Swansea Building Society urges Chancellor to protect £20,000 Cash ISA limit

Local society adds voice to national campaign

With the Chancellor preparing to deliver the Autumn Budget later this month, Swansea Building Society has backed the Building Societies Association (BSA) in urging the Government not to reduce the annual Cash ISA subscription limit.

Under current rules, savers can deposit up to £20,000 a year tax‑free. But speculation has grown that the Chancellor could lower the limit as part of wider reforms to the ISA system.

The BSA, which represents all 42 UK building societies, argues that such a move would undermine the success of the ISA scheme. Building societies and mutual‑owned banks currently hold 47% of all Cash ISA balances in the UK, making them central to the nation’s savings culture.

Warning of economic impact

Analysis commissioned by the BSA suggests that cutting the Cash ISA limit from £20,000 to £5,000 could reduce mortgage supply by around 17,000 loans and lower UK GDP by £7 billion over five years, due to knock‑on effects on lending and consumer activity.

Alun Williams, Chief Executive of Swansea Building Society, said:

“Cash ISAs are one of the simplest and most trusted savings products available to the public. They help millions of people to save securely, tax‑free, and independently — supporting financial resilience, homeownership, and long‑term stability.

Any reduction in the ISA limit would not only discourage saving, but could also reduce mortgage availability and economic growth. We strongly support maintaining the current £20,000 limit to ensure that savers continue to have a meaningful and flexible way to put money aside for the future.”

Call for simplification

Alongside protecting the Cash ISA limit, Swansea Building Society also supports the BSA’s call for simplification in other parts of the ISA landscape. In particular, the Society believes the Lifetime ISA should be focused solely on helping first‑time buyers, rather than combining saving for a home and retirement within a single product.

Mr Williams added:

“At a time when many households are trying to rebuild their savings after a period of high inflation, it’s crucial that the Government continues to support savers. Building Societies exist to serve their members and local communities — not external shareholders — and ensuring that people can save with confidence is central to that mission.”

Swansea’s role in the mutual sector

Founded in 1923, Swansea Building Society is one of only three remaining mutual building societies in Wales, and the only one headquartered in South West Wales. It has branches in Swansea, Mumbles, Carmarthen and Cowbridge, and reported total assets of £693 million at the end of 2024.

The Society says its traditional, member‑focused model — where mortgages are funded by local savers rather than external shareholders — makes it well placed to speak up for the interests of communities across South and West Wales.

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