Individual Savings Accounts (or ISAs) are tax-free savings and investment accounts whichl usually pay a higher interest than a normal deposit account. However before you open one you must familiarise yourself with any access restrictions that may apply.
There are 4 types of ISA:
- Cash ISAs
- Lifetime ISAs
- Stocks and shares ISAs
- Innovative finance ISAs
You must be:
- 16 or over for a cash ISA
- 18 or over for a stocks and shares or innovative finance ISA
- 18 or over but under 40 for a Lifetime ISA
- resident in the UK
- a Crown servant (for example diplomatic or overseas civil service) or their spouse or civil partner if you do not live in the UK
In addition to the above you can open a Junior ISA for children under 18.
A complete explanation of ISAs including how to open an account, curent maximums, withdrawing funds and transferring to another account is available from GOV.UK.
Further information is available from moneyhelper.org.uk at the following links:
Transferring your ISA
To find out your rights when switching a cash NISA account to another bank or building society, follow this link.
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