Cash ISA - Silly question?!

BrookesAndrew

I have applied for a Cash ISA with Santander as I am with them already for my current account.

I know that you can put in there around £5,500 without having to pay any tax on that. My question is once I have put 5,500 can I not put anymore in or can I continue to put more in but not have it tax free?

I am sorry if its a silly question. I have been looking on the internet and all the sites are just telling me what a Cash ISA is not how much I can put in!

Thanks in advanced.

innovate

It's £5,760 this financial year. It will be a similar amount next financial year. You can find the limits on the HMRC website.

Gizmo247

Also remember if it is a multi-year fixed rate product you are given a window at the start to add funds up to the first year's limit and then you are not allowed to add to it until after the fixed period ends.

p00hsticks

BrookesAndrew wrote: »

My question is once I have put 5,500 can I not put anymore in or can I continue to put more in but not have it tax free?

No you can only put in a maximum of the limit allowed (£5,760 this tax year) for this tax year. Depending on the particular product, you may then be able to keep adding more, up to the allowance, each subsequent year.

grumbler

BrookesAndrew wrote: »

...I am sorry if its a silly question. I have been looking on the internet and all the sites are just telling me what a Cash ISA is not how much I can put in!...

It's really silly to ask this on the Bank Accounts board while there is Savings & Investments one with ISAs & Tax-free Savings subboard.

Also, there is Full ISA Guide here that answers your question.

BrookesAndrew

Very sorry. I will have a look at it now.

Thank you all for your help though. It has answered my question.