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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.
|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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