ISA (or Individual Savings Account) is a tax efficient way to save. There are four different types of ISA. At Family Building Society we only offer Cash ISAs.

A Cash ISA pays interest free of income tax. Each tax year, there is an annual allowance for how much you can deposit (across all types of ISAs in total). For adult ISAs, the annual statutory limit is £20,000 for the 2024/2025 tax year. For Junior ISAs, the limit is currently £9,000 per tax year.

We offer different types of Cash ISAs with rates that are fixed and variable, and the rules on how often you can make withdrawals differ per account. Find the right account for you by comparing all our different types of Cash ISA accounts.

From 6 April 2024, you are allowed to open and pay into multiple ISAs of the same type in the same tax year (except for Lifetime and Junior ISAs). Please note that, whilst this means you could open more than one Cash ISA with other providers within the same tax year, we will only allow new subscriptions for this tax year to be made into one ISA held with us.

Cash ISAs are a tax efficient way of saving as you don’t pay any income tax on the interest you earn. If your money is not held in an ISA and you exceed your Personals Savings Allowance (link) you will need to pay tax.

Existing ISAs can be transferred between building societies and banks. To switch providers, you will need to contact the ISA provider you wish to move your funds to and fill out their ISA transfer form. The new ISA provider will initiate and manage the transfer process accordingly. If you want to transfer ISA money which you’ve invested in during the current tax year, you must transfer the whole balance. If you want to transfer ISA money that’s been invested in previous years, you can choose to transfer all or part of this value.

We have a range of fixed and variable rate Cash ISAs.

Fixed rate account - our fixed rate Cash ISAs have an interest rate which won’t change during the fixed term of the account. Withdrawals are not permitted until the end of the fixed rate period (maturity date), however these accounts can be closed before maturity subject to an Early Access Charge.

Variable rate account – our variable rate Cash ISAs have an interest rate which can change. Regular withdrawals are permitted with these accounts (subject to the terms of the individual account). We have a range of variable rate Cash ISAs:

• Market Tracker Cash ISA – This account tracks the average of the top 20 easy access interest rates, plus 0.05%, so you’ll always receive a competitive rate of interest. This account has a minimum opening balance of £500 and has no withdrawal restrictions.

• 35 Day Notice Cash ISA – This account offers a tiered interest rate, meaning the more you save the higher the interest rate. The account also gives you the flexibility to withdraw and replace money for both current and previous tax years’ allowances. Withdrawals from this account are available without an access charge after 35 days’ notice or without notice subject to the loss of 35 days' interest on the total amount withdrawn. 

• Flexible ISA – This account gives you a flexible way to save, giving you the ability to withdraw and replace money without affecting your annual ISA subscription limit. The minimum opening balance is £500 and allows for 12 annual withdrawals per calendar year.

• Cash Junior ISA – This account offers a tiered interest rate, so the more you save the better the return. No withdrawals are allowed, and the account cannot be closed until the account holder turns age 18.

It is quick and easy to open and manage your account with Family Building Society. You may be able to apply online, by post or at our Epsom branch to open one of our Cash ISA accounts below, depending on the product selected.

If you are applying online and new to Family Building Society, it only takes a few minutes to apply. Please have your National Insurance number to hand.

If you would like to open an ISA with us using money transferred from another ISA provider, please call us on 03330 140141, and we’ll send you an application form and transfer authority form. Please also note that we do not accept transfers from Stocks & Shares ISAs.