Tax free interest with a Cash ISA
A Cash ISA (also known as an Individual Savings Account) differs from other savings accounts because the interest earned on ISA funds is tax free, even if you have exceeded your Personal Savings Allowance.
The other difference with a Cash ISA is that the maximum amount you can invest each year is set by the Government. The current annual subscription limit is £20,000 for adult Cash ISAs and £9,000 for Junior ISAs.
There is no option for a joint ISA – an ISA can only be held by an individual in a single name.
Opening a Cash ISA with us
If you would like to open an ISA with Ipswich Building Society, the ISA application form can be downloaded, printed and posted to us, along with certified copies of any relevant identification. For more information on acceptable forms of ID, please see our ‘proving your name and address leaflet’. Alternatively, you can call into any of our branches or contact us and our staff will be pleased to help you.
If you have an ISA at another bank or building society, you can 'transfer-in' to our ISAs - subject to individual product terms and conditions - with minimum hassle. When you transfer-in an ISA to us from another provider, your annual subscription won’t be affected. However, if you do not use the transfer-in process and instead choose to withdraw your money from your existing ISA with another provider and invest this with us in a new account, this would form part of your annual subscription.
Please see our useful downloads below, and use the Cash ISA Transfer Authority form. Please refer to our Customer Information document for other useful and important information.
Please note: Our savings products and deposit accounts are only available to existing members or new applicants resident in our local postcode areas IP, NR, CO, CM, CB and PE.
For a quick page-to-view comparison of all our personal savings products and interest rates please click here.
Everyday ISA 0.50% Tax Free*/AER** ISA (Variable rate) - Variable interest rate Freehold ISA (1) Variable tiered interest rate ISA (Variable rate) - Interest added annually on 1 December
Account Name Interest Rate Account Type Key Details
- Interest added annually on 5 April
- Instant access
- Variable tiered interest rate
- Early closure subject to 90 days' notice
or interest penalty
0.50% Tax Free*/AER**
ISA (Variable rate)
- Variable interest rate
Freehold ISA (1)
Variable tiered interest rate
ISA (Variable rate)
- Interest added annually on 1 December
Interest is free of Personal UK Income Tax, your Personal Savings Allowance and Capital Gains Tax
**AER (Annual Equivalent Rate)
A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once per year