ISA - YOUR OPTIONS FOR TAX EFFICIENT SAVINGS
- What is ISA?
The Government's tax efficient savings scheme the 'Individual Savings Account' or 'ISA', offers a range of savings options in cash savings and equities (stocks and shares). - Your ISA options
There are two types of ISA: 'cash' ISAs and 'stocks and shares' ISAs. Each tax year you can take out one cash and one stocks and shares ISA.
Subscription limits and tax
Under the current Government rules, you can invest up to £7,200 each tax year in the ISA scheme. The tax year starts on 6th April.
As well as the overall limit you can hold in the ISA, there are restrictions on how much you can pay into each type of ISA in each year.
| Maximum Annual Subscriptions | |
| Cash | £3,600 |
| Stocks and shares | up to £7,200 |
| Total | £7,200 |
Important restrictions
By opening a cash ISA, you will be limiting the amount of investment in equities that you may make through ISAs.
You can transfer some or all of the money saved in previous tax years from cash ISAs to stocks and shares ISAs without affecting your annual ISA investment allowance. You can also transfer all of the money saved in the current tax year from cash ISAs to stocks and shares ISAs. You cannot, however, transfer money invested in stocks and shares ISAs to cash ISAs.
You can transfer some or all of the money saved in previous tax years from cash ISAs to stocks and shares ISAs without affecting your annual ISA investment allowance. You can also transfer all of the money saved in the current tax year from cash ISAs to stocks and shares ISAs. You cannot, however, transfer money invested in stocks and shares ISAs to cash ISAs.
For more information about ISAs, visit the Inland Revenue website at www.inlandrevenue.gov.uk/isa
Who can open an ISA?
Currently anyone who is aged 18 or over, and who is a UK resident for tax purposes, can subscribe to the ISA scheme. For Cash ISAs (such as our Instant Access ISA and 60 Days' Notice ISA), the minimum age for investors is 16.
Stakeholder
The Government's Stakeholder status for ISAs provides a benchmark designed to identify straightforward savings products which are simple, clear and fair. Stakeholder status does not guarantee the best performance nor is it necessarily suitable for every saver.
We offer 2 Cash ISAs
