Not sure which ISA is right for you? Not even sure if an ISA is right for you? Here’s some information which should point you in the right direction about this great way to save tax free. If you’re still not sure, please ask.
For the new ISA limits as of 1st July please see Changes to ISA allowance 2014.
What type of ISA can I have?
As of 1st July, every individual may only subscribe to ONE stocks and shares ISA and, subject to investment limits, ONE cash ISA.
What is a Stocks and Shares ISA?
A Stocks and Shares ISA allows investment in a range of qualifying investments which are designated by the government. It will be managed by a single ISA provider who may also offer cash ISAs. If you invest in a Stocks and Shares ISA in one year, you may invest with different providers in subsequent years provided that you only subscribe to one Stocks and Shares ISA in any one tax year. Stafford Railway Building Society does not offer Stocks and Shares ISAs.
What is a Cash ISA?
Stafford Railway Building Society offers a cash ISA whereby your cash is invested in a share account with us. You cannot subscribe to two different cash ISAs in the same tax year, but you can transfer your ISA to a different ISA provider. In subsequent tax years you may continue to invest in your existing cash ISA or alternatively subscribe with another provider.
How much can I invest?
You can invest £15,240 in an ISA in the 2016/2017 tax year.
IMPORTANT NOTE: For Cash ISAs, the limits above represent the maximum you are allowed to pay in during the tax year in question. For example, if you open a Cash ISA with a deposit of £15,240, but later in the same tax year you withdraw £1,000, you will not be allowed to pay into the account again until the following tax year. This is because you have already paid the maximum allowed sum of £15,240 into the account in the tax year in question.
How much can I invest in a Junior Cash ISA?
For the tax year ending 5th April 2017 the maximum amount you are allowed to pay into a Junior Cash ISA is £4,080.
IMPORTANT NOTE: Withdrawals are not allowed until the child reaches the age of 18.
Other important information
Further information about ISAs and other investment accounts offered by Stafford Railway Building Society can be found elsewhere on this website or by contacting the Society at the address shown below.
Further information about transferring your ISA can be obtained by following this link:
‘Transferring your cash ISA’ – consumer leaflet
Leaflets are available in large print