ISAs explained

How to keep more of your money

Find out how an Individual Savings Account (ISA) can help you keep more of the interest you earn, year after year.

What is an ISA?

What is an ISA?

With an Individual Savings Account (ISA), you don’t pay tax on the interest you earn.

What's on this page?

What are the different types of ISAs?

YBS only offer Cash ISAs, but there are four types of ISAs to choose from:
Cash ISAs
Stocks and Shares ISAs
Innovative Finance ISAs
Lifetime ISAs

How much can I pay into an ISA each year?

Each tax year you’re given an annual ISA allowance – this is the maximum amount you’re allowed to pay in. For the 2025/26 tax year it's £20,000. You can split your allowance across the different types of ISAs. You can only pay into one YBS Cash ISA using your ISA allowance per tax year.

How do Cash ISAs work?

Cash ISAs are available to UK residents aged 18 and over. Crown employees based overseas and their spouses are also able to open a cash ISA.
You can only subscribe to one Cash ISA with us per tax year. You’ll have an annual ISA allowance of
£20,000
Interest is paid annually or monthly, depending on the account you choose.
As long as your money stays in an ISA, you won’t pay tax on the interest.

Fixed Rate Cash ISAs

The interest rate is fixed, so you’re guaranteed to earn that rate

Easy access Cash ISAs

Easy access Cash ISAs give you more access to your money, but the interest rate can go up or down.
All of our easy access Cash ISAs are flexible. This means that you can withdraw money from your ISA account and pay it back in later, without affecting your annual ISA allowance. With us, you need to do this in the same tax year.

What happens if I don't use my allowance?

As soon as the tax year ends, your allowance for that tax year ends as well. If you haven’t used all of your allowance, it can’t be rolled over to the next tax year.

Can I open a joint ISA?

No, an ISA can only be in one person's name. If two people want to open an ISA, they would have to open one each.

Does my ISA allowance affect my Personal Savings Allowance?

The Personal Savings Allowance is the amount of interest you can earn on your savings each year without paying tax. The tax-free interest you earn in an ISA doesn’t count towards your Personal Savings Allowance.

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The content on this page is for reference and does not constitute financial advice. For impartial financial advice, try MoneyHelper.

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