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What is an ISA?
Key details:
- An Individual Savings Account helps you to save and invest tax efficiently.
- There are four different kinds of ISA: a cash ISA, a stocks and shares ISA, a Lifetime ISA and an innovative finance ISA.
- You can subscribe to the four types of ISA in lots of combinations. But you can’t exceed the overall annual ISA allowance of £20,000.
- To apply for a cash ISA, you must be at least 18 and a UK resident for tax purposes.
The ISA Allowance
- The government sets a limit each tax year (April 6th one year to April 5th the next tax year) on the amount you can save in an ISA. The limit is £20,000 for the current year.
- Your total subscriptions across all types of ISAs can't be more than £20,000 per tax year.
- You can only pay into one cash ISA with us in any tax year up to the annual limit. This includes existing Help to Buy: ISA contributions of up to £200 per month. Total subscriptions per tax year across all four ISA types can’t be over £20,000.
- Stocks and shares ISA up to £20,000
- Innovative finance ISA up to £20,000
- Lifetime ISA up to £4,000.
You can transfer a cash ISA or stocks and shares ISA to us. Transferring current year subscriptions from one ISA to another still counts towards your annual subscription limit for that year. If you transfer subscriptions from the last tax year, then they do not affect your current year subscription limit.
- You can replace withdrawals into the same Flexible ISA within the same tax year. This won't affect your ISA allowance. This only applies to our easy access cash ISA.
Tax treatment depends on your individual circumstances and may change. Please seek independent advice if you're unsure about investing. There will normally be a charge for that advice.
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