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Cash ISA

How much can I pay in to my Tesco Bank Cash ISA?

The Cash ISA annual subscription limit for 2020/21 is £20,000. HMRC sets the annual subscription limit for each tax year (6 April to the following 5 April). This is the maximum amount you can pay into ISAs, including Cash ISA, Stocks and Shares ISA and Innovative Finance ISA or any combination of these. For example, in a tax year where the annual allowance is £20,000 you could pay in:

 

  • £20,000 to your Cash ISA and nothing to a Stocks & Shares ISA or Innovative Finance ISA
  •  £20,000 to a Stocks and Shares ISA and nothing to your Cash ISA or Innovative Finance ISA
  • £20,000 to an Innovative Finance ISA and nothing to a Cash ISA or Stocks & Shares ISA
  •  Any combination of amounts between a Cash ISA, a Stocks & Shares ISA and an Innovative Finance ISA

So you can save up to your whole annual allowance in your Tesco Bank Cash ISA, provided you don’t go over your total ISA allowance for the tax year. Tesco Bank only offers Cash ISAs and not Stocks and Shares but you can open a Stocks and Shares ISA or an Innovative Finance ISA with another provider.

The current limit can be viewed in Online Banking and is detailed in our Key Features Document and in your Welcome Letter which you will receive with your Welcome Pack.

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