What are the ISA allowances?

The Government sets the maximum amount that can be saved in an ISA in any tax year – you can find details of this year’s ISA allowance on the HMRC website. The annual allowance can be split across a Cash ISA, Stocks and Shares ISA, Innovative Finance ISA and Lifetime ISA, if you wish. The minimum balance for an ISA with United Trust Bank is £5,000.

What is an ISA?

An ISA (Individual Savings Account) is a savings account where the interest payments are tax free. This means your money could grow faster than in an account paying the same rate of interest which doesn’t have the same tax benefits. Interest from ISAs does not count towards your Personal Savings Allowance.

You can only subscribe to one cash ISA in each tax year (6 April to 5 April).

How do I apply for an account?

Once you have decided which account you would like to open, simply click on the ‘Apply’ button in the Summary Box window for that account and complete the application form online. You can also follow this link to head directly to the application form.