs offer the potential for higher returns, they also come with investment risks, including the possibility of losing money. It’s worth considering your investment choices and seeking professional advice when considering this type of 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.
A Lifetime ISA, also known as a LISA, is designed to help people aged 18 to 39 save for their first home or retirement.
A Lifetime ISA can be a valuable way to save, however it’s important to understand the eligibility criteria, withdrawal restrictions, and potential penalties associated with the account before considering one.
You can pay a maximum of £4,000 into your Lifetime ISA each year and the government will then give you a 25% bonus of what you save (so a maximum of £1,000 each year).
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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