For when choosing the right account gets too tough.
An ISA is a special type of account within which every eligible adult can save and invest tax-efficiently each tax year.
The information in this section is based on current legislation.
| Investment limits (from 6 April 2010) |
Cash | Stocks & Shares |
|---|---|---|
| Current limits | Up to £5,340 with one provider | Up to £10,680 with the same or another provider |
| Minimum opening age | 16 | 18 |
| Example 1 | Example 2 | |
|---|---|---|
| Start of tax year (from 6 April) |
You save £2,680in a Cash ISA. | You save £2,440 in a Cash ISA. |
| During the same tax year | You invest £8,000 in a Stocks and Shares ISA. | You invest another £2,900 in the same Cash ISA plus you invest £5,340 in a Stocks and Shares ISA with another provider. |
| Total invested | £10,680 | £10,680 |
| Example 3 | Example 4 | |
|---|---|---|
| Start of tax year (from 6 April) |
You set up a £650 monthly direct debit into a Stocks and Shares ISA. Total invested: £7,800 over the tax year | You save £6,830 in a Stocks and Shares ISA. |
| During the same tax year | You save £2,880 into a Cash ISA with another provider. | In May you set up a £350 monthly direct debit into the same account (11 months x £350). Total invested: £3,850 over the tax year. |
| Total invested | £10,680 | £10,680 |
You will benefit from tax-free interest if you choose a Cash ISA. Although Stocks and Shares ISAs are tax-efficient, they are not completely tax-free.
To qualify for one of our Cash ISAs, you must be 16 or over and both resident and ordinarily resident in the UK, or be a qualifying Crown employee or married to a qualified Crown employee.
If you open an ISA and then change your mind within 14 days, you may cancel your subscription and we will give you your money back with any interest it has earned. We will not apply any notice period or charge. You can then open another ISA in the same tax year if you wish.
If you open an ISA and then change your mind within 14 days, you may cancel your subscription and we will give you your money back with any interest it has earned. We will not apply any notice period or charge. You can then open another ISA in the same tax year if you wish.
Should you wish to cancel your subscription within this period, please tell us and we will (provided any cheque you have paid has cleared) return the deposit to you.
Our Cash ISAs are designed for money that you may wish to access in the short or medium term to suit different needs.
And don't forget that once you've invested up to your maximum allowance for the tax year, we have other savings options for your short and longer-term savings goals.
These types of ISAs are best suited to money you can leave untouched for at least five years or more. Stocks and Shares ISAs are available through our association with Aviva. To discuss your needs with an Aviva consultant, contact your local branch.
These are guidelines set by the Government to make it easier for you to identify simple, low-cost savings products.
For example, for a Cash ISA, Stakeholder Standards mean:
A Stakeholder Standard ISA may not necessarily be more suitable than a non-stakeholder standard ISA. It simply shows that the product meets all of the Government's criteria. Please contact us if you are unsure which ISA is right for you.
You can transfer some or all of your money saved in Cash ISAs in previous tax years into a Cash ISA and/or Stocks and Shares ISA without affecting your annual allowance.
You can also transfer money saved in a Cash ISA for the current tax year into different ISAs with the same or a different provider, although you can only hold one of each type of ISA for each tax year.
If you choose to transfer your Cash ISA for the current tax year into a Stocks and Shares ISA, you must transfer the whole amount saved in that tax year. You can then save up to the remaining balance of your ISA allowance in the same Stocks & Shares ISA or you could open a new Cash ISA.
Chelsea Building Society and the Chelsea are trading names of Yorkshire Building Society. Principal office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ. Yorkshire Building Society is a member of the Building Societies Association and is authorised and regulated by the Financial Services Authority. It is entered in the FSA register and our FSA registration number is 106085.
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