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ISA (Individual Savings Account)

An ISA (Individual Savings Account) is a type of savings account that allows you to put away up to £20,000 of savings away each year without paying any tax. 

All income, interest and capital gains on your ISA do not need to be declared on your tax return.

Types of Individual Savings Account

  • Cash ISA: withdraw your money whenever and as often you like, or choose to lock it in with a guaranteed interest rate
  • Stocks and Shares/Innovative Finance ISA: your deposits are invested in the stock market or as peer-to-peer loans, and no tax is paid on the returns. Be mindful – your investment can go up and down!
  • Lifetime ISA: you can deposit up to the age of 50 and withdraw from age 60, and enjoy a 25% bonus on yearly contributions
  • Help to Buy ISA: save for your first house up to a value of £450,000 anywhere in the UK. At point of purchase, you receive a 25% bonus on contributions. Unfortunately, this closed to new applicants in 2019. But existing holders can still make their purchase before 2029
  • Junior ISA: an account for under-18s that becomes a regular cash ISA once they’re an adult. If you’re a parent you can assume responsibility and then transfer to your child once they turn 16

ISA Savings Limits and Age Requirements

Type Savings Limit per Tax Year Age requirement to open
Cash ISA £20,000 16 or over
Stocks and Shares/Innovative Finance ISA £20,000 18 or over
Lifetime ISA £4,000 18 or over but under 40
Help to Buy ISA £200 a month 18 or over but under 40
Junior ISA £9,000 Under 18

 

You have the flexibility to place your savings in one account or split across several different types of ISA. However, you can only have one of each type.

If you exceed your allowance, your bank will be instructed by HMRC to move any extra money back over to your current account and you will be taxed on any interest accrued.

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