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Budget 2014 ISAAnnouncement

A summary of the main changes that affect Individual Savings Account (ISA) and Child Trust Fund (CTF) holders from 1 July 2014.

ISA Changes

From 1 July 2014 all ISAs will become New ISAs (NISAs). This applies to all existing ISAs and new accounts opened after 1 July. The Government is changing the name to reflect the significantly increased limits and flexibility that will be available to account holders.

The NISA will be more generous and will offer flexibility to save your NISA annual allowance of £15,000 in cash, stocks and shares or any combination of the two. Under the NISA rules customers will also be able to transfer previous years' ISA savings between stocks and shares and cash if they wish.

Subscription rules

Deposits made between 6 April and 1 July 2014:

  • Between 6 April and 30 June 2014, the total amount allowed into a Cash ISA is £5,940
  • Deposits can also be made into a Stocks and Shares ISA, but the combined amount allowed into a Cash and Stocks and Shares ISAs must not exceed £11,880

Deposits made from 1 July 2014

  • From 1 July 2014, customers will be able to split the amount they pay into an ISA between a Cash NISA and a Stocks and Shares NISA, up to the new overall annual NISA limit of £15,000. Previously, it's only been possible to save up to half of the overall ISA subscription limit in a Cash ISA
  • Any amounts paid into an ISA between 6 April and 30 June 2014 will count towards the £15,000 NISA subscription limit for 2014/15

As they do now, customers will only be able to pay new funds into one Cash or one Stocks and Shares NISA in each tax year.

The new rules will apply for amounts paid to a NISA from 1 July 2014 to 5 April 2015 and in future tax years. Each autumn, the Chancellor will announce the new ISA limits for the next tax year.

Savers under the age of 18

Savers between the age of 16 and 18, can hold a Cash NISA but cannot open a Stocks and Shares NISA. From 1 July 2014, they will be able to pay up to £15,000 into a Cash NISA for the tax year 2014-15. This is in addition to any amounts paid into a Junior ISA they may hold.

What if I don't use all my allowance

As soon as a tax year ends on the 5th April, any allowance for that tax year ends too.

That means if you don't use all your allowance, you'll miss out on using any remaining allowance for that tax year.

Please note

The value of an investment in a Stocks and Shares ISA is not guaranteed and can fall as well as rise so you may get back less than you originally invested. If you're not sure if this type of ISA is right for you, it's best to speak to a Financial Adviser.

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NISA Transfers from 1 July 2014

If you'd like to open a Cash ISA you must be aged 16 and resident in the UK for tax purposes. Alternatively you must be a qualifying crown employee or be married or in a civil partnership with a qualified crown employee.

You're eligible for a Stocks & Shares ISA once you're aged 18 or over, and resident in the UK for tax purposes.

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Child Trust Fund (CTF) changes

Subscription rules

  • Deposits made between 6 April and 1 July 2014

    From 6 April 2014, the CTF annual subscription limit will be increased from £3,720 to £3,840
  • Deposits made from 1 July 2014

    From 1 July 2014 the limit will be further increased to £4,000


  • A child born on 1 October has a subscription year that runs to the following 30 September. The subscription limit does not change until 6 April 2014, so between 1 October 2013 and 5 April 2014.
  • Between 6 April 2014 and 30 June 2014, further subscriptions can be made up to the increased limit of £3,840. And then from 1 July 2014 to 30 September 2014 further subscriptions can be made to the new limit of £4,000.
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Interest rates

Find and compare the rates of all our savings accounts, at a glance.

Help & support

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