What is an ISA?
An ISA, or Individual Savings Account is a type of savings account that allows you to save money without paying tax on the interest you earn, helping you make the most of your savings.
Who can open an ISA?
To open an ISA, you must be:
- Aged 18 or over.
- A UK resident.
You can't hold an ISA jointly with someone else.
Your annual ISA allowance
The annual ISA allowance for the 2025 to 2026 tax year is £20,000.
The Chancellor’s Autumn Budget has confirmed a reduction in the Cash ISA limit to £12,000, with over 65s retaining the full £20,000 allowance. These changes will come into effect from April 2027, so there are no changes to our existing ISA products until then.
How many ISAs can you open in a tax year?
You can pay money into as many ISAs as you like, as long as you meet the eligibility criteria for each type of ISA you pay into.
You can only pay into one Lifetime ISA (LISA) each tax year (up to £4,000) and you can't pay more than your annual £20,000 ISA allowance overall into all your ISAs.
You can open more than one Cash ISA with the West Brom in the same tax year. You can also open Cash ISAs with other providers and pay into them all, as long as you don’t go over the £20,000 limit.
There are no limits on the number of different ISAs you can hold over time.
What happens if you don't use your ISA allowance?
The ISA allowance rests at the start of each tax year, so if you haven't used it all, you won't be able to carry it over into next year.
ISA transfers
An ISA transfer is when you move money from one ISA product to another ISA product without affecting your money's tax-free status.
You can transfer an ISA from one provider to another, or switch between ISAs from the same provider.
Transfer an ISA into the West Brom
What to do if you're transferring your ISA from another bank or building society to the West Brom.
Transferring inTransfer an ISA out of the West Brom
What to do if you're transferring your ISA from us to another bank or building society.
Transferring outCommon questions
Yes - you can transfer your ISA savings to another ISA held with the West Brom, as long as your account allows transfers.
You should check your account's terms and conditions in case there's a notice period or any early access charges.
If an ISA holder passes away, their savings will be passed onto the beneficiaries of their estate. Their surviving spouse or civil partner can inherit the tax-free value of the ISA through an Additional Permitted Subscription (APS). Find out more about APS.