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Savings

Our Guideto Tax-freeSavings

Helping you keep more of your savings.

ISAs put simply

What is an ISA?

An ISA (or Individual Savings Account) is a tax-efficient way to save.

You can invest in three separate ISAs each year: a cash ISA (from age 16), a Stocks & Shares ISA and an Innovative Finance ISA (both from aged 18). You can invest in any combination of the three types of ISA in one tax year up to your total annual ISA allowance limit which is £15,240 for the 2016/17 tax year.

By choosing a Cash ISA you will benefit from tax-free interest. Although Stocks & Shares ISAs are tax efficient they are not completely tax-free. These ISAs are best suited for money that you can leave untouched for at least 5 years or more.

An Innovative Finance ISA allows interest and gains from peer to peer loans to qualify for tax advantages.

Chelsea Building Society only offers Cash ISAs.

Please note:

If you fail to invest in your Cash ISA in a single tax year, under HM Revenue & Customs rules you will be required to complete a declaration form before you can invest further.

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ISA options

Cash ISA

A Cash ISA is a tax-free savings account. You can start saving with as little as £10 and can pay in up to a maximum of £15,240 in the 2016/2017 tax year. You don't pay any tax on the interest you earn, so every penny is yours to keep. And once your money is in, and stays in, it stays tax free year after year.

  • Save up to £15,240 this tax year
  • Benefit from tax-free savings
  • Transfer in from your existing ISA accounts (both with us and from other providers)
  • You can get access to your savings in the short or medium term, depending on the terms and conditions of the account
  • Withdrawals from a tax-free account will result in a loss of interest, apart from when transferred to another ISA.

Stocks and Shares ISA

A Stocks and Shares ISA is a tax-efficient way to invest up to £15,240 of your money in the 2016/2017 tax year. The benefit of the tax treatment depends on your individual circumstances.

  • Lock your money away for at least five years for a potential higher return
  • Select from different investment types to suit your needs

Please note:

The value of an investment in a Stocks and Shares ISA is not guaranteed and can fall as well as rise so you may get back less than you originally invested. If you're not sure if this type of ISA is right for you, it's best to speak to an Independent Financial Adviser.

Innovative Finance ISA

An Innovative Finance ISA allows individuals to use some or all of their annual ISA allowance to lend funds through the Peer to Peer lending market. Peer to Peer lending allows individuals and companies to borrow money directly from lenders.

Please note:

Your capital and interest may be at risk in an Innovative Finance ISA and your investment is not covered under the Financial Services Compensation Scheme. If you’re not sure if this type of ISA is right for you, it’s best to speak to an Independent Financial Adviser.

Limits and allowances

You can invest in three separate ISAs each year: a cash ISA (from age 16), a Stocks & Shares ISA and an Innovative Finance ISA (both from aged 18). You can invest in any combination of the three types of ISA in one tax year up to your total annual ISA allowance limit which is £15,240 for the 2016/17 tax year.

Chelsea Building Society only offers Cash ISAs.

What if I don't use all my allowance?

As soon as a tax year ends on the 5th April, any allowance for that tax year ends too.

That means if you don't use all your allowance, you'll miss out on using any remaining allowance for that tax year.


Am I eligible?

If you'd like to open a Cash ISA you must be aged 16 and resident in the UK for tax purposes. Alternatively you must be a qualifying crown employee or be married or in a registered civil partnership with a qualified crown employee.

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ISA transfers

Can I transfer my allowance?

Although you can only save into one of each type of ISA in each tax year, you're free to move your money around in different ways, as long as the product terms and conditions allow it.

  • Transfer from a previous tax year's Cash ISA


    Move all or some into another Cash ISA, or a Stocks and Shares ISA or an Innovative Finance ISA without affecting this year’s allowance.
  • Transfer from the current tax year's Cash ISA


    Move money saved in a Cash ISA this tax year with the same or a different provider as long as you move the whole amount without splitting it.  Alternatively you can transfer all or some of the balance into a Stocks and Shares ISA and/or Innovative Finance ISA up to the maximum allowance of £15,240. Please check with your existing ISA provider for any charges applicable on transfer.
  • Transfer from a previous tax year's Stocks and Shares ISA


    Move all or some into another Cash ISA, or a Stocks and Shares ISA or an Innovative Finance ISA without affecting this year’s allowance.
  • Transfer from the current tax year’s Stocks and Shares ISA


    Move the whole amount saved this tax year into another Stocks and Shares ISA and if it’s less than £15,240  you can then save the remaining allowance in the same Stocks and Shares ISA.  You can also transfer into a Cash ISA and/or an Innovative Finance ISA up to the maximum allowance of £15,240. Please check with your existing ISA provider for any charges applicable on transfer.
  • Transfer from the current tax year’s Innovative Finance ISA


    Move the whole amount saved into another Innovative Finance ISA and if it's less than £15,240 you can then save the remaining allowance in the same Innovative Finance ISA. You can also transfer into a Cash ISA and or Stocks and Shares ISA. Please check with your existing ISA provider for any charges applicable on transfer.
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Cancelling your ISA

You can cancel your account if you change your mind within 14 days with no notice or charge. We'll refund your money along with any interest it's earned and you'll be free to open another ISA in the same tax year.

To cancel within 14 days, simply call 0345 166 9219.

If you do not cancel your subscription within the 14 day time period please note you will have subscribed to a Cash ISA for this tax year and you will not be able to open another Cash ISA with us or any other provider in the same tax year.

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Interest rates

Find and compare the rates of all our savings accounts, at a glance.

Help & support

Find out more about how to open accounts, make deposits and access your money.

Your questions answered

    Call us

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    0345 744 6622*