When to renew your ISA

If you don't use any of your ISA allowance in your Nationwide cash ISA for an entire tax year, the next time you try to pay into your Nationwide ISA, you'll need to complete an ISA renewal form. If you don't, the payment will not go through.

The quickest way to complete the form is by logging into the Internet Bank. If you haven’t already, you can register for the Internet Bank now.

Information:

As the Nationwide cash ISA is a portfolio ISA, you might have more than one cash ISA product within your portfolio. You only need to use some of your allowance in one product to keep the whole portfolio 'active'. If you do this, you won't need to complete a renewal form for the other products in your portfolio.

Get an ISA renewal form


Your ISA allowance

Each tax year the Government limits how much you can save tax-free in an ISA. This is called your allowance, and the limit for 2021/22 is £20,000. Since 2016, cash ISAs can be ‘flexible’. This means you can take out and replace funds throughout a tax year without affecting your ISA allowance.

Because cash ISAs can be flexible, you could end up in a situation where money has gone out of and back into your ISA – but you haven’t actually used any of your allowance by the end of the tax year.

When this happens, the next time you try to add funds, you’ll need to fill out an ISA renewal form.

Here's an example

  • You open a cash ISA at the start of a tax year and make a deposit in your account, using up some of your tax-free savings allowance for that year.
  • At the start of the following tax year, your tax-free savings allowance resets.
  • You then take out £100 from your ISA. Later in the same tax year, you pay £100 back in.
  • You’ve been active in your account, but – as what you’ve taken out and paid in just takes you back to your start-of-tax-year balance – you haven’t used any of your tax-free savings allowance for that year.
  • If the tax year ends and you haven’t paid in any more money, the next time you try to pay in, you’ll need to fill in an ISA renewal form to reactivate your account.

The example shows what happens when you’ve put back money you’ve taken out in a tax year, but you haven’t used your ISA allowance.

If you’d done this, but paid in just 1p more than you’d taken out, you’d have used your allowance. So you wouldn’t need to fill in an ISA renewal form.


What happens when you don't renew your ISA

It depends on how you try to move money to your ISA.

In branch at Nationwide

We’ll tell you that you won’t be able to pay money into your ISA until you complete the renewal form. We can then help you complete the form in the branch.

On our Internet Bank from another Nationwide account

If you try to add money to your ISA, the transfer won’t go through. We’ll let you know that you need to complete an ISA renewal form.

Online transfer from a non-Nationwide account

Any money you add to your ISA will be sent back to the account it came from. But because the account is not with Nationwide, we won’t be able to tell you the reason for this.