Cash ISA Accounts

You can save up to £20,000 into an ISA in any tax year. If you don’t use this in full, the unused amount cannot be carried forward into the next tax year.

You can save into more than one type of ISA in a tax year, but the £20,000 limit applies to funds in all ISAs. For example, you can pay £10,000 into a Cash ISA and £10,000 into a Stocks and Shares ISA and this would use up your limit.

There is no limit to how many Cash ISAs you can have. From 6th April 2024, you can save into more than one Cash ISA in a single tax year providing you do not exceed your overall £20,000 ISA allowance.

Yes, the money in your Cash ISA is typically protected. In the UK, Cash ISAs are covered by the Financial Services Compensation Scheme (FSCS). This protection means that if the bank or building society holding your Cash ISA were to fail, your money would be safeguarded up to a limit of £85,000 per person, per institution.

This FSCS coverage applies to the combined total of all your savings with a single financial institution, including both Cash ISAs and other savings accounts

You can transfer an existing ISA account from one provider to another. This doesn’t count as a withdrawal and any unused ISA subscriptions will move over too. Before deciding to transfer an ISA, you should first check that the receiving ISA accepts transfers in. You should also check whether there are any charges from your existing ISA provider to switch (such as interest penalties on fixed rate ISAs)