Skip to content

ISA Tax-Free Allowances

New applications will be available in the new tax year.

Current Tax Year

The overall ISA annual limit (also known as allowance or subscription) for the current tax year is £20,000. This tax year will end on the 5 April 2024. Please note, the last working day of the tax year will be the 5 April 2024.

New Applications

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 should be received by us by 28 March 2024.

We will also require any new subscriptions to be received before the payment cut off dates below in order to ensure the subscriptions to the 2023/2024 tax year.

Existing customer top ups

All top ups into an existing Cash ISA for the tax year 2023/2024 must reach us as follows:

Electronic payments must be made by 5pm 28 March 2024.

Cheque payments must be received by 5pm 22 March 2024. 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 2024/2025 tax year will continue to be £20,000 and will run from 6 April 2024 to 5 April 2025.

Cynergy Bank will accept new applications for Cash ISA and Online ISA for the 2024/25 tax year in the new tax year.

ISA Allowances

Cynergy Bank Online ISA and Cash ISAs 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

Contact us

Our contact centre is currently experiencing high call volumes. We’re grateful for your patience while we work to bring waiting times down as quickly as possible. In the meantime, you may find an answer to your query in the Support section of our website.

Telephone
0345 850 5555 or +44 20 3375 6422 (if calling from abroad)
Calls may be recorded for monitoring and training.

Customer Service telephone opening hours
8.00am – 7.00pm Monday to Friday
9.00am – 5.00pm Saturdays, Sundays and Bank Holidays

Email us (via our online form)
Click here for our online form

Modern Slavery Statement

Read our statement, financial year ending 2022

Cynergy Bank Limited. Registered in England and Wales: 04728421.
Registered office: 4th Floor, One New Change, London EC4M 9AF.
Correspondence address: PO Box 80030, London EC4P 4NG.

Cynergy Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Asset Based Lending is exempt from regulation by the Financial Conduct Authority and the Prudential Regulation Authority. Our main business is the provision of financial services under registration number no. 575105. Cynergy Bank and the curve logo are registered trademarks.

Eligible deposits with Cynergy Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the protected limit are unlikely to be covered. Further information is available here or at https://www.fscs.org.uk/ .

For free and impartial advice, set up by the government, click here .

Cynergy Bank Limited is a member of UK Finance and subscribes to the Standards of Lending Practice published by the Lending Standards Board which covers good practice in relation to loans, overdrafts and other types of lending that we do not currently offer.

cynergy-bsi22301-logo-text-dark
cynergy-bsi-27001-logo-text-dark