ISA Questions and Answers

I paid into an ISA years ago. Am I allowed to pay into yours?

Yes. Each tax year, you can choose a different provider - for Cash and for Stocks & Shares.

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I am not sure about Stocks and Shares. How safe is your ISA - say, compared to your other savings plans?

Our ISA is invested in the same way as our other with-profits products. The fund is spread across UK government and other bonds, UK and overseas shares, and about 10% in less liquid long-term investments - such as commercial property. We do adopt a slightly more conservative strategy for the 5 year plan, but otherwise the same investment mix applies to all our plans.

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I have already put £5,100 in a Building Society in a Cash ISA since 6th April. What are my options?

You can still put another £5,100 into an ISA, but it must be a Stocks & Shares ISA.

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I have already paid into a Stocks & Shares ISA. Can I take out one with you next April?

Yes. Most providers will automatically continue taking regular payments, so if you want to switch provider next tax year, you should contact your existing provider and cancel any standing instructions before April 6th. If you pay lump sums, your previous provider may assume you are still eligible to invest with them - if you start a new lump sum ISA with us, you must not forget about it and subscribe to your previous provider later in the tax year.

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I want to make regular savings into your ISA. Do I have to commit to a set amount for 5 or more years?

No. Unlike our other savings plans, which include an element of life assurance, our ISA is flexible. What you pay each year, whether by lump sum or monthly savings (or both), is only limited by the general ISA rules. You can vary or suspend monthly payments with complete freedom and no penalty.

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Can my partner take out an ISA with you?

Yes. They have their own ISA allowance, even if they are not working. If you have used all your ISA allowance, then it makes sense to use their allowance too. But any money they subscribe must be their own. You can give it to them by all means, but we will regard it as their property.

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Can my child take out an ISA with you?

Children over 18 can take out plans with the Society (see Am I Eligible page for more information). We have a different savings plan for young children, named the Children's Tax-Exempt Savings Plan.

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