Barnsley Building Society ISA
ISAs can offer a tax-free or tax-advantageous way to save and invest your money, however to get the most out of your ISA allowance each year, it can be a good idea to shop around different providers to try and find the best products for your needs. Barnsley Building Society currently offer a range of Cash ISA product, Stocks & Shares ISAs are available through Barnsley Building Society’s association with Legal & General. Before you decide if Barnsley Building Society is right for you, you can use the comparison table below to compare different kinds of ISA from various providers:
Barnsley Building Society Cash ISAs
- Fixed Rate – Allows savers who can afford to lock their cash away for either a 1 or 3 years to achieve a fixed rate of interest. Withdrawals are not permitted during the term however early closure and transferring out is permitted but will be subject to an interest penalty. These products have a minimum investment of £100.
- Triple Access Saver – Is a variable rate option that allows customers to make withdrawals from their account on any three days of the year. Account closure can be made at anytime even if withdrawals have been made on three days. A year is based on the anniversary of the account being opened.
- Instant ISA – Offers a variable rate of interest for savers who want to be able to make unlimited withdrawals. This product has a minimum investment of £10.
Barnsley Building SocietyStocks and Shares ISA
Is available through Barnsley Building Society’s association with Legal & General only. You can visit a Barnsley Building Society Branch and request to speak to a Legal & General financial consultant to find out more.
In order to be eligible for a UK ISA you need to be:
- Aged 16 or over for a cash ISA.
- Aged 18 or over for a stocks and shares ISA.
- A resident of the United Kingdom.
- If you don’t live in the UK then you need to be a Crown Servant or their spouse/civil partner.
- You can open a Junior ISA for someone under 18 who you have parental responsibility for.
Every eligible person has an annual ISA allowance which is the limit to the amount a saver can deposit into their ISA. There are two distinct categories of ISA: Cash ISAs and Stocks & Shares ISAs. ISA rules permit you to open up to a maximum of one of each kind of ISA each tax year. If you do decide to open both kinds of ISA, instead of one, then you will need to break up your ISA allowance between the two types of Individual Savings Account so you do not exceed it, this does not necessarily have to be done as a 50/50 divide it can be at a ratio of your choosing e.g. 30% used in a Stocks & Shares ISA with the remaining 70% used for a Cash ISA.
- Cash ISAs – Are a kind of savings account, up to your maximum allowance the interest you earn is paid tax free however. There are different kinds of Cash ISA available such as; Fixed Rate, Easy Access and Instant Access.
- Stocks & Shares ISAs – Are investment accounts that can be used to invest in various products such as gilts and bonds as well as stocks and shares. Up to your maximum allowance you do not pay any Capital Gains Tax or Income Tax on profits made from the increase in value of your investments, you do still however have to pay tax on dividends. These are at risk investments so do not FCA protection and you may get back less than you originally deposited if the value of your investments decreases.
It is possible to transfer an ISA from one provider to another; however some accounts may charge you an interest penalty for doing so.