Changes to Society’s ISA Accounts Come into Effect

30 June 2014

From 1st July 2014, all ISAs will become New ISAs (NISAs). This applies to all existing ISAs and new accounts opened after 1st July. The Government has changed the name to reflect the increased limits and flexibility that will be available to account holders, although Monmouthshire Building Society customer accounts will continue to be known as Cash ISAs.

The NISA enables account holders to save an annual allowance of up to £15,000 in cash, stocks and shares or any combination of the two. For example, from 1st July 2014, an Investor could subscribe:

  • £15,000 to a Cash NISA and £0 to a Stocks and Shares NISA
  • £5,000 to a Cash NISA and £10,000 to a Stocks and Shares NISA
  • £0 to a Cash NISA and £15,000 to a Stocks and Shares NISA
Any subscriptions you have made to an ISA since 6th April 2014 will count against the £15,000 NISA subscription limit for 2014-15.

If you have paid into a Cash or Stocks and Shares ISA since 6th April 2014, you will not be able to open a further NISA of the same type before 6th April 2015. Subject to your ISA account terms and conditions, you may make additional payments – up to the £15,000 NISA subscription limit - into your existing account(s) or by transferring those account(s) to another provider that will allow additional amounts to be added.

Transfers-in to any of the Society’s ISA accounts from other ISA providers are not permitted.

Please note that the increased limit does not apply to the Society’s Cash ISA 1, 2, 3 or 4 accounts, which have been closed to subscriptions since 6th March 2014, as well as our Members Loyalty Cash ISA (Issue 10).

On 1st July the amount that can be paid into a Junior ISA (JISA) and Child Trust Fund (CTF) for 2014-15 will also increase to £4,000.

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