What's an ISA?
An ISA is an Individual Savings Account. It’s a great way to save money without paying tax on the interest you earn, helping you to make the most of your savings.
What's an ISA allowance?
Every tax year, the government sets a maximum amount that you can save tax free in an ISA. This is called an ISA allowance.
What's the current ISA allowance?
The ISA allowance for the current tax year is £20,000.
What’s a tax year?
The tax year runs from 6 April to 5 April. On the 5 April each year, your ISA allowance will renew, and you can’t carry any of your allowance over from the last year.
What are tax-free savings?
You won’t pay tax on the interest you earn from your account. You’ll receive 100% of the interest you earn from the money you save in your ISA.
Different types of ISA
Cash ISA
A cash savings account which can have a fixed or variable interest rate.
Stocks and Shares ISA
You can also use your ISA allowance to invest in a Stocks and Shares ISA. Unlike cash ISAs, the value of a Stocks and Shares ISAs can go down as well as up.
Innovative Finance ISA
Allows investors to lend to businesses or projects through a peer-to-peer lending platform.
Lifetime ISA
Helps you buy your first home or save towards retirement. The government pays a bonus on the money you pay in.
At West Brom Building Society, we only offer Cash ISAs.
View our Cash ISAsTypes of Cash ISA
There are a few different types of Cash ISAs to choose from, depending on how often you might want to access your money.
Fixed rate
A fixed rate ISA lets you put money away with the certainty of knowing your interest rate won’t change whilst your account is open.
Variable rate
The interest rate on this type of account could go up or down at any time.
Easy access
You can take your money out whenever you need it, without letting us know in advance.
Notice account
If you’re able to let us know in advance that you want to take money out of your account, you could benefit from a higher interest rate with a notice account. If you needed access to your money and couldn’t let us know in advance, we’d charge you loss of interest.
Additional Permitted Subscription (APS) ISA
If you were married or in a civil partnership with someone who passed away on or after 3 December 2014, you can benefit from their ISA allowance with an APS ISA.
How many ISAs can I have?
You can choose to use your ISA allowance however you’d like, you don’t have to pay it all into one type of ISA. For example, you could split the allowance into different types of ISAs
From 6 April 2024, you can pay into more than one of the same type of ISA in the same tax year, as long as you don’t go over your yearly ISA allowance. At West Brom Building Society, you can pay your £20,000 allowance into as many different Cash ISAs with us as you’d like.
FAQs
What are tax free savings?
You won’t pay tax on the interest you earn from your account. You’ll receive 100% of the interest you earn from the money you save in your ISA.
Who can have an ISA?
If you were 16 or over on 5 April 2024, you can apply for a Cash ISA.
Can I transfer my ISA?
Yes. You can transfer your ISA between banks and building societies, also known as providers, but there are a few rules to remember.
If you want to transfer your ISA, you need to let your new ISA provider know. They’ll manage the transfer process with your old provider.
You can transfer a Cash ISA to another Cash ISA or a Stocks and Shares ISA, and you can transfer a Stocks and Shares ISA into a Cash ISA.
If you want to transfer money that you’ve paid in during the current tax year, check what your new and old ISA provider will allow to be transferred.
For money that you’ve paid into an ISA in previous years, you can transfer all or part of your savings.
Always check the terms and conditions of your account to see if there are any rules or charges to transfer your ISA.
Can I pay money back in that I’ve withdrawn from my ISA?
You’ll need to check the terms and conditions of your ISA to see if you can pay money in to replace money you’ve withdrawn.
With West Brom Building Society Cash ISAs, if you take money out, you can’t pay back in that amount in the same tax year
if this takes you above your annual ISA allowance
Can I open an ISA for my children?
No. An ISA must be opened in your own name. Some banks and building societies, also known as providers, do have Junior ISAs for children.
If you have any more questions, take a look at our ISA FAQs.
Things to remember
Tax benefits are subject to change and individual circumstances.
ISAs are ran in accordance with Government Rules, also known as ‘Income Tax Legislation’. The government is responsible for tax treatment of ISAs.
Please read the Specific Terms and Conditions and our General Terms and Conditions before applying for any ISA with West Brom Building Society.