Cash ISA Guide Here's what you need to know about Cash ISAs, including the rules, and savings allowances for 2018/19, plus the different types we offer and how to apply. On this page: How does a Cash ISA work?What is the allowance for 2018/2019?A type of Cash ISA for every type of saverHow many Cash ISAs can I have at the same time?Can I make withdrawals from a Cash ISA, or transfer an ISA?Applying for a Cash ISA, or transferring a Cash ISA to us To help you decide whether a Cash ISA is the right type of savings account for you, read our guide to Cash ISAs below. It includes an explanation of the rules and allowances of Cash ISAs, as well as other important things to know when making your decision. Of course, if you've any other questions about Cash ISAs or any other type of savings account, you can call our Savings team on 0345 734 4345 or book an appointment at your local branch to find out everything you need to know. How does a Cash ISA work? A Cash ISA, or 'Individual Savings Account', is a savings account that pays interest which is never taxed. This is the key difference between ISAs and certain other types of savings accounts, such as fixed rate accounts - in which you will pay tax on the interest that you accrue over a certain allowance. What is the allowance for 2018/2019? Every person in the UK over the age of 16 has an annual Cash ISA allowance. However, you cannot share an ISA account and there is a limit to your allowance, which is the maximum amount you are able to save into any ISA account each year. For the 2018/19 tax year, this amount is £20,000. Any unused allowance by 5th April (the end of the tax year) doesn't roll over into the next tax year, when you'll get a new allowance. Any interest that you accrue during each tax year doesn't count towards your allowance, which is great news if you're able to save the maximum amount. A type of Cash ISA for every type of saver You'll find several types of Cash ISA at Newcastle Building Society, each with unique features to help you reach your individual savings goals - whatever they may be. To compare all of our Cash ISAs and current interest rates, visit our Cash ISAs page. Our variable rate Cash ISA offers a highly competitive rate of interest, however, if you don't require instant access to your savings, you may want to consider our One Year or Two Year Fixed Rate ISAs. What's more, if you choose one of our Community Saver accounts, you'll be giving back to your local community as we donate 0.10% of all balances saved to the Newcastle Building Society Community Fund - what a great way to make a positive difference to your own future, and that of your local area! If you're starting out on your journey to buying your first home, we have several types of ISA for first time buyers to help you save for your deposit sooner. We're part of the government's Help to Buy ISA scheme, and offer the Newcastle Help to Buy: ISA which could give you a government bonus of up to £3,000 on top of your savings. Not only that, but we offer our First Home ISA too, with a bonus of up to £1,000 when you complete on a mortgage with the Society - which will really help with the costs of buying your first home. How many Cash ISAs can I have at the same time? Whilst your annual tax-free ISA savings allowance is set at £20,000, our unique CustomISA service means that you're no longer tied to just one account. CustomISA allows you to spread your allowance over several accounts, so you can take advantage of the benefits of different types of flexible ISAs we offer. As just one example, if you're a first time buyer you can open both a Help to Buy:ISA and a First Home ISA with Newcastle Building Society, and enjoy the benefits of both to help you on your journey to owning your first home! Can I make withdrawals from a Cash ISA, or transfer an ISA? You can make withdrawals from all types of Cash ISAs, but if you are withdrawing from a fixed rate ISA, you will be subject to a penalty of up to 120 days' loss of interest on your savings. If you'll need access to your savings quickly, then you may wish to choose a type of ISA with no penalty for withdrawals without notice. Applying for a Cash ISA, or transferring a Cash ISA to us If you'd like to apply for a Cash ISA at Newcastle Building Society, the process is really simple. You can apply in-branch, by post or online, by following the 'Apply Online' link at the bottom of each savings account page. Should you like to transfer your existing Cash ISA to us, we'd love to hear from you - give our Savings team a call on the number below, or visit us in-branch. The rules of Cash ISA transfers are that you must transfer the full amount of your current year's ISA subscriptions, but those from previous years can be transferred in part or in full. When transferring an ISA, you must allow your providers to arrange the transfer on your behalf, so that your savings remain tax-free. Never withdraw the money yourself to put into your new account. We hope that we've answered your main questions about Cash ISAs, but should you require any more information, you can call our Savings team on 0345 734 4345 or book an appointment at your local branch. Alternatively, take a look at all of our savings accounts to compare our interest rates, or apply for an account online.