Current Tax Year
The overall ISA annual limit (also known as allowance or subscription) for the current tax year is £20,000. The last tax year ended on 5th April 2021. Please note, the last working day of the last tax year was 1st April 2021.
We will accept new applications for our Online ISA and Fixed Rate and Variable Rate ISA until the 26th March 2021 for subscriptions to the 2020/2021 tax year.
To confirm your identity, we complete electronic checks and in some cases we may require you to send us additional documentation.
In this case all required information and supporting documentation must be received by us by 29 March 2021.
Existing customer top ups
All top ups into an existing Cash ISA for the tax year 2020/2021 must reach us as follows:
- Electronic payments must be made by 5pm 31 March 2021
- Cheque payments must be received by 5pm 29 March 2021 Cheques received after this date will not be accepted and will be returned.
Our Cash ISA allows you to deposit throughout the year and fix the interest rate once per tax year. If you have already fixed the interest rate in your Cash ISA in this tax year any subsequence subscription you make will be held in the variable rate account.
New Tax Year
The ISA limit for the 2021/2022 tax year will continue to be £20,000 and will run from 6 April 2021 to 5 April 2022.
Cynergy Bank will accept new applications for Cash ISA and Online ISA for the 2021/22 tax year in the new tax year.
Cynergy Bank Online ISA and Cash ISA’s are both cash ISAs.
Cynergy Bank can only accept transfers in from cash ISA’s into our ISA products.
Your ISA allowance of £20,000 can be used across the various types of ISA, such as cash, Stocks and Shares, Lifetime or Innovative Finance or any combination of these.
For example, you could open an ISA with Cynergy Bank (which are cash ISAs) and a Stocks and Shares with another provider in one year and deposit funds in both. However, you are not permitted to open a cash ISA with Cynergy bank and another type of cash ISA with another provider in the same year.
For example, you can choose to pay in:
- £20,000 to a Cash ISA and nothing to a Lifetime ISA
- £20,000 to a Lifetime ISA and nothing to a Cash ISA
- £5,000 to a Cash ISA and £15,000 to a Lifetime ISA
- £15,000 to a Cash ISA and £5,000 to a Lifetime ISA
- A combination of amounts between a Cash ISA and Lifetime ISA, up to the overall annual limit of £20,000