Save with The Cambridge in the knowledge that we know our ISAs
PUBLISHED: 12:30 28 July 2017 | UPDATED: 23:14 28 July 2017
When it comes to savings, ISAs (Individual Savings Accounts) are a popular option. These accounts have been providing a tax-free return for savers for 18 years.
Unsurprisingly, the amount UK savers are putting into their cash ISAs has grown year on year, and as of May the total amount saved in the UK stood at £277billion.
Any savers who have invested their maximum allowance in their cash ISA every year since the accounts were launched in 1999 would have saved more than £100,000 – and that’s not including any interest!
For the 2017-18 tax year the amount savers can invest in an ISA increased from £15,240 to £20,000, making ISAs a great option for people saving for a future event or those looking for a safe place to put their money.
The Cambridge Building Society offers a range of fixed-term ISAs as well as an Instant Access ISA for those who might want quick access to their cash.
It’s produced an online three-step guide which shows savers how easy it is to transfer an ISA to The Cambridge. The experts in branch and at the Cambridge-based Customer Contact Centre can also help savers who want to transfer their ISA allowance to or from other providers.
Product manager Dan Barker said: “Once you’ve opened an ISA you aren’t tied in for the full year. It’s completely possible to transfer your ISA and still keep your tax-free allowance as long as you know what the rules are.
“To transfer money you’ve invested in an ISA this current year, you must transfer all of it. For previous years, you can choose to transfer all or part of your savings.
“For customers looking to move funds to The Cambridge, we take care of contacting the existing provider to make sure their money ends up where they want it as smoothly as possible without losing its tax-free status.
“If you withdraw the funds yourself they will no longer be considered tax-free and you will only be able to reinvest into an ISA as part of your current or future annual ISA allowance.
“Of course, it’s important when transferring to make sure you read and understand all the terms and conditions of the product you want to transfer to.”
* For more information pop into a branch or call the Cambridge-based Customer Contact Centre on 0345 601 4021. Lines are open Mondays to Fridays 8.30am-8.30pm and Saturdays 9am-5pm. Alternatively, visit cambridgebs.co.uk/ISA