Take our an ISA with The Cumberland and make the most of your tax free annual allowance.
View our current ISAs
Find out more
Each tax year, starting on 6 April, you receive a new ISA allowance which for the current year is £20,000, or £9,000 for a Junior ISA. With the new financial year just beginning, now is a good time to top up your ISA and start saving for 2024/25.
In the autumn statement, the government announced some changes to ISAs for the 2024/25 tax year. From 6 April 2024 the following changes will be effective:
1. Minimum age to open an adult cash ISA will increase from age 16 to 18.
How will Cumberland respond to this change from 6 April 2024?
- You will need to be at least 18 to open any Cumberland adult cash ISA products from 6 April 2024.
- Anyone aged under 18 would still be able to open and save into a Cumberland Cash Junior ISA from 6 April 2024.
2. Ability to open and pay into multiple adult Cash ISAs in the same tax year (subject to £20,000 cash ISA limit)
How will Cumberland respond to this change from 6 April 2024?
- You will still only be able to open and pay into one Cumberland Cash ISA during the tax year. This does not restrict your ability to open/pay into another Cash ISA with another provider but you will still need to remain within the annual ISA allowance (£20,000 across all providers for tax year 2024/25).
3. Ability to do partial ISA Transfers
- Up to (and including) 5 April 2024, if you wanted to transfer your current year’s ISA, you would need to transfer all of it.
- From 6 April 2024, some ISA managers may choose to accept partial transfers of your current year ISA subscriptions.
How will Cumberland respond to this change from 6 April 2024?
- We currently do not accept partial transfers of current year’s ISA subscriptions into or out of Cumberland cash ISAs. Please note, you may only transfer:
- All of the current tax year’s investment in a Cash ISA with another provider to a Cumberland Cash ISA
- All of the current tax year’s investment in a Cumberland Cash ISA to either a Cash ISA or a Stocks and Shares ISA elsewhere.
Previous Tax Year’s Subscriptions
- You can still transfer all or part of previous tax year’s investment into a Cumberland Cash ISA
- You can still transfer all or part of previous tax year’s investment into a Cash ISA to either a Cash ISA or a Stocks and Shares ISA elsewhere
4. Removing the requirement to reapply for an ISA you already hold but have not paid into for a full tax year.
- From 6 April 2024 , ISA providers may choose whether they require you to complete an application to make further subscriptions if you have not made any payments into your ISA for the last tax year.
How will Cumberland respond to this change from 6 April 2024?
- You would no longer be required to complete a new ISA application form to make additional payments into an existing Cumberland cash ISA from 6 April 2024.
- Customers attempting to make payments into an existing ISA which has not been paid into for a full tax year by Internet Banking / Mobile App may still receive a message asking them to re-subscribe. If this happens, you can:
- Call our Customer Care Team 01228 403141 (Monday to Friday 8am – 7pm, Saturday 8.30am – 4pm)
- Speak to your local branch
We are aware that you may have questions regarding the changes to ISA regulations and have attempted to cover some of those in the frequently asked questions section below, together with some more regular ISA questions that we also get asked. If you can’t find the answer that you were looking for then please don’t hesitate to get in touch by one of the methods above and we will be happy to help.
ISA Reform Changes - 6 April 2024
Cash ISA minimum age increase from 16 to 18
Whilst the minimum age of an adult cash ISA has increased to 18, those under age 18 would still be able to open and save into a Cumberland Cash Junior ISA from 6 April 2024.
You must be at least 18 years of age to open a Cumberland adult Cash ISA.
Yes, anyone who is aged 16 or 17 who holds an existing cash ISA before 6 April 2024 can continue to subscribe to it or transfer to another cash ISA provider (subject to the ISA provider accepting ISA transfers for those aged 16 or 17).
If you are aged 16 or 17 and already hold an existing Cumberland Cash ISA prior to 6 April 2024, you could transfer funds into your existing Cumberland Cash ISA from another provider.
If you are aged 16 or 17 after 6 April 2024 and do not already hold an existing Cumberland Cash ISA then you would not be able to open a new Cumberland Cash ISA to transfer funds in
ISA Reform Changes - 6 April 2024
Ability to pay into multiple Cash ISAs in the same tax year (subject to £20,000 cash ISA limit)
No, you will only be able to pay into one Cumberland Cash ISA during the tax year. This does not restrict your ability to open/pay into another Cash ISA with another provider (subject to total maximum deposits of £20,000 across all providers in the tax year)
Yes, however you will only be able to pay into one Cumberland Cash ISA during the tax year (subject to total maximum deposits of £20,000 in the tax year across all providers)
No. You will need to be aware of your own ISA limit and the total amount you have invested during the tax year across your chosen ISA providers.
The Cumberland will only be able to monitor how much you have subscribed to your Cumberland Cash ISA during the current tax year.
ISA Reform Changes - 6 April 2024
Ability to do partial ISA Transfers
No, we currently do not accept partial transfers of current year’s ISA subscriptions into Cumberland cash ISAs. You may only transfer:
- All of the current tax year’s investment in a Cumberland Cash ISA
- All or part of the total subscriptions for previous years.
No, we currently do not support partial transfers of current year’s ISA subscriptions out to another provider. You may only transfer:
- All of the current tax year’s investment in a Cash ISA to either a Cash ISA or a Stocks and Shares ISA elsewhere.
- All or part of the total subscriptions for previous years
ISA Reform Changes - 6 April 2024
Removing the requirement to reapply for an ISA you already hold but have not paid into for a full tax year.
No, you will no longer need to complete an application form to deposit funds into an existing cash ISA which you have not made payments into for a full tax year.
If you have any issues trying to make additional payments to your existing cash ISA, please Call us on 01228 403141 (Monday to Friday 8am – 7pm, Saturday 8.30am – 4pm) or contact your local branch who can also help.
Your ISA FAQs
Here are some of our most frequently asked questions.
The 2024/2025 ISA allowance is either £20,000 for a cash ISA or £9,000 for a Junior ISA.
You can pay money into your ISA by visiting your local branch, online via your internet banking or by contacting our Customer Care Team.
Open a savings account
Discuss your preferred options with one of our friendly advisors, who will then open your brand-new account for you.
Our Savings Hub
Our Savings Hub is here to help get people engaged with savings. Whether your a looking for more information on ISAs or general savings tips, our Savings Hub is here to help.