What is a Tax-free account?

Cash ISAs are free of income tax. 

The ISA allowance for the 2024/25 tax year is £20,000. This means you can save £20,000 of new money into your ISA in this tax year.

Our Cash ISA maximum balance is £250,000 so you can transfer other ISA balances into your new Shawbrook ISA up to £250,000.

If these balances are from previous tax years, they do not count towards the £20,000 limit in the current tax year 2024/25.

If you're splitting your ISA allowance over several ISAs, the maximum deposit across all of your accounts is £20,000.

You can find out more about ISAs in our guide to ISAs.

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