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ISA Questions
Your questions answered
- How much can I invest in an ISA?
- When does the tax year start and end?
- Will I get charged for switching my cash ISA to Bank of Scotland?
- When can I switch my ISA from another provider to Bank of Scotland?
- Can I switch more than one cash ISA?
- If I switch my cash ISA to Bank of Scotland when will the money show in my account?
- Do I have to move all the money in my cash ISA?
- What happens if interest rates change after I ask you to transfer my existing cash ISA to a fixed rate Bank of Scotland ISA Saver?
- If I’ve saved part of this year’s tax-free cash ISA allowance with another provider, can I transfer this portion of my ISA and save the rest of the allowance with Bank of Scotland?
- If I have savings in a cash ISA from a previous tax year with another provider, can I transfer it all and still have this year’s £5,640 tax-free allowance on top?
- If I’ve already saved the maximum in a cash ISA, can I take some out and then top it up again later in the same tax year?
- How do I invest in a stocks & shares ISA?
- Can I transfer if I have a stocks and shares ISA with another provider?
Q. How much can I invest in an ISA?
A. You can save up to £5,640 in a cash ISA this tax year. Or you can invest up to your full ISA allowance of £11,280 into a stocks and shares ISA, less any amount you might have already saved in a cash ISA in this tax year. For example, if you have already saved £5,640 in a cash ISA you can then invest £5,640 into a stock and shares ISA. You can find out more in our guide to ISA limits and rules.
Q. When does the tax year start and end?
A. Tax years run from 6th April one year to 5th April the following year.
Q. Will I get charged for switching my cash ISA to Bank of Scotland?
A. Bank of Scotland will not charge you for switching your ISA, but your existing ISA manager may charge you an administration fee for supplying information, for example. Unfortunately, we’re not able to refund any charges made by your existing provider or refund any interest and/or bonus you may lose by transferring. You’ll need to check with your existing ISA provider.
Q. When can I switch my ISA from another provider to Bank of Scotland?
A. You can switch your ISA at any time - you don’t have to wait until the end of the tax year. But you can only open one cash ISA in any tax year.
Q. Can I switch more than one cash ISA?
A. Yes. Just sign one form for each cash ISA you want to switch to Bank of Scotland.
Q. If I switch my cash ISA to Bank of Scotland when will the money show in my account?
A. You’ll see the money as a credit on the day we receive it from your previous provider.
Q. Do I have to move all the money in my cash ISA?
A. No, unless you are transferring current tax year cash ISA savings. Apart from this it’s up to you – you can transfer as much as you like from previous tax years. You could, for example, transfer your savings from the year before to the new cash ISA and leave your current tax year savings where they are.
Q. What happens if interest rates change after I ask you to transfer my existing cash ISA to a fixed rate Bank of Scotland ISA Saver?
A. We guarantee to give you a rate that’s the same or better than the rate that applied on the day we processed your request to transfer your ISA. That’s as long as the funds reach us within 60 days. With our fixed rate Bank of Scotland ISA Saver, your rate is fixed on the day we receive your funds. Also, with our ISA Promise we will pay you interest on your money while the funds are being transferred to us. If you switch your ISA to a fixed rate Bank of Scotland ISA Saver, we may set it up as a variable rate Bank of Scotland ISA Saver on a temporary basis. Then as soon as the money for the account arrives, we’ll change it to a fixed rate Bank of Scotland ISA Saver. That way you won’t miss out on any interest.
Q. If I’ve saved part of this year’s tax-free cash ISA allowance with another provider, can I transfer this portion of my ISA and save the rest of the allowance with Bank of Scotland?
A. Yes. For example, if you’ve saved £2,000 in a cash ISA with another provider, you could transfer your ISA balances to Bank of Scotland and save the rest of your allowance of £3,640 this tax year with us.
Q. If I have savings in a cash ISA from a previous tax year with another provider, can I transfer it all and still have this year’s £5,640 tax-free allowance on top?
A. Yes, you can transfer it all to your new Bank of Scotland ISA. And as long as you haven’t already topped up your ISA in the current tax year, you can add the full £5,640 into a cash ISA.
Q. If I’ve already saved the maximum in a cash ISA, can I take some out and then top it up again later in the same tax year?
A. No. Once you’ve paid in your full allowance and then taken some cash out, that’s it. You can’t replace it in the same tax year. So, if for example you pay £5,640 into a cash ISA and then take out £500 – you can’t top it back up again to £5,640 in the same tax year.
Q. How do I invest in a stocks & shares ISA?
A. You can book an appointment with one of our financial advisers and they will be happy to discuss the options with you and help you to choose.
Q. Can I transfer if I have a stocks and shares ISA with another provider?
A. Yes. If you already hold a stocks and shares ISA with another provider, we’ll discuss the potential benefit of moving it across to us with you first. Please book an appointment and one of financial advisers can review your existing stocks and shares ISA using our ISA Analysis Service.