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. The ISA allowance for 2020/2021 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 ISA per tax year (06 April – 05 April).
Can I transfer my ISA to Saffron from another provider?
Some of our ISAs accept transfers in from other providers, however there are some that don’t. All our ISAs specify whether or not they can accept transfers in on the product specific literature under the heading ‘How do I open and manage my account’. Please note, Saffron does not accept transfers in for stocks and shares ISAs.
How do I transfer my ISA into Saffron from another provider?
To transfer an existing ISA to Saffron you will need to complete an Cash ISA Transfer Authority Form. If you are transferring to an existing Saffron account then simply write the account number in the relevant box. If you are transferring into a new ISA account you will also need to complete an ISA Application Form.
Please return all completed forms to:
1A Market Street
How do I transfer out my ISA from Saffron to another provider?
To transfer your ISA out of Saffron to another provider you will need to contact the new provider and complete an ISA transfer application which they will send to us detailing where and when the funds need to be sent.
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 Any money withdrawn out of an ISA will lose its ISA status unless it is moved as a transfer out to another Saffron ISA or another provider.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.
I have applied to transfer my ISA in to Saffron, what happens next?
Once we have received your request to transfer in your ISA we will contact your current provider and request the funds. Once the funds have been received we will contact you to confirm your ISA has been moved to Saffron. Please allow up to 15 business days for the process to be completed.