Branches & agencies
A Cash ISA could be an excellent part of your savings strategy because it offers unique benefits. If you’re not sure what those are, this quick and easy guide is for you…
1. An ISA is a tax-free savings account
This means you won’t pay any tax on the interest your ISA earns, no matter how much money you build up in your ISA over the years. You can add to it year after year (up to your annual ISA savings allowance) knowing that you won’t pay a penny in tax on it.
2. You can have more than one ISA
If you’re tempted by our attractive rates but have an ISA with another provider and don’t want to (or can’t) transfer it, that’s okay – you can open one with us too! And if you do want to transfer your Cash ISA to us, we make it nice and easy for you.
3. Your ISA savings allowance for this tax year is £20,000.
This is how much you can put into ISAs (in total) during the current tax year. The tax year runs from 6 April to 5 April the following year. Your ISA allowance is extra to your Personal Savings Allowance, which is explained in our Easy Guide to ISAs blog post.
4. You get a new ISA savings allowance every year.
Any unused allowance doesn’t roll over, so make a note to use your full allowance (if you can) before the end of the tax year. Every 6 April you get a new allowance for the new tax year. With the end of the tax year approaching, now is a good time to compare rates. See our ISAs here.
5. A Hinckley & Rugby Cash ISA is risk free.
Unlike a Stocks & Shares ISA, where your investment may go up or down, the money you put into our Cash ISAs is free of risk. Not only will you earn an attractive rate of interest, we are covered by the Financial Services Compensation Scheme (FSCS), so your money is safe with us.
Looking to transfer your Cash ISA and lock in great rate? Read our latest blog.
Unsure how ISAs work? Check out our Easy Guide to ISAs blog post.
