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Welcome to Frequently asked questions. Whatever you want to know about cash ISAs with Egg, you'll probably find the answer here. Just click on whatever interests you in the list below.
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Click on the arrow to see the answer to the question.
General information on cash ISAs
What is an ISA? 
How much can I save with a cash ISA during the tax year?
What happens with my cash ISA at the end of the tax year?
I have a cash ISA with another provider - can I transfer it to Egg?
What is re-declaring?
How many ISAs can I have with Egg and with other providers?
Does Egg charge any fees with your cash ISAs?
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What is an ISA?
Individual Savings Accounts (ISAs) let you save or invest for the future in a tax efficient way. There are two types of ISA:
- Cash ISA
Like a normal savings account where your deposits are safe and can be withdrawn but benefiting from tax efficient treatment. You can currently save up to £5,340 in the current tax year.
Stocks and shares ISA
Where your money is invested in stocks and shares, either directly or through unit trusts. You can currently invest up to £10,680 in the current tax year, again with tax efficient treatment.
You are able to invest in one Cash and one Investment ISA each tax year. The annual investment allowance is £10,680 for the current tax year. Up to £5,340 of that allowance can be saved in cash with one provider. The remainder of the £10,680 can be invested in an Investment ISA with either the same or another provider. For example in the current tax year you can choose to save £1,000 in a Cash ISA with one provider and £9,680 in an Investment ISA with a different provider. Alternatively, you could choose to invest your full allowance of £10,680 in an Investment ISA only.
At Egg we only offer cash ISAs. The interest you earn is tax-free. The tax efficient status of ISAs may change and the value of the tax treatment depends on individual circumstances.
On 10 March 2009 the 'Egg Cash ISA' was removed from sale and the 'Egg Cash ISA 2' was launched on 12 March 2009. Both are now closed to new applications.
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How much can I save with a cash ISA during the tax year?
You can pay in to it whenever you like, up to £5,340 during this tax year.
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What happens with my cash ISA at the end of the tax year?
Once a year we'll send you a notice via email about your cash ISA to confirm the new tax year has begun. As an existing Egg Cash ISA customer and, assuming you remain eligible to subscribe, you can continue to subscribe to your Egg Cash ISA in the new tax year without completing a new ISA application.
At the end of the tax year, your cash ISA remains open and under current rules your balance continues to accrue interest tax-free. You can then invest up to your subscription limit again for the next tax year and every new financial tax year after that.
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I have a cash ISA with another provider - can I transfer it to Egg?
No, you can't transfer from another provider to Egg but you can transfer your cash ISA with Egg to another ISA provider. The new ISA provider will need to write to us at:
Egg Monetary Team
Egg
Riverside Road
Pride Park
Derby
DE99 3GG
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What is re-declaring?
HM Revenue and Customs guidelines state that applications cease to be valid at the end of a tax year in which the customer fails to make a subscription. Where this happens, the customer must make a fresh application (re-declaration) before subscriptions can re-commence. So, if you pay into your cash ISA with Egg in tax year one and do not make a subscription during tax year two, you will need to make a fresh application online (re-declaration) before you can continue to pay into that same cash ISA in tax year three.
If you need to make a fresh application (re-declaration), we'll let you know when you log in to view your cash ISA statement. You'll then be able to re-declare your cash ISA by completing a fresh application, quickly and simply online.
Our cash ISA application is a 'continuous application' which means the application is valid for subscriptions made in each successive year following the year of application.
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How many ISAs can I have with Egg and with other providers?
You are restricted to having only one cash ISA in any given tax year but you are not restricted as to how many you can hold from previous tax years. So, over time, you could end up with several ISAs.
Our latest cash ISA was launched on 12 March 2009. This was called the Egg Cash ISA 2, and replaced the previous Egg Cash ISA which launched 6 April 2007. Some customers who opened the original Egg Cash ISA may also have the Egg Cash ISA 2. In such cases, these accounts can be viewed separately within their personal banking section of the website.
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Does Egg charge any fees with your cash ISAs?
The only charges you can expect are:
- £5 if you request a paper statement - statements are free to view and print online.
- £25 if you choose to withdraw money from your cash ISA by CHAPS (same day transfer).
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