What is a cash ISA?

A cash ISA (individual saving account) is a tax free savings account. This means you won’t pay tax on any interest you earn.

The ISA allowance for the 2023/24 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 2023/24.

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 and how they work in our guide to ISAs.

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