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.
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.
The maximum amount that you can save in an ISA in 2019 is £20,000 per tax year.
It is important to do your research. There are a number of websites that compare ISAs, such as Money Supermarket, Money Wise and Money.co.uk. You could also visit a financial adviser who will be able to offer further information and advice about choosing the right 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.
More information about ISAs can be obtained from the Government information website.