ISAs: Interesting and tax efficient ways to save

ISAs inside out

Individual Savings Accounts (ISAs) have been available since 1999 and can be a great, tax-efficient tool for saving. 

If you want to start saving into a new ISA, we have all the information you need and this page should answer any questions you may have.

The first thing you should know is that the Financial Conduct Authority is the independent financial services regulator and requires us, The Cambridge Building Society, to give you important information to help you decide whether one of our cash ISAs is right for you. You should read this page carefully so that you understand what you are buying.

 

What is an ISA?

The Government’s tax-efficient savings scheme, the Individual Savings Account (ISA) is a special type of account that offers a range of savings options.

There are four types of ISA: cash, stocks and shares, innovative finance, and Lifetime ISAs.

The Cambridge currently offers cash ISAs only. You can see our current range of cash ISAs here.

 

Subscription limits

The ISA allowance is £20,000 for the tax year 6th April 2024 to 5th April 2025. You can split the £20,000 allowance across any combination of the four types of ISA, however a maximum of £4,000 can be invested in a Lifetime ISA.

Tax treatment and rate of interest payable will depend on individual circumstances and may change in the future.

 

Are you eligible for an ISA?

Currently anyone who is a UK resident, for tax purposes, can subscribe to the ISA scheme. To comply with the ISA regulations, you must be aged 16 or over if subscribing to a cash ISA.

 

Important restrictions

By investing in a cash ISA, you’ll be limiting the amount you can invest in the other types of ISAs.

You can transfer an ISA between ISA providers. Please refer to your ISA product terms and conditions to confirm if your account accepts ISA transfers in from another provider.

Our ISAs are not flexible. Once you have made a subscription to your ISA this will count towards your annual ISA allowance for that tax year. If you invest the maximum cash ISA subscription for the tax year, you cannot top up your savings after making a withdrawal.

If you do not deposit up to the maximum subscription in any tax year, you cannot carry over the unused amount to the following tax year.