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 ISAs one person can have, however, you can only deposit new funds into one cash ISA per tax year (06 April – 05 April).
How do I transfer out my ISA from Saffron to 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. 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 Any money withdrawn out of an ISA will lose its ISA status unless it is moved as a transfer out to another Saffron ISA or another provider.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.