ISAs - INDIVIDUAL SAVING ACCOUNTS

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ISA stands for Individual Savings Account and is a type of savings account. Please see a list of ISA providers below and use the chart to compare the main features of each one. Consider what type of ISA are you looking for? Cash or Investment ISAs? How much will you need to deposit as a minimum? Make sure you discuss with a financial adviser which type of investment or savings plan (Cash and Investment ISAs differ) is appropriate for your personal circumstances. Make sure you find out whether you can stop or access your ISA – is the notice period instant or will you have to wait before you can make any changes? It is essential to do this before you invest. Cash ISAs are one of the simplest and 'safest' ways to save money and accumulate interest in a tax-efficient way. Remember that Investment ISAs can go up or down in value according to the performance of the investments. Once you have chosen an account, simply click on the Apply button.

Search Report: ALL      Cash ISA      Investment ISA

If you wish to speak to someone: Contact Us or Enquiry Line: +44 (0) 207 386 5300

PROVIDERTYPE

TYPE

ISA Type

AER

AER

Annual Equivalent Rate

PAID

PAID

How often ISA pays out

MIN

MIN

Minimum investment

MAX

MAX

Maximum investment

INITIAL FEE

INITIAL FEE

Initial start up fees

EXIT FEE

EXIT FEE

Exit fees

MANAGEMENT FEE

MANAGEMENT FEE

Magagement fees

NOTICE

NOTICE

Duration required to remove funds

PRODUCTS

PRODUCTS

Products were funds are invested

SUITABLE FOR

SUITABLE FOR

Who the fund is suitable for

TERMS

TERMS

Terms and conditions of the pension

MORE INFO

Aldermore 30 Day Notice Cash ISA
Aldermore 30 Day Notice Cash ISA

Cash ISA1.30%Monthly or Annually.£1,000£15,240 per tax year£0.00£0.00£0.0030 DaysProducts

Products

Cash ISA

Suitable For

Suitable For

If you need reassurance - the interest rate on our Notice Cash ISAs is guaranteed to be at least 0.55% above Base Rate** until 1 May 2016

Terms and Conditions

Terms

Paying money in Direct Debit, Transfer from another provider, BACS, Cheque, Faster Payments, Standing Order, CHAPS

Aldermore 30 Day Notice Cash ISA
With an Aldermore Notice Cash ISA, you can build up funds and enjoy a great tax-free rate. Just make sure you give Aldermore notice, then you can make as many withdrawals as you like. Open a Notice Cash ISA with Aldermore Bank today. It’s easy, convenient and secure. Open an account, complete identity checks and move your money in minutes. DETAIL INFORMATION >>Services

Services

Fast and easy setup - open an account, complete identity checks and move your money in minutes


Advantages

Advantages

1. Tax-free, straightforward interest rate - no hidden bonuses or introductory offers
2. Reassurance - the interest rate on our Notice Cash ISAs is guaranteed to be at least 0.55% above Base Rate** until 1 May 2016
3. Maximise your tax-free allowance – easily transfer ISAs from other providers. We’ll process the transfer electronically if we can or we’ll provide an ISA Transfer Form for you to complete and return to us. With a Notice Cash ISA, you can transfer in an ISA at any time, so you can print another transfer form if you need one.
4. Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
5. Fast and easy setup - open an account, complete identity checks and move your money in minutes
6. Accessible - open an account with just £1,000
7. Add to your tax-free saving whenever you like (subject to HMRC ISA rules)
8. Unlimited withdrawals - subject to notice. Early withdrawals will be subject to a deduction of interest
9. Easy to manage - do it online, by phone or by post
10. Great value - no fees or charges for day-to-day account services


Disadvantages

Disadvantages

1. You should keep at least £1,000 in your account at any one time (a gross interest rate of 0.50% will be paid on balances below this amount)

Scottish Friendly My Select
Scottish Friendly My Select

Investment ISAVaries on FundVaries on Fund£10 a month£15,240 per tax year£0£50£0Instant AccessProducts

Products

My Select ISA

Suitable For

Suitable For

If you want to plan for your future

Terms and Conditions

Terms

You can invest as much as you want provided your total investments in any year (with your Scottish Friendly ISA and/or a Cash ISA with another ISA manager) do not exceed £15,240.

Scottish Friendly My Select
Make your dreams come true with a Scottish Friendly My Select ISA. With a My Select (ISA) from Scottish Friendly you can start investing now for the future, whatever your dreams may be. Build a tax-free investment starting from as little as £10 per month. DETAIL INFORMATION >>Services

Services

Using your Investment ISA allowance (also known as a Stocks & Shares ISA) gives you greater flexibility with your investment compared to just maximising your Cash ISA allowance alone with another ISA manager.


Advantages

Advantages

1. Invest from only £10 a month, lump sums from just £100 or a combination of both using your tax-free Investment ISA allowance.
2. Once you have set up My Select (ISA), you can stop, restart, raise or lower your payments or your investments and cash in whenever you want.
3. Your money will be invested in a My Select policy within a Scottish Friendly ISA which will then invest in a choice of funds from Scottish Friendly including stock market and bond funds.


Disadvantages

Disadvantages

1. The value of your investment can go down as well as up, so you could get back less than you have paid in.
2. You should consider this a medium to long-term investment for a period of at least five years.
3. If you cash in the policy before the end of 5 years there will be a £50 deduction from your cash-in value.

Standard Life Easy Option ISA
Standard Life Easy Option ISA

Investment ISAVaries on FundYearly£50£15,240 per tax year£0£00.30% - 0.60%Instant AccessProducts

Products

You’ll get a cash account as part of your ISA so you can hold some or all of your £15,240 allowance in cash.

Suitable For

Suitable For

If you want to let award-winning experts manage your investments for you

Terms and Conditions

Terms

The experts will make sure that your fund doesn’t take any more or any less risk than it should. You need to make sure you regularly review your risk level to check the fund continues to match how much risk you’re prepared and able to take.

Standard Life Easy Option ISA
The Standard Life Easy Option ISA is a Stocks & Shares ISA that invests in one of the MyFolio Managed Funds. The funds are run by an award-winning team of experts at Standard Life Investments Ltd. If you're looking for an easy, tax-efficient way to invest for five years or more, this could be a good option for you. DETAIL INFORMATION >>Services

Services

Check in on your ISA as often as you like, using your laptop, tablet or mobile. View your latest statements, manage regular payments, top up and more.


Advantages

Advantages

1. Start investing from £50 a month or a £500 lump sum
2. Invest up to £15,240 in 2015/16 - tax-efficiently
3. Let award-winning experts manage your funds for you
4. It's easy to change your investments in the future. If you open our easy option ISA you can still choose funds from the do-it-yourself range if you want to.


Disadvantages

Disadvantages

1. The value of your fund can go up or down, and may be worth less than you paid in.

2. The charges for your ISA are a percentage of its value. As the value changes the amount you'll be charged changes.

Fidelity Flexible ISA
Fidelity Flexible ISA

Investment ISAVaries on FundAnnually£50 per month£15,240 per tax year£0£0£0Instant AccessProducts

Products

Choose from over 2,000 investment options in our fund supermarket

Suitable For

Suitable For

Long term saving

Terms and Conditions

Terms

Capital at risk. ISA eligibility applies. All tax rules may change. Fidelity Personal Investing does not give advice.

Fidelity Flexible ISA
Invest from as little as £50 a month, or a £1,000 lump sum. Easy fund selection for your ISA with Fidelity’s online guidance tools, helping you to pick funds. Capital at risk. ISA eligibility applies. All tax rules may change. Fidelity Personal Investing does not give advice. DETAIL INFORMATION >>Services

Services

Stocks and Shares ISA


Advantages

Advantages

1. One simple low-cost service fee of no more than 0.35%. Ongoing fund charges will apply.
2. 24/7 access – via our online Account Management system and mobile apps.
3. A wide choice – access to a wide range of investment options, as well as guidance tools which can help you pick funds.
4. Great service – we are committed to providing excellent customer service, from our UK-based contact centre to investment guidance on our website.  


Disadvantages

Disadvantages

1. Your investment could go down as well as up.

2. You might put in more money than you take out

Aldermore Fixed Rate ISA
Aldermore Fixed Rate ISA

Cash ISA1.50% - 1.85%Yearly£1,000£15,240 per tax year£0£0£0Deduction of InterestProducts

Products

Online account management

Suitable For

Suitable For

If you have a deposit of £1000

Terms and Conditions

Terms

You must be over the age of 18 years old to apply.

Aldermore Fixed Rate ISA
Relax in the knowledge that your savings are protected from interest rate fluctuations. With the Fixed Rate ISA you get a guaranteed and tax-free interest rate. Open a Fixed Rate Cash ISA with Aldermore Bank to get a great return. It’s easy, convenient and secure. Open an account, complete identity checks and move your money in minutes. DETAIL INFORMATION >>Services

Services

Early withdrawals permitted subject to a deduction of interest: 1 Year - 120 days, 2 Year - 180 days, 3 Year - 180 days. A gross interest rate of 0.50% will apply if the balance falls below £1,000.


Advantages

Advantages

1. Peace of mind - tax-free interest rate, fixed for a set period and we will personally write to you before your account matures
2. Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
3. Maximise your tax-free allowance – easily transfer ISAs from other providers. We’ll process the transfer electronically if we can or we’ll provide an ISA Transfer Form for you to complete and return to us. Please ensure that any ISA Transfer Forms are returned within ten business days of opening the account
4. Fast and easy setup - open an account, complete identity checks and move your money in minutes
5. Open an account with just £1,000
6. Flexible - withdraw cash early if you need to (subject to interest deduction)
7. Easy to manage - do it online, by phone or by post
8. Great value - no fees or charges for day-to-day account services


Disadvantages

Disadvantages

1. You should keep at least £1,000 in your account at any one time (a gross interest rate of 0.50% will be paid on balances below this amount)

nutmeg
nutmeg

Investment ISAVaries on FundAnnually£1,000£15,240 per tax yearfrom 0.1%£0.00Based on contributionsNo minimum investment periodProducts

Products

ISAS, Pensions

Suitable For

Suitable For

High risk saving - Potential for much higher returns compared to a cash ISA.

Terms and Conditions

Terms

For portfolios below £5,000, we also ask for minimum monthly contributions of £50.

nutmeg
You provide the information, and you get a portfolio which will be managed for you, diversifying your investments to avoid putting all your eggs in one basket. Experts monitor your portfolio, adjusting the asset allocation appropriately and rebalancing every month — at no extra cost. DETAIL INFORMATION >>Services

Services

Live chat, phone, and email support


Advantages

Advantages

1. TELL NUTMEG YOUR PREFERENCES
You tell them your goals, tolerance for risk and investment horizon.

2. THEY DO THE HARD WORK
They build you a fully diversified investment portfolio.

3. YOU GET PEACE OF MIND
They constantly monitor and rebalance your portfolio. Check in any time.

4. USE YOUR TAX BREAKS
You can start or transfer an ISA or Pension with Nutmeg.


Disadvantages

Disadvantages

1. A Stocks and Shares ISA may not be right for everyone and tax rules may change in the future.

2. You may not get back your initial investment - this is the case with all investment ISA's though.

Scottish Friendly My Loyalty Select
Scottish Friendly My Loyalty Select

Investment ISAVaries on FundVaries on Fund£10 pm£15,240 per tax year£0.00£50£0.00Instant AccessProducts

Products

My Loyalty Select (ISA) offers a choice of 8 funds so you can select the ones that suit your needs best.

Suitable For

Suitable For

A helping hand with those annual expenses.

Terms and Conditions

Terms

The value of your investment can go down as well as up, so you could get back less than you have paid in.

Scottish Friendly My Loyalty Select
A plan to help you save your hard earned money for the fun things in life. Start investing today and you could have a pot of money at your disposal every year after 5 to 10 years with the Scottish Friendly My Loyalty Select ISA. My Loyalty Select is an investment ISA - also known as a Stocks and Shares ISA.  DETAIL INFORMATION >>Services

Services

Each policy is flexible, and you can lower, raise, stop and restart your payments at any time – although if you’re aiming to grow your investment for a specific goal, stopping or lowering your payments means you’ll take longer to reach it.


Advantages

Advantages

1. You can invest as much as you want provided your total investments in any year (with your Scottish Friendly ISA and/or
a Cash ISA with another ISA manager) do not exceed £15,240.
2. You can invest monthly by Direct Debit or you can make a lump sum payment by single Direct Debit. The minimum monthly
payment is £10 and the minimum lump sum is £100.
3. You can stop, restart, raise or lower contributions whenever you like.
4. Your money will be invested in a My Select policy, which will be held within your Scottish Friendly ISA. Your money will be invested in
the fund or funds specified in your policy schedule and may change at your discretion over time. 
5. You have access to your money at all times, although you should expect to leave your money invested for at least 5 years.
6. If you wish, you can arrange for your payments to automatically increase by 2.5%, 5% or 10% each year. You can stop, increase
or reduce the rate of increase at any time.
7. There is no limit on the number of policies you can take out within your Scottish Friendly ISA provided you do not exceed
your annual ISA investment allowance of £15,240.


Disadvantages

Disadvantages

1. You should note that there will be a £50 deduction from your cash-in value if you cash in your initial My Loyalty Select (ISA) policy before the end of 5 years.

2. Because your investment is linked to the stock market, it’s impossible to tell you the exact return you may get in the future

Scottish Friendly My Select Junior ISA
Scottish Friendly My Select Junior ISA

Junior ISAVaries on FundVaries on Fund£50£4,080 in a tax year£0£50 (Child must be 18 years)£0Child must be 18 yearsProducts

Products

Investment ISA

Suitable For

Suitable For

The fund aims to grow your money over time on the stock market, so it should be considered as a long-term investment.

Terms and Conditions

Terms

Remember that £4,080 is the maximum annual limit, so if you’re saving in a Cash Junior ISA with another Junior ISA manager too, this limit will be reduced.

Scottish Friendly My Select Junior ISA
Your child’s 18th birthday may seem like a long way off, but starting to put some money aside now makes good financial sense. As a long term tax-free investment, My Select (Junior ISA) could help pay towards anything from university fees to their first car. If you’d like to put some money aside for your child’s future, Scottish Friendly’s My Select (Junior ISA) could be the plan for you. You can start investing your money from just £10 a month.  DETAIL INFORMATION >>Services

Services

Scottish Friendly’s My Select (Junior ISA) is a policy within a Scottish Friendly Junior Individual Savings Account (JISA) that invests in a choice of funds, including stock market and bond funds. It’s available for children under 18, who didn’t qualify for a Child Trust Fund.


Advantages

Advantages

1. Invest tax-free from £10 a month or a £50 lump sum — or a mix of both.
2. You can raise, lower, stop and restart your payments any time you like.
3. Your money will be invested in a My Select policy within a Scottish Friendly Junior ISA which invests in your choice of funds.
4. Your child can have a Scottish Friendly My Select (Junior ISA) as well as a Cash Junior ISA.


Disadvantages

Disadvantages

1. Money in a My Select (Junior ISA) belongs to the child. They can only withdraw it when they reach 18.

2. If the child withdraws money from plan before the end of 5 years, there will be a £50 deduction from the withdrawal value.

Shepherds Friendly Stocks and Shares ISA
Shepherds Friendly Stocks and Shares ISA

Investment ISAVaries on FundAnnually£50 per month£15,240 per tax year£0£0£0Instant AccessProducts

Products

Stocks and Shares ISA

Suitable For

Suitable For

The aim of the Stocks and Shares ISA is to provide you with an increase in value on your investment via interest bonuses, as well a tax-free lump sum that you can access when you like.

Terms and Conditions

Terms

You can start saving from just £30 a month, and can add lump sums when you like

Shepherds Friendly Stocks and Shares ISA
Shepherds Friendly Stocks and Shares Individual Savings Account (ISA) is a tax-exempt savings account that allows you to save via monthly premiums or in lump sums whenever it suits you. Your money is invested primarily in stocks and shares, with the aim of improving the chances of higher returns on your investment over the long-term. DETAIL INFORMATION >>Services

Services

An increase to the value of the money you have invested over the medium to long term (5 years plus) by the addition of regular and final bonuses from the fund.


Advantages

Advantages

1. Save from £30 a month - You can start saving from just £30 a month, and can add lump sums when you like
2. Access Your Money - Access your money when you want. All we ask is that you leave at least £100 in your ISA
3. Combine With Cash - If you've already got a cash ISA, you can still open and save in a stocks and shares ISA too
4. Tax-Exempt Saving - Our ISA is tax-exempt, meaning your savings will not be affected by income or capital gains tax
5. Quick and Easy - Applying for our ISA is quick and easy, and the whole process can be completed online
6. Open Today - You can open an ISA with us as long as you don’t already have a stocks and shares ISA with another provider


Disadvantages

Disadvantages

1. The value of your ISA depends on the future performance of the investments held in the fund and the bonuses we distribute from any profits arising from these investments.
2. H M Revenue and Customs may change the tax status of an ISA in the future.
3. If you make regular withdrawals from the ISA at a higher level than the bonuses added you will erode the value of your investment. You should also be aware that inflation may  have an effect on the purchasing value of your investment in the future.
4. In poor investment conditions we may apply a Market Value Reduction (MVR) when you withdraw your investment and this could mean that you get back less than you have paid in.

Scottish Friendly My Fund Options
Scottish Friendly My Fund Options

Investment ISAVaries on FundVaries on Fund£10 a month£15,240 per tax year0%£50£05 yearsProducts

Products

Scottish Friendly Higher Fund, Scottish Friendly Lower Fund, Scottish Friendly Medium Fund

Suitable For

Suitable For

Putting a little away for me each month

Terms and Conditions

Terms

You must be over the age of 18 years old.

Scottish Friendly My Fund Options
Invest up to £15,240 a year for a comfortable future and with access to your money at all times. Tax-efficiency, flexibility and a choice of investment funds are some of many advantages. Begin now – you can start with as little as £10. You have the flexibility to raise or lower contributions if you like, when you like. Put away a little each month and see how your money could grow.  DETAIL INFORMATION >>Services

Services

Easy online application


Advantages

Advantages

1. Invest tax-free from just £10 a month using your Investment ISA allowance.
2. Once you have set up My Fund Options (ISA) you can cash in or raise, lower, stop and restart payments at any time.
3. You have a choice of 3 mixed funds, the Lower, Medium and Higher funds.
4. Each fund invests for long term growth in a combination which may include cash, government bonds, corporate bonds and stock market investments.
5. Your money will be invested in a My Options policy within a Scottish Friendly ISA which will invest in your choice of fund or funds.


Disadvantages

Disadvantages

1. The actual cash-in value of your My Options policy within a Scottish Friendly ISA will depend on the actual expenses and performance
of the fund(s) selected.
2. The value of your investment in the My Options policy can go down as well as up and therefore you could get back less than you
have invested.
3. If you cash in before the end of 5 years there will be a £50 deduction from your cash-in value.

AJBell Junior ISA
AJBell Junior ISA

Junior ISAUp to 0.10%Quarterly£25 per month£4,080 in a tax year£0£25 per holding£0Child must be 18 yearsProducts

Products

Cash Junior ISA and an Investment (Stocks and Shares) Junior ISA

Suitable For

Suitable For

Saving for your child's furture

Terms and Conditions

Terms

Junior ISAs are available to all UK resident children under 18.

AJBell Junior ISA
Start investing into your child’s future now with a AJBell Junior ISA. Apply now and pay in up to a limit of £4,080 each tax year. Your child can later withdraw money when they turn 18. You can save from just £25 per month. Junior ISAs are available to all UK resident children under 18. DETAIL INFORMATION >>Services

Services

1. Easy online application

2. Online investment guide


Advantages

Advantages

1. No account charge
2. Tax efficient savings
3. Annual limit of £4,080
4. Wide range of investment options
5. Save regularly from £25 per month
6. Manage account online
7. No access until age 18


Disadvantages

Disadvantages

1. Please note the value of investments, and any income from them can go down as well as up and you may not get back your original investment.

2. You cannot access your funds until the child is 18 years old.

Scottish Friendly My MoneyBuilder
Scottish Friendly My MoneyBuilder

Investment ISAVaries on FundVaries on Fund£10 a month£15,240 per tax year£0£50£0Instant AccessProducts

Products

My Moneybuilder

Suitable For

Suitable For

The My MoneyBuilder policy within your Scottish Friendly ISA is for investors wanting to invest monthly with a minimum intended term of at least 5 years in an arrangement that offers investment growth potential and a degree of security but where you should also be prepared to accept a degree of risk

Terms and Conditions

Terms

You are entitled to have one Cash ISA and one Investment ISA in each tax year. You can have your Cash ISA with one plan manager and your Investment ISA with another if you wish.

Scottish Friendly My MoneyBuilder
Looking to put money aside for the future? Maybe towards a honeymoon, a new house or simply for that rainy day? My MoneyBuilder (ISA) from Scottish Friendly is a tax-free investment available to any UK resident aged 18 or over and is designed to get you into a monthly habit with payments starting from just £10 a month. DETAIL INFORMATION >>Services

Services

My MoneyBuilder (ISA) puts you in control because once you have set up a policy you can start, stop, raise or lower your payments whenever you like. So if you need to take a break in your payments or put in a little more when times are good that’s no problem. You also have instant access to your money should you ever need it. Whatever suits you and your circumstances best.


Advantages

Advantages

1. Invest from only £10 a month using your tax-free New Investment ISA allowance.
2. Once you have set up My MoneyBuilder (ISA), you can stop, restart, raise or lower your payments and cash in whenever you want.
3. Provided you haven't made any withdrawals, on the 10th anniversary of the start date of your investment you are guaranteed to get back at least 95% of the payments you make into your plan.
4. Your money will be invested in a My MoneyBuilder policy within a Scottish Friendly ISA which will invest in the Scottish Friendly Unitised With-Profits fund which may include stock market, property, cash and bond assets.


Disadvantages

Disadvantages

1. You should consider this as an investment for a period of at least five years and ideally 10. The value of your investments can fall as well as rise and you could get back less than you have paid in. If you cash in the plan before the end of 5 years there will be a £50 deduction from your cash-in value.
2. When you cash in or take a withdrawal from your investment, your unit value may either be increased by a final bonus or reduced by a market value reduction to bring it into line with the performance of the assets within the With-Profits fund.
3. Making a withdrawal will reduce your guaranteed minimum cash sum.

Shepherds Friendly Junior ISA
Shepherds Friendly Junior ISA

Junior ISAVaries on FundAnnually£10 per month£4,080 in a tax year£0N/A£0Child must be 18 yearsProducts

Products

Junior ISA

Suitable For

Suitable For

To provide:
1. An increase to the value of the money that has been invested for the child until their
18th Birthday.
2. The proceeds of the investment free of Income and Capital Gains Tax under current JISA rules.
3. Children with the opportunity to learn about Financial matters and Investments.

Terms and Conditions

Terms

For any UK resident under the age of 18 who does not already have a Child Trust Fund in their name

Shepherds Friendly Junior ISA
Shepherds Friendly Junior ISA is a flexible savings account for children, which parents, grandparents, family members and friends can all contribute to. The Junior ISA can be opened by you provided you are either the parent or legal guardian of the child you wish to open the plan for, and any child under the age of 18 who lives in the UK and does not have a Child Trust Fund is eligible. DETAIL INFORMATION >>Services

Services

You can save with either monthly premiums or in lump sums when it suits you


Advantages

Advantages

1.When you open a Junior ISA with us, your money will be invested in our With Profits fund, which invests primarily in stocks and shares. The reason we invest in stocks and shares is with the aim of providing you with higher returns on your investment over the long term than would be available in a cash-based account.

2. Save tax-exempt and you can look forward to giving your children a tax-free lump sum.
3. You can apply online in just five easy steps, and start your savings journey today.
4. For any UK resident under the age of 18 who does not already have a Child Trust Fund in their name.


Disadvantages

Disadvantages

1. The value of the JISA depends on the future performance of the investments held in the fund and the bonuses we distribute from any profits arising from these investments.
2. H M Revenue and Customs may change the tax status of an JISA in the future.
3. This plan cannot be cashed in until the child is 18.
4. Inflation may affect the purchasing value of the investment in the future.
5. Your child may get back less that you have paid in. 

If you wish to speak to someone: Contact Us or Enquiry Line: +44 (0) 207 386 5300

Compare ISA

What is an ISA?

ISA stands for Individual Savings Account and is a type of savings account which was introduced by the Government in the late 1990s. An ISA is not actually a product but a way of putting a portion of your money into a tax free investment system. Every adult in the UK may place a certain amount of money into an ISA in any one tax year (April to April), the two main types are Investment (or Stocks and Shares) ISAs and Cash ISAs. It is possible to have both ISAs with one provider, or two separate providers. It is also possible to use your entire ISA allowance for an Investment ISA, or you can use the money for both types. You may not place the entire allowance amount into a Cash ISA.

Can anyone get an ISA?

In order to obtain a Cash ISA you must be over 16 years old and for an Investment ISA you must be aged 18 or over. You must be a full UK resident (and accordingly, be under UK tax law) and in general you must also live in the UK. There are some variations to this rule: people who work overseas but are paid by the UK Government (such as diplomats, members of the armed forces or Crown employees) and their spouses/civil partners may open an ISA.

What is an Investment or Stocks and Shares ISA?

An Investment ISA (sometimes referred to as a Stocks and Shares ISA) allows you to invest in long-term investments – such as bonds, pooled investments or individual shares. There are two limits according to age group for an investment ISA (although this is set to change, see note below), and they are:

What is a Cash ISA?

A Cash ISA is not dissimilar to a savings account provided by a bank or building society, but there is one main difference: the interest paid in a Cash ISA is paid gross of tax instead of net of tax. This gives you a higher return. Each tax year (April 6th to April 5th), an investor is allowed to put a sum of money into a Cash ISA. Once the investor has filled a Cash ISA with that amount, he or she is not permitted to add any more.

Where can I Apply for an ISA?

ISA applications can be made through an ISA manager including banks, building societies, insurance companies, unit and investment trust companies, stockbrokers, National Savings and Investments, some supermarkets and retailers, financial advisers and fund supermarkets. Not every ISA manager will offer both Cash and Investment ISAs. For example, you cannot get a Cash ISA from a stockbroker. Your ISA manager will look after your account for you.

Investment ISAs are usually available from stockbrokers, unit and investment trust companies, insurance companies and financial advisers. To get the most out of your money, make sure you browse and shop around to find a suitable ISA manager. For example, some providers may offer to spread risk by setting up a regular contributions scheme. This allows you to spread costs and risk over the year.

Getting a Cash ISA

Cash ISAs are generally available at banks, building societies, the Post Office® and some supermarkets and retailers. Opening the account is simple, like opening a regular savings account. You will need the usual proof of age, identity and residence and you will need to agree to the rules and regulations regarding your ISA allowance. Whatever type of ISA you choose to open, make sure you check that the ISA manager is fully approved by HM Revenue & Customs. They will also need to be fully regulated by the Financial Services Authority (FSA).

Can I withdraw Money from my ISA?

Yes; and you won't lose the tax benefits you have already built up on the money. But there are some things to bear in mind: you may need to provide notice of your intention to withdraw money. You may also some interest if you withdraw 'early'. If you have an ISA life insurance policy, you may even be charged a penalty. If you have an Investment ISA you may not get all the money back which you placed in the account, especially in the early years of an investment. If you withdraw money from your ISA, any capital you put back in later the same tax year will be counted against your annual allowance.

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