Skipton Building Society ISA
Whether you’re looking for a Cash ISA, a Stocks & Shares ISA or both you may be wondering what Skipton Building Society ISA products may be available. To try and get the most out of your maximum allowance, you may want to shop around and compare other providers in addition to Skipton Building Society to try and make sure you select the top, best buy choice for you. The comparison table above has a selection of ISA plans from different providers which might help you:
Skipton Building Society Cash ISAs:
- Fixed Rate – Skipton offer a choice of; 1, 2, 3, 4 and 5 year fixed rate cash ISAs. Giving savers, who can afford to lock their cash way for a predefined period of time, the security of a fixed rate of interest. Partial withdrawals are not permitted and early closure will incur a penalty of a set amount of days interest.
- Cash ISA Saver – Allows you to save tax free while still having easy access to your cash with no penalties for withdrawals. With a choice of branch or online account depending on how you want to manage your money.
Skipton Building Society Stocks & Shares ISAs:
- Skipton Financial Services – is a subsidiary of Skipton Building Society, which may be able to offer Stocks and Shares ISA plans.
Types of ISA
To try and get the most from an ISA it is important you understand its features; there are two different distinct categories of ISA; Cash ISAs and Stocks & Shares ISA. ISA rules mean that you can only have one of each type of ISA each tax year, though you can only open one kind if you want to. It is also important to understand that if you open both types of ISA your annual ISA limit is still the same, so you have to break it up between the two kinds of Individual Savings Account (ISA).
- Cash ISAs – Are very similar to normal savings accounts, the main difference is that the interest that accrues on the account, up to your maximum allowance, is paid tax-free. Providers may offer you a choice of different kinds of Cash ISA such as; Fixed Rate, Instant Access and Easy Access, plans that require you to lock your savings away for a set period of time tend to offer better rates of interest however this can vary by provider.
- Stocks & Shares ISAs – Are a kind of investment account that works as a ‘tax-efficient wrapper’ for your savings. They are not investments in themselves however you can use them to invest into other products like gilts, shares and stocks, some kinds of account are ‘Self-select’ which allow you to directly invest in shares and stocks yourself, others work as collective investment schemes where your money is pooled with others and invested into a fund. As the value of these investments can decrease as well as increase, these are capital at risk products and you could get back less than you originally put into the account. While dividend income will be subject to a tax charge, you do not need to pay income tax or capital gains tax on the increase in value of investments.
It is also possible to get a Junior ISA or ‘JISA’ of both types to save for a young person, savers aged between 16-18 may open their own Junior ISA or someone with parental responsibility can open one for someone aged under 16. Any money entered into a Junior ISA is locked away until the young person turns 18.
If you find a better deal with another provider it may be possible to transfer your ISA, however your current provider may be able to charge a penalty for doing so. Before you transfer it is therefore a good idea to check whether this penalty would negate any potential benefit in switching.