Cash ISAs.

A Cash ISA is simply a savings account where you do not have to pay tax on the interest you earn.

The annual ISA allowance is set by the government. For the current tax year the ISA subscription limit is £20,000. Each tax year runs from 6 April.

No. A Cash ISA can only be held by an individual in a single name.

A personal saver who is resident, and tax resident, in the UK.

Applicants must be aged 16 or over to open a Cash ISA savings account. To open an ISA, applicants must be aged 18 or over. If you were aged 16 or 17 as of 5 April 2024, you can open and subscribe to one single adult Cash ISA until you are 18.

A Stocks and Shares ISA is an investment tool which allows holders to invest in equities (stocks and shares). Suffolk Building Society does not offer Stocks and Shares ISAs.

To check whether you can withdraw funds from your Cash ISA you will need to check your individual product terms and conditions.

Yes, if you are aged 18 or over, you can deposit into multiple ISAs of the same type up to your annual ISA allowance. This excludes Junior ISAs and Lifetime ISAs, where only one of each type can be opened. If you are under 18 you can only subscribe to one Cash ISA.

Yes, you can hold more than one Cash ISA with different providers. You can subscribe into more than one Cash ISA in the tax year, so long as you do not go over the subscription limit set by HMRC.

To check whether you can transfer-in funds from your other Cash ISA(s) you will need to check the individual product terms and conditions. It is important you follow the transfer-in procedures to protect the tax free status of your funds, rather than withdrawing your money and paying into the new account yourself – the latter would be seen as a new investment and then subject to the maximum subscription limits for that tax year.

Building society ISAs are the same as bank ISAs, they are both individual savings accounts which work in the same way and have the same rules applied to the.