The introduction of the Personal Savings Allowance means ISAs aren’t the only way to earn interest tax-free but ISAs are still an attractive option for savers.

The interest on your savings won’t count towards your Personal Savings Allowance, and of course, you can save up to £20,000 in annual tax-free savings.

The total annual ISA allowance is £20,000 for the 2022/23 tax year. Money you deposit into an ISA will be counted as part of your yearly allowance, unless you are replacing money you have previously withdrawn from a flexible ISA in the same tax year.

If unused, your allowance limit doesn’t carry over to the next tax year and is lost. If you already have money deposited into an ISA in a previous tax year and want to move it to a new ISA, that doesn’t count towards your allowance for the current tax year.

No, you can’t save into more than one Cash ISAs in a tax year.

You can save into one Cash ISA and other types of ISAs not provided by YBS e.g. Stocks & Shares. You can also transfer your money between ISA accounts, including those not offered by YBS, subject to the product terms and conditions.

While your money is in a YBS Cash ISA it is secure. Eligible deposits in YBS Cash ISAs are guaranteed under the Financial Services Compensation Scheme up to a total of £85,000 for an individual or £170,000 for a joint account.

Yes, you can transfer an ISA to YBS from another provider. Find out more.

While your money is in a YBS Cash ISA it is secure. Eligible deposits in YBS Cash ISAs are guaranteed under the Financial Services Compensation Scheme up to a total of £85,000 for an individual or £170,000 for a joint account.

No, you can’t save into two Cash ISAs in a tax year – but you can save into one Cash ISA and other types of ISAs not provided by YBS e.g. Stocks & Shares. You can also transfer your money between ISA accounts — including those not offered by YBS, such as Stocks & Shares ISAs — subject to the product terms and conditions.

The introduction of the Personal Savings Allowance means ISAs aren’t the only way to earn interest tax-free but ISAs are still an attractive option for savers. The interest on your savings won’t count towards your Personal Savings Allowance, and of course, you can save up to £20,000 in annual tax-free savings.