ISA FAQs

What is an ISA?

An Individual Savings Account (ISA) allows you to save or invest money without paying tax on the interest earnt or investment returns received.

How much can I save with an ISA?

Every year, starting on 6 April, you will receive a new ISA allowance. Currently, the annual ISA allowance is £20,000. You can choose to save into a cash ISA, a stocks and shares ISA, or a combination of both. Please note, Saffron only offer cash ISAs.

How many ISAs can I have?

There is no limit on the amount of Cash ISAs one person can have. Just remember - you cannot exceed your ISA allowance.

How do I transfer my ISA to Saffron from another provider?

To transfer your ISA to Saffron from another provider you will need to open an ISA (or have an active Saffron ISA) and complete a Transfer Authority form within 15 days of opening your account, this can be returned by either visiting your local branch or posting your completed form to: Saffron House, 1A Market Street, Saffron Walden, Essex, CB10 1HX. Transferring ISA funds from another provider into Saffron can take up to 15 days once we receive your request. This may take longer if your funds have a notice period. We do not accept transfers of Stocks and Shares ISAs, or Inheritance ISAs. Details of which accounts Cash ISA Transfers are permitted on can be found on the Cash ISA Savings Accounts page.

Can I withdraw money from an ISA?

You may be able to withdraw money from your ISA and this will depend on the terms and conditions of the particular ISA you have. Any money withdrawn out of an ISA will lose its ISA status unless it is moved as a transfer out to another Saffron ISA or another provider. Please note, Saffron does not offer flexible ISAs.