Individual Savings Accounts (ISAs)

Individual Savings Accounts, better known as ISAs, are a tax free way to save. Each year you can save up to £7,200. The tax year runs from 6 April to 5 April the following year and this section describes the range of ISAs available from the Cumberland.

All ISAs contained in this section are similar in operation to traditional building society accounts, except that interest is tax free, provided you operate your account within the rules laid down by HM Revenue and Customs.

One cash ISA - upt to 3,600 pounds this year and/or one stocks and shares ISA - up to 7,200 pounds this tax year

Choosing an ISA

The diagram on the right shows you the ISA options and investment limts.

Each can be held either with the same provider or different providers. The total ISA investments in both Cash and Stocks and Shares ISAs must not exceed £7,200 in each tax year.

For example if you invest £3,600 in a Cash ISA, you could also invest up to £3,600 in a Stocks and Shares ISA. If you invest £2,000 in a Cash ISA you can invest up to £5,200 in Stocks and Shares ISA.

Please remember that once you invest in a Cash ISA, your ISA investment options will be restricted for the remainder of the tax year. By opening a Cash ISA you may not invest in another Cash ISA in the same tax year (the period from 6 April to 5 April the following year). You will also be limiting the amount of tax free savings in equities you can make, if you do not already have a Stocks and Shares ISA.

Helping you choose

This section discusses our Cash ISA products in detail. If you would like to find out more about the different types of ISA available, including the annual investment limits, and the suitability of this product for you, please make an appointment with a Financial Planning Consultant at your local Cumberland branch, or contact your local tax office.

You should read the information in this section with the leaflets available to view and download on the left of this page, alternatively contact us and we will arrange for you to receive printed versions.

ISA Choices from the Cumberland

We offer the following Cash ISA choices:

We will normally accept the transfer of a Cash ISA from another ISA operator, subject to ISA regulations. See the Key Features Document for more information.

We welcome new applications from new and existing customers who live within our branch operating area, however, we do not accept new accounts from new customers who live outside our branch operating area. Some restrictions may also apply to new accounts available to existing customers who live outside our branch operating area. Contact us for more information.

*The value of your investment can go down as well as up and is not guaranteed.

Authorised and regulated by the Financial Services Authority. We arrange life assurance, pensions and investments only with Norwich Union Marketing Group, members of which are authorised and regulated by the Financial Services Authority. Any financial advice given will relate only to the products and services of the society and Norwich Union. The law relating to tax may change in the future.