You can top up most easy access cash ISAs, such as the HSBC Loyalty Cash ISA, whenever you want during the tax year. There’s a £20,000 annual limit in the current tax year. You can pay this into one ISA or you can split the allowance across more than one.
There might be restrictions when topping up a fixed rate cash ISA. For example, with an HSBC Fixed Rate ISA, you need to top up or transfer in within 30 days of the date of your welcome letter. After 30 days, you can't add any more into the ISA. Any money in the account will be fixed for a further 12 months.
To make the most of your annual allowance, the deadline is 5 April, the final day of each tax year.
How you top up will vary depending on your ISA provider.
If you’re an HSBC customer, you can move money into a cash ISA the same way you’d move money into another type of current account or savings account. You can do this online or through our mobile banking app.
If you don't have an ISA with HSBC but want to open a cash ISA with us, you can do this online, by post, in a branch or over the phone.
If you have an ISA elsewhere and want to transfer money to an HSBC cash ISA, you’ll need to fill in one of the forms you can find on our ISA transfers page.
To help you meet your savings goal and maximise your tax-free allowance, you may want to consider a standing order for an easy access ISA. This will mean you’re making regular payments into the ISA.
If you haven’t made a payment – also referred to as a ‘subscription’ – into your cash ISA in the previous tax year, you may need to make a fresh application, depending on your subscriber.
If you’re an HSBC customer, you can reactivate an ISA by using our online HSBC Loyalty Cash ISA reactivation form.
If you want to reactivate your ISA before the end of the tax year to make the most of your allowance, make sure you allow a few working days for us to process your application.
Cash ISAs are an effective way to save, and you won’t need to pay UK income tax or capital gains tax on the interest you earn.
And if you’re saving for something in particular, like a holiday, or a home, every little bit counts. Even if you don’t have a goal in mind, the more money you save, the more financially secure you could become. So, it’s worth taking advantage of your tax-free allowance.
Your allowance will reset when a new tax year starts. The start of a new tax year could also be a good time to look at any savings accounts you currently have to see if they’re still helping you meet your financial goals.
The value of the tax benefits described depends on individual circumstances. The tax treatment of ISAs could change in the future. Tax-free means free of liability to UK income tax or capital gains tax.
