Compare Barnsley Building Society ISAs

Please be aware we are not currently able to offer any ISAs from Barnsley Building Society.

Who are Barnsley Building Society?

The Barnsley Building Society dates back to 1853, having been founded by a group of businessmen from the local area.

In 2008, the Building Society became part of Yorkshire Building Society, and in 2016 the Barnsley BS brand was fully replaced by Yorkshire’s.

This means that it's no longer possible to open new ISA accounts with Barnsley Building Society.

What is an ISA?

An ISA account is a type of savings account that is completely free from taxes.

You are allowed to save up to £20,000 this year in ISAs, and your annual allowance refreshes annually so you can keep adding more to your savings.

There are two main taxes that ISAs protect your investments from:

Income tax

Income tax is normally paid on the interest you earn on your cash savings, and on the dividends you receive from stocks and shares.

Capital Gains Tax

Capital gains tax is normally paid on the growth of your investments. If they’ve increased in value when you sell them from when you originally purchased them, you’ll be liable to pay tax on the gain.

This is what makes ISA accounts attractive investments for UK savers, as you never need to worry about paying tax on ISA investments.

What are the different types of ISA accounts?

There are two main types of ISA accounts - Stocks and Shares ISAs and Cash ISAs.

Cash ISAs invest solely in cash products and you earn interest on the balance of your account.

Stocks and Shares ISAs invest in the stock market through a range of investment vehicles, and your investments can go down as well as up in value.

Here are some key features of each type of ISA:

Cash ISAs:

1. Cash ISAs offer fixed or variable interest rates on your savings.
2. Your investment cannot go down in value.
3. You can choose a fixed term ISA for better rates, or an instant-access ISA with lower rates that gives you flexibility to withdraw.

Stocks and Shares ISAs:

1. In a Stocks and Shares ISA you can invest in shares, funds, investment trusts, ETFs, ready-made portfolios and many other investments types.
2. You benefit from the growth of your holdings as well as any dividends paid out.
3. Stock investments come at a higher risk as they can fall as well as rise in value.
4. You are usually able to withdraw at any time upon request.

Are you charged for an ISA account?

Whether you pay for your ISA account or not depends on what type of ISA you open and how you use it.

Cash ISA charges:

• You don’t typically pay ongoing or initial charges for Cash ISAs, but you could be charged if you withdraw or close your account before the end of a fixed term.

Stocks and Shares ISA charges:

• Stocks and Shares ISA providers apply an annual management charge to your portfolio.
• You’ll pay this either as a regular fixed fee or as a percentage of your ISA’s total value.
• You could also be charged for buying and selling stocks – known as dealing fees.
• Some ISA providers also charge account closure fees or transfer out fees.

Stocks and Shares ISA charges vary from provider to provider, and the cheapest or best ISA for you will depend on the makeup of your ISA portfolio, how often you are trading, and whether you value customer service, usability and other ISA features.

How do I open an ISA account?

Most ISA accounts can be opened online; however, many providers also allow you to open an ISA by phone, postal application or in a branch.

You will need:

1. Your basic personal information
2. Your National Insurance number
3. A way to top up your account (debit card payment, cheque, direct debit or ISA transfer)

Can I transfer from one ISA provider to another?

If you’ve found an ISA you like, you can transfer any previous years’ ISAs to a new one without it counting towards your annual ISA allowance.

This means that you can transfer your ISAs to a new provider while still contributing a fresh £20,000 of new money as well.

To transfer your ISA, make sure you follow the below steps and don’t simply withdraw your existing ISA and move it over.

ISA Transfer Guide:

1. Check with your existing ISA provider(s) if you’ll be charged for transferring out
2. Complete an ISA transfer form with your new provider to start the process
3. Your new provider will transfer your ISA for you and notify you when the process is complete