You can save up to £20,000 in an ISA in the current tax year. You can choose to invest your ISA allowance in a cash ISA, stocks and shares ISA, lifetime ISA (up to the lifetime ISA limit), innovative finance ISA or any combination of the four, provided that you don’t exceed the £20,000 limit by the end of the tax year. For more information, view the guide to ISA limits and rules.
The Help to Buy: ISA allowance is lower than the overall £20,000 ISA allowance as you can only pay in up to £200 in any calendar month. This must be paid by standing order and received by the 25th of the month (this can include the month you transfer your ISA). If you want to reach the full ISA limit in a tax year, you’ll have to invest any other new contributions into other permitted types of ISA. Contributions to a Help to Buy: ISA, stocks and shares ISA, lifetime ISA and/ or innovative finance ISA should not exceed the overall limit of £20,000.
Back to topTax years run from 6th April one year to 5th April the following year.
Back to topA cash ISA is tax-free. This means that you pay no income tax on the interest you earn. Stocks and shares ISAs are tax-efficient, which is a term used to describe investments that offer tax benefits or tax relief. Any increase in value of the investments in your stocks and shares ISA is free of any personal liability to Capital Gains Tax, you don't pay tax on interest earned on bonds. Dividends received on shares held in an Individual Savings Account (ISA), will continue to be tax free.
Back to topYou are limited on how many ISAs you can subscribe to each tax year. You can only put money into one cash ISA and/or one stocks and shares ISA and/ or one lifetime ISA and/ or one innovative finance ISA and you must make sure you don’t exceed the total ISA allowance for the tax year. The only exception is if you have opened a separate ISA to to pay in an Additional Permitted Subscription allowance following the death of a spouse or civil partner.
Back to topBank of Scotland will not charge you for transferring your ISA, but your existing ISA manager may make administration charges for the transfer, such as for supplying information. 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.
Back to topYou can transfer your ISA at any time; you don’t have to wait until the end of the tax year.
Back to topAbsolutely. Just sign one form for each ISA you want to transfer to Bank of Scotland.
Back to topThe money will show as a credit on the day we receive it from your previous provider.
Back to topNo, unless you are transferring current tax year 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.
Back to topYes you can if you have a Help to Buy: ISA with another bank or building society. Your Help to Buy: ISA must be transferred to us in full. Remember you are only allowed to have one Help to Buy: ISA.
Back to topFrom 6th April 2015, a Child Trust Fund can be transferred into a Junior Cash ISA. This can be done at your local branch.
Back to topYes you can. 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 further £18,000 this tax year with us. The total amount saved in a cash ISA should not exceed the overall limit of £20,000 in the current tax year.
Back to topYes, you can transfer it all to your new Bank of Scotland ISA. As long as you haven’t already topped up your ISA in the current tax year, you can add the full £20,000 you get as your tax-free ISA allowance.
Back to topYes. With the introduction of flexible ISAs, you will be able to withdraw and replace funds from some of our cash ISAs without affecting your yearly ISA allowance, providing you replace funds in the same tax year that you withdraw them. So, say you pay £20,000 into an ISA and then take out £500, you can top it up with £500 before the end of the tax year. The allowance resets every tax year on the 6th of April.
Your ability to withdraw and replace funds may be limited by the particular conditions of your ISA, for example, if you have a Help to Buy: ISA.
Back to topISAs cannot be opened jointly. Please note, Help to Buy: ISA is no longer available for new customers from 1 December 2019. If you are an existing Help to Buy: ISA customer you can still claim the Government bonus or transfer your Help to Buy: ISA to us from elsewhere.
Back to topSave up to £200 a month (including the month you transfer your account to us from another provider), however the 25% bonus has a cap of £3,000 which would be reached when you have saved £12,000.
Back to topNo, the scheme and 25% bonus is administered by a 3rd party on behalf of the Government and the money is transferred to your conveyancer.
Back to topYou'll need to close your account in one transaction and provide your Help to Buy: ISA closing documents to your conveyancer at the time of purchasing your home and they will claim the bonus on your behalf.
Back to topNo, only conveyancers registered with the scheme can be used. So, you will need to ask this when appointing a conveyancer.
Back to topNo, the scheme is designed for first time buyers to live in their homes here in the UK.
Back to topWe'll set your Help to Buy: ISA back up with the savings you had in at the point you claimed the bonus. The bonus goes back to the scheme administrator but can be claimed again when you find another home.
If your house sale has fallen through due to Covid-19 (up to 30 June 2020) you will have 15 months (rather than the normal 12) to reinstate your Help to Buy: ISA from the date you first closed the account and your conveyancer should give you a Purchase Failure Notice stating 15 months.
Back to topYou need to visit a branch to close your Help to Buy: ISA.
If you withdraw or transfer any money to another account before closing your Help to Buy: ISA, that amount will not be eligible for the bonus.
Yes you can. Remember, you can’t claim the government bonus on any money you withdraw, therefore if you make withdrawals it may take you longer to save towards your first home as you can only pay in a maximum of £200 a month.
Back to topNo you can’t renew an existing ISA into a Help to Buy: ISA. You can only transfer your existing Help to Buy: ISA to us from another provider.
Back to topYes you can, however, the Government bonus cannot be claimed if you move to a non Help to Buy: ISA.
Back to topYes, as long as you meet all the other eligibility criteria. Anyone that is not a first time buyer would not be eligible for a Help to Buy: ISA bonus.
Back to topNo. You must pay into your account by standing order. This should reach us by the 25th of the month.
Back to topYes. With the introduction of flexible ISAs, you will be able to withdraw and replace funds from some of our cash ISAs without affecting your yearly ISA allowance, providing you replace funds in the same tax year that you withdraw them. So, say you pay £20,000 into an ISA and then take out £500, you can top it up with £500 before the end of the tax year. The allowance resets every tax year on the 6th of April.
Your ability to withdraw and replace funds may be limited by the particular conditions of your ISA, for example, if you have a Help to Buy: ISA
Back to topTake a look at our section specifically for Junior Stocks & Shares ISA.
Back to top