What is a Cash ISA?
A Cash ISA (Individual Savings Account) is a cash-only, tax-free savings account. It operates in a similar way to a standard savings account, however there are two key differences:
- You don’t pay any tax on the interest you earn.
Interest on ISAs is paid tax-free. Tax treatment is dependent on individual circumstances, which may be subject to change in the future.
- There is a limit to the amount you can deposit each year.
Your annual ISA allowance is the maximum amount you can deposit into an ISA each tax year. For the current tax year, the maximum you can deposit is £20,000.
How much can you save in a Cash ISA with Close Brothers Savings?
The minimum opening deposit is £10,000 and the maximum is £2,000,000.
The amount you can save each year is confirmed by the government in advance of each new tax year. For the current tax year, the maximum you can deposit is £20,000.
You can only subscribe to one Cash ISA each tax year.
When does the tax year start and end?
The UK tax year runs from 06 April to the following 05 April. For example, 06 April 2020 to 05 April 2021.
Who can open a Cash ISA with Close Brothers Savings?
You must be aged 18 or over and UK tax resident. Crown employees performing duties overseas or those married to, or in a civil partnership with such a person can also apply.
You cannot open a Cash ISA in joint names.
Once I’ve opened a Fixed Rate Cash ISA with Close Brother Savings can I change my mind?
During your 14-day cooling off period you have the right to withdraw your funds without incurring a charge. Simply login to your online account and submit a secure message, call or write to us.
Any closure outside of the 14-day cooling off period and prior to maturity is subject to a penalty. See your product terms and conditions for a list of charges.
If the interest you’ve earned doesn’t cover this, you may get back less than you originally deposited.
How do I transfer my existing ISA to Close Brothers Savings?
We only accept transfers in from other Cash ISAs or Stocks and Shares ISAs.
Opening a new Cash ISA with Close Brothers Savings
If you’re opening a new Cash ISA with Close Brothers Savings, you can start the transfer process as part of your application.
Topping-up a Cash ISA with Close Brothers Savings
If you’re looking to top-up your Cash ISA with funds from another provider, you can login to your online account and navigate to the funding tab to start the process.
Alternatively, you can download our transfer authority form and return it to us at: Close Brothers Savings, 10 Crown Place, London, EC2A 4FT.