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Get a quick answer to all your ISA questions by viewing our frequently asked questions below.

What is an ISA?

An ISA is a tax-free, or tax-efficient, account for your savings. Unlike normal savings accounts, tax will not be deducted from your interest. 

You can only invest a set amount each tax year and the account can only be held in a sole name.

Why should I take out an ISA?

Everyone in the UK is given a tax-free ISA savings allowance each year. In addition, most tax payers also receive a personal savings allowance which applies to interest earned on non-ISA products.

Who can provide an ISA?

ISAs can only be provided by authorised ISA Managers. Newcastle Building Society has obtained the relevant authorisation and we offer a range of cash ISAs. 

As an ISA Manager, Newcastle Building Society is responsible for ensuring your ISA complies with, and is operated in accordance with, the terms and conditions specified by HM Revenue and Customs.

In the case of stocks and shares ISAs, we will refer you to Newcastle Financial Advisers Ltd (NFAL) who are authorised to advise you on a range of stocks and shares ISAs.

Newcastle Building Society introduces to Newcastle Financial Advisers Limited for advice on Investments, Pensions, Life and Protection Insurance and Inheritance Tax Planning.

There are risks involved with investing. The value of your investments and any income from them can fall as well as rise and you may not get back the amount you originally invested.

How many types of ISA are available and how much can I invest in each?

The overall ISA limit for the 2023/2024 tax year is £20,000.

The allowance offers you the option to save your whole allowance of £20,000 in cash ISAs, stocks and shares ISAs, or any combination of the two.

For example, you could choose to invest £10,000 in a stocks and shares ISA, £5,000 in a fixed rate cash ISA and £5,000 in an easy access cash ISA.  Alternatively, you could invest the full £20,000 into a cash ISA.

As long as you do not invest more than the ISA allowance, and you do not fund a cash ISA with multiple ISA providers each tax year, you can invest your ISA allowance however you want to.

What is a flexible ISA?

Flexible ISAs allow money to be moved in and out of an ISA within the same tax year, without impacting your tax-free allowance.

Not all banks and building societies are required to offer flexible ISAs, so please speak to your ISA provider before making withdrawals.

Newcastle Building Society offers flexible cash ISAs, however, please refer to the product terms and conditions before making a withdrawal as some of our ISAs will not allow deposits into the account after the initial funding window has closed.

Can I open both a stocks and shares ISA and a cash ISA?

Yes, as long as you do not exceed the current tax-free savings limit, which is £20,000 in 2023/2024. This is across all ISA products that you open and subscribe to in the current tax year.

Please note that the interest and government bonus payments from a Help to Buy ISA or Lifetime ISA do not count towards your annual ISA allowance.

Can I transfer my ISA savings?

You are able to open one cash ISA and one Stocks and Shares ISA each tax year. However, once open, you can transfer your existing cash or stocks and shares ISA between providers as many times as you wish.

If you wish to transfer an ISA to the Newcastle Building Society, you can do so by contacting us on 0345 734 4345, visiting your local branch, or if you are opening a new account online you can enter the details of your existing ISA during the application process. 

Once we have received your transfer details we’ll contact your current provider to organise the transfer, this can take up to 15 business days to complete.

How do I transfer savings from my stocks and shares ISA to a cash ISA with Newcastle Building Society?

You will need to complete a Stocks and Shares Transfer Authority form and post this to us. The transfer form is available by clicking here

Once we have received your transfer form, we will contact the manager of your stocks and shares ISA to arrange the transfer. 

You should not withdraw sums from your stocks and shares ISA yourself in order to deposit it into a cash ISA. Any amount that you pay in may count as a fresh payment against your overall limit of £20,000 for 2023/2024.

Once the stocks and shares ISA subscriptions reach us, they will become cash subscriptions.

Who can tell me about ISAs?

ISA Managers will give you details of the ISAs they offer and some may be able to provide advice. 

Any of our friendly staff will be able to explain our products. If you wish to invest in more than one of the ISA components, then an independent financial adviser can help in choosing the right option for you.

How much do I have to invest in my ISA?

You can save as little as you like in a Newcastle Building Society cash ISA. The initial investment amount may vary depending upon which ISA you choose, please check the product terms and conditions of your account for full details.

During the current tax year 2023/2024, the maximum amount you can save in a cash ISA is £20,000. 

Limits are subject to legislation which may change in the future.

How can I open an ISA?

To open a stocks and shares ISA you have to be aged 18 or over, however you can open a cash ISA from the age of 16. You also have to be a resident of the United Kingdom and in most cases you will be required to be living in the UK. It is important that you ask your tax office if you are in any doubt about your residential status.

If you are a crown employee, such as a diplomat or a member of the armed forces, who is working overseas and paid by the Government then you are eligible to open an ISA.

You cannot open an ISA if you are a non-UK resident.

If you wish to open a cash ISA with Newcastle Building Society, please make an appointment at local branch or apply online

Can I open a joint ISA?

No, you cannot hold an ISA jointly with, or on behalf of, anyone else.

Do I have to invest with the same ISA Manager each year?

No. There is no requirement to use the same ISA Manager each year. Providing you only subscribe to one ISA component in each tax year, you are able to open an ISA each tax year with a different institution. 

For example you could open a cash ISA with your bank in one tax year and open a cash ISA with Newcastle Building Society in another tax year.

What period does the tax year cover?

The tax year runs from 6th April to 5th April the following year.

What happens if I pay into too many ISAs?

HM Revenue and Customs will monitor ISA returns provided by all financial institutions to ensure the one ISA per tax year rule is strictly enforced.

ISA customer acceptance forms contain a declaration that you will not invest into another ISA of the same component within a given tax year.

If you do mistakenly invest within two ISAs in any given tax year then the matter will be handled by HM Revenue and Customs. As a general rule, one of the ISAs will have to be 'voided', and no tax-free benefit will be derived as a result of opening the second ISA.

What happens if I'm physically unable to sign the ISA forms?

An application by someone holding a Lasting Power of Attorney may be accepted where the investor is physically incapable of making the application. 

Under these circumstances the Society would require:

  • The Power of Attorney document,
  • A written declaration from the attorney confirming that the investor is physically incapable of making the application.

    This should be attached to the application form as HM Revenue and Customs may require sight of this declaration.
Can I invest funds on behalf of someone who is mentally incapable of handling their own affairs?

The Society can accept applications made by either:

  • An attorney appointed for a person who is mentally incapacitated (The Lasting Power of Attorney should have been registered by the Court of Protection, or stamped by the Public Trust Office).
  • A receiver appointed by the Court of Protection for someone who is mentally incapacitated (the document of appointment must be produced).
What is a junior cash ISA?

A junior ISA allows parents and carers of young children to save tax efficiently for their children’s future as all interest earned on a junior ISA is tax-free. The savings can then be given to the child once they turn 18.

The junior ISA allowance for each child in the 2023/2024 tax year is £9,000.

How do I use my spouse’s ISA allowance on their death?

Following changes in 2015, people are able to use their spouse’s ISA allowance on the death of the spouse. This downloadable factsheet provides more information.