Make the most of your ISA allowance

The ISA allowance for 2022/23 reset on 6 April and remains at £20,000 for the rest of the year.

What is an ISA?

An Individual Savings Account (ISA) allows you to invest each tax year up to the annual ISA allowance, without paying tax on the interest you receive.

There are four types of ISA*; Cash ISAs, Stocks and Shares ISAs, Innovative Finance ISAs and Lifetime ISAs. Junior ISAs are also available for children under 18.

How does the ISA allowance work?

The ISA allowance is set by the Government, which runs annually from 6 April to 5 April. Whether you want to split this allowance across all four ISAs or use your full allowance in a single type instead (subject to account limits), the choice is yours, providing you don’t exceed the allowance for the current tax year.

It’s important to note that you can only pay into one of each type of ISA each year, and the Lifetime ISA and Junior ISA are also subject to separate limits which are lower than the overall ISA allowance.

Any savings account you open will have terms and conditions relevant to the type of account and the provider, so it’s important to read and make sure you understand them before you commit to opening an account.

How can the Marsden help?

We understand the importance of saving. In fact, we’ve been helping our members with their savings goals since 1860!

If you’d like to learn more about our range of ISAs, please visit our ‘ISA’ page, or if you’d like to get in touch with your local branch, you can find their contact details on our ‘Find a branch’ page.

*Marsden Building Society only offer Cash ISAs as part of its savings range.