All about ISAs
Help with ISAs
These articles are here to help....
Personal Savings Allowance Explained
Find out what the Personal Savings Allowance is, whether you need to pay tax on savings, and how to pay tax if you exceed your tax-free savings limits.
How to Transfer a Cash ISA
Transferring your existing Stocks and Shares or Cash ISA to Shawbrook is hassle-free. Here is a guide on everything you need to know to get moving today.
ISAs Explained
In this guide, we’ll help you understand everything there is to know about ISAs, including the key features of an ISA and the types Shawbrook and other providers offer.
General information about ISAs
What is a cash ISA?
A cash ISA (individual saving account) is a tax free savings account. This means you won’t pay tax on any interest you earn.
The ISA allowance for the 2023/24 tax year is £20,000. This means you can save £20,000 of new money into your ISA in this tax year.
Our Cash ISA maximum balance is £250,000 so you can transfer other ISA balances into your new Shawbrook ISA up to £250,000.
If these balances are from previous tax years, they do not count towards the £20,000 limit in the current tax year 2024/25.
If you're splitting your ISA allowance over several ISAs, the maximum deposit across all of your accounts is £20,000.
You can find out more about ISAs and how they work in our guide to ISAs.
What is a tax-free account?
Cash ISAs are free of income tax.
The ISA allowance for the 2024/25 tax year is £20,000. This means you can save £20,000 of new money into your ISA in this tax year.
Our Cash ISA maximum balance is £250,000 so you can transfer other ISA balances into your new Shawbrook ISA up to £250,000.
If these balances are from previous tax years, they do not count towards the £20,000 limit in the current tax year 2024/25.
If you're splitting your ISA allowance over several ISAs, the maximum deposit across all of your accounts is £20,000.
You can find out more about ISAs in our guide to ISAs.
Why choose a cash ISA
Whether a cash ISA is the best option will depend on your circumstances and savings goals. But some of the benefits include:
• Tax free savings up to the maximum allowance
• Choose an easy access account for flexibility, or choose a fixed rate bond to guarantee your rate
• Transfer previous ISA allowances
The ISA allowance for the 2024/25 tax year is £20,000. This means you can save £20,000 of new money into your ISA in this tax year.
Our Cash ISA maximum balance is £250,000 so you can transfer other ISA balances into your new Shawbrook ISA up to £250,000.
If these balances are from previous tax years, they do not count towards the £20,000 limit in the current tax year 2024/25.
If you're splitting your ISA allowance over several ISAs, the maximum deposit across all of your accounts is £20,000.
You can only open and fund one ISA account with Shawbrook in any tax year.
What is an ISA allowance?
Your ISA allowance is the total amount of money you can save in an ISA in the current tax year. An ISA is an Individual Savings Account which protects your savings in a tax-free wrapper, so you will never pay any tax on the interest you earn.
The government decides each tax year how much can be saved in an ISA – this is known as the ISA Allowance or Maximum Annual Subscription Allowance.
The ISA allowance for the 2024/25 tax year is £20,000. This means you can save £20,000 of new money into your ISA in this tax year.
Our Cash ISA maximum balance is £250,000 so you can transfer other ISA balances into your new Shawbrook ISA up to £250,000.
If these balances are from previous tax years, they do not count towards the £20,000 limit in the current tax year 2024/25.
If you're splitting your ISA allowance over several ISAs, the maximum deposit across all of your accounts is £20,000.
What happens if I exceed the maximum annual Cash ISA subscription allowance?
We monitor the total level of deposits made during any tax year to your Shawbrook ISA, and if we receive a payment that takes your account above the maximum annual ISA allowance, we will return the whole amount of that individual payment.
In 2024, ISA regulations changed so you can contribute to more than one cash ISA in a year if you choose.
We only allow you to operate one ISA in any tax year, but if you choose to take another ISA with another provider, you will be responsible for making sure your total ISA contributions are within the ISA threshold.
The ISA allowance for the 2024/25 tax year is £20,000.
How much can I save in an ISA?
The ISA allowance for the 2024/25 tax year is £20,000. This means you can save £20,000 of new money into your ISA in this tax year.
Our Cash ISA maximum balance is £250,000 so you can transfer other ISA balances into your new Shawbrook ISA up to £250,000.
If these balances are from previous tax years, they do not count towards the £20,000 limit in the current tax year 2024/25.
If you're splitting your ISA allowance over several ISAs, the maximum deposit across all of your accounts is £20,000.
Can I have more than one cash ISA in a single tax year?
You can have more than one cash ISA in a single tax year, but only one with Shawbrook.
The ISA allowance for the 2024/25 tax year is £20,000, which you can split across ISAs, including cash ISAs.
If you're splitting your ISA allowance over several ISAs, the maximum deposit across all of your accounts is £20,000.
Our cash ISA maximum balance is £250,000 so you can transfer other ISA balances into your new Shawbrook ISA up to £250,000. You only can transfer a cash ISA balance to your Shawbrook ISA when you open the account.
#If these balances are from previous tax years, they do not count towards the £20,000 limit in the current tax year 2024/25.
Shawbrook ISAs
What is the deadline for ISA payments for 2024/25
If you’d like to make a payment to your ISA allowance for 2024/25, you’ll need to send this from your nominated account no later than 3pm on 5 April, 2025.
Payments made after this time will be counted toward your 2025/26 allowance.
This does not apply to ISA transfers. They’ve already been counted for your allowance this year, so even if we receive the transferred funds after the deadline, they’ll still count toward your 2024/25 allowance.
When can I make a deposit into my cash ISA?
You can add more money to your account whenever you like, as long as you do not exceed maximum ISA allowance.
The ISA allowance for the 2024/25 tax year is £20,000. This means you can save £20,000 of new money into your ISA in this tax year.
Our cash ISA maximum balance is £250,000 so you can transfer other ISA balances into your new Shawbrook ISA up to £250,000.
If these balances are from previous tax years, they do not count towards the £20,000 limit in the current tax year 2024/25.
If you're splitting your ISA allowance over several ISAs, the maximum deposit across all of your accounts is £20,000.
You can only open and fund one ISA account with Shawbrook in any tax year.
I've told you the amount I want to start my account with and I've given you the bank details for my linked (nominated) account, why is my ISA not funded?
You need to send us the funds - we never take them from your account.
You can make a payment to us by electronic payments only. This includes Faster Payments, BACS and CHAPs.
As we don't take payment from you automatically, you'll need to make any payments from your nominated, or linked, account, using the following details:
Sort Code: 16-58-73
Account number: Your Shawbrook Savings Account number
Reference: Your name as the payment reference
If you're not sure what account number to use, you can get help on how to find your account number.
We're not part of the confirmation of payee scheme, so your bank may tell you this when you try and make a payment. It's nothing to worry about.
For peace of mind, you may wish to make a small 'test' payment of £1. Once the payment has processed, you'll see it in your account.
If you already have an ISA and want to transfer your previous allowances to us, you can find out more on how to transfer an ISA.
When can I withdraw money from my cash ISA?
All of our cash ISAs allow withdrawals. However, any money you withdraw will lose its ISA status, and it can’t be replaced. This means that if you’ve already used your full ISA allowance, then withdrawn the money, you wouldn’t be able to add that money back into your ISA this year.
You won't be charged a fee if you withdraw money from your easy access cash ISA. There are no limits to the number of withdrawals you can make with an easy access cash ISA, but the account is subject to a minimum withdrawal amount of £500.
With our fixed cash ISAs, partial withdrawals or account closures made before the end of the fixed term are subject to a fee (also known as the early exit charge).
The amount will depend on the product you take. You’ll be able to find out what this charge is in the product summary for the product you’re interested in. If you’re already a customer, you’ll find it in the product information we sent to you when you opened your account.
Why has my ISA transfer not completed?
There may be a number of reasons your ISA transfer hasn't completed.
The industry timescales are 15 business days from the transfer being accepted or the maturity date of the other provider. If your transfer has taken longer, please log in and send us a secure message and we’ll follow this up for you.
Am I eligible to open a cash ISA?
You can open an ISA with us if:
- You’re at least 18 years old
- You’re a permanent UK resident, and only subject to UK tax
- Your cash ISA will be in your name only (we don’t offer joint ISAs)
You can only open and subscribe to one cash ISA account with Shawbrook in any given tax year. You cannot open a cash ISA acting on behalf of an account holder with power of attorney, guardianship or an intervention order.
How do I transfer my cash ISA?
We can help you transfer your ISA to a Shawbrook ISA.
Transferring an ISA to a new Shawbrook ISA
To transfer an existing Cash ISA account from another provider across to Shawbrook, you should complete an application for a new Cash ISA. As part of your application process we will capture the details of your current Cash ISA. We will then work with your existing Cash ISA provider to complete the transfer for you.
Transferring an ISA to an existing Shawbrook account
To transfer in an ISA to an existing Shawbrook account, get in touch by secure message from your customer portal and we will work with you to complete the transfer.
Transferring from one Shawbrook ISA to another
To transfer your Shawbrook ISA to another Shawbrook ISA you just need to let us know with a secure message from your customer portal and we will complete the transfer.
Transferring an ISA from Shawbrook to another provider
In 2024, it became possible to operate more than one ISA in the current tax year.
This means you can open an additional cash ISA with another provider and keep contributing to your Shawbrook ISA.
We don't offer partial transfers, so if you wish to transfer any contributions you’ve made in the current tax year from your Shawbrook ISA to another provider, you’ll need to transfer the whole amount and close your Shawbrook ISA.
Please note, if you simply withdraw money from a cash ISA account you cannot deposit funds back into your account if the deposit amount means you exceed the maximum annual subscription allowance, and you will lose your tax free status ISA benefits.
What kind of ISAs can I transfer to Shawbrook?
At Shawbrook, we only provide cash ISAs. You can transfer or convert the following ISAs to a Cash ISA with Shawbrook:
- Cash ISA
- Stocks and Shares ISA
But you can't transfer or convert:
- Lifetime ISA
- Junior ISA
- Innovative Finance ISA
How long will my ISA transfer take?
All electronic and non-electronic transfers for Cash ISAs should be completed within 15 business days. Any transfers from a Stocks and Shares ISA should be completed in 30 business days. Some transfers can be complex, which could take a little longer.
Electronic ISA transfers
The below list details the ISA providers who can transfer your ISA to us online.
AA (One Family/Post Office) |
Lloyds Bank |
How much do I need to deposit to open the account?
For our ISA accounts, the minimum balance to receive the advertised rated is £1,000. This does not need to be deposited immediately. You may wish to transfer money in several instalments.
If you have less than the minimum balance in your Easy Access ISA, you'll receive 0.25% Gross/AER (Variable / Tax Free) instead of the advertised rate.
Once you have funded your account to the minimum £1,000, your rate will switch to the advertised rate.
How long do I have to add money to my ISA?
You can continue to fund your ISA as long as you have a remaining ISA allowance for the current tax year.
View all savings help
If you have a question about our savings products you’ll probably find the answer here.
Opening an account
Helpful information if you’re applying for a savings account with Shawbrook.
Documents & information
You’ll find forms, standard terms and other information here for our personal savings products.
About our savings products
Find a contact number, explore our products or get help and inspiration with our savings insights hub.
Contact us about savings
If you need to get in touch with our team, you can find details here.
Our savings proposition
You’ll find out more about our products and proposition on our savings home page.
Savings insights hub
Whether you’re looking to brush up on your knowledge of the savings basics or understand what to consider when choosing a savings account, our insights hub has a range of useful information to help you to make the most of your money.