An ISA (Individual Savings Account) is a savings account that you pay no tax on the interest you earn. Everyone aged 16 and over can open and ISA and benefit from the ISA allowance each tax year.
The ISA allowance is set by the Government annually.
For the 2021/2022 tax year the adult ISA allowance is £20,000. For junior ISAs it’s £9,000.
You can choose to invest your allowance in a cash ISA, a stocks and shares ISA or an Innovative Finance ISA or you can split your allowance over any combination you wish.
Darlington Building Society only provide Cash ISAs.
ISA season starts on 6 April each year and ends the following year on 5 April. Tax-free ISA limits will be made public before the end of the current tax year.
To transfer all your savings that you hold with another ISA provider to us, you firstly need to check the terms and conditions of the ISA you’re transferring from and into (to ensure there are no charges).
Then, contact us and ask us to arrange the ISA transfer. We will need you to complete an ISA Transfer form.
We will then contact your ISA provider and arrange the transfer, crediting your Darlington Building Society ISA within 5 days.
This same timeframe applies to stocks and shares ISA transfers too.
To transfer all your savings that you hold in an ISA with Darlington Building Society to another provider, you simply need to contact your provider and tell them you want to make an ISA transfer. They’ll tell you what you need to do, and they will contact us to arrange the transfer.
We’ll send your savings to the new provider within 15 days. This same timeframe applies to stocks and shares ISA transfers too.
Our Cash ISAs are flexible which means you have the freedom to take money out of your ISA and put it back in later (subject to any individual product terms and conditions), without it counting towards your annual ISA allowance.
As long as you pay the money back in before the end of the same tax year. You can even transfer previous year’s subscriptions from another provider.