Individual Savings Accounts (ISAs)

What are Individual Savings Accounts?

Individual Savings Accounts (ISAs) are tax-free savings account. There are four types of ISA: cash ISAs, stocks and shares ISAs, innovative finance ISAs and lifetime ISAs. You can put money into one of each kind of ISA each tax year, if you are eligible.

Am I eligible for an ISA?

You must be a resident of the UK for all types of ISA. If you are applying for a cash ISA you must be aged 16 or over. If you are applying for a stocks and shares ISA or an innovative finance ISA you must be 18 or over. If you are applying for a lifetime ISA you must be 18 or over, but under 40.

How much can I invest in an ISA?

The maximum amount that you can save in an ISA in 2019 is £20,000 per tax year.

How do I know which is the best ISA?

It is important to do your research. There are a number of websites that compare ISAs, such as Money Supermarket, Money Wise and You could also visit a financial adviser who will be able to offer further information and advice about choosing the right ISA.

How do I open an ISA?

There are a wide variety of organisations that provide ISAs, including banks, building societies, credit unions and stock brokers. Once you have found a suitable ISA, contact the provider direct for information about how to apply.

Where can I find more information about Individual Savings Accounts?

More information about ISAs can be obtained from the Government information website.