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3rd
Apr 2020
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Last Minute ISAs: What You Need to Know

Last Minute ISAs: What You Need to Know

There are two days left until the deadline for the end of tax year 2019/2020; that's two days until your allowance for this tax year runs out. It's use it or lose it - so for those looking to open a last minute ISA, we've got you covered with our whistle-stop tour of ISA accounts. 

April 6th, 2020, is mere days away. 

So you want to use your ISA allowance for tax year 2019/2020 before clock strikes midnight on the 5th. 

What's an ISA? 

An ISA is a tax-efficient way for you to make your money work; by putting your money into an ISA tax-free wrapper, you will enjoy returns which are safe from the tax man. 

For this tax year, you are able to put in a maximum of £20,000 into an ISA. 

Different types of ISAs include: 

Within these categories, there are also sub-categories such as Ethical ISAsFund Supermarkets and High Income ISAs. For more information on these, read our recent series of blogs. 

What's an Instant Access Cash ISA? 

An Instant Access Cash ISA is a savings account where the interest you gain is protected from the tax man. You can 

This will suit you if...

  • You want to take last-minute advantage of your ISA allowance, but are wary of more high risk accounts 
  • You know you'll need access to your funds

What's a Fixed Term ISA? 

A fixed term Cash ISA is like an instant access Cash ISA, but your money will be locked away for a set period of time. This can be 1,2,3,5, or 7 years - and different providers will offer different time periods and rates. 

This will suit you if...

  • You know you won't need to access your cash for a set amount of time 
  • You want slightly higher rates than an Instant Access Cash ISA, but don't want the associated risks of a Stocks and Shares ISA. 

What's a Stocks and Shares ISA? 

With a Stocks and Shares ISA, your money is invested in - you guessed it - “Stocks” and “shares”. These are are generally interchangeable terms, though they have slightly different meanings:

  • “shares” can refer to owning part of one particular company (“I own shares in Unilever”)
  • “stocks” can refer to shares in a number of different companies (“I own stocks in the renewable energy industry”)

With this ISA you will gain returns on your investment which will be tax free. 

This will suit you if... 

  • You are already an investor or want to be an investor - and you want your returns protected from the tax man
  • You want the higher returns rate offered by Investment ISAs 
  • You want to put your money into specific investments, like Ethical Investment ISAs or Climate Change funds

What's a Junior Isa? 

A Junior ISA, or JISA, is an ISA account which is set up on behalf of a child by a parent or guardian. Family, friends and parents can then put money into that ISA. This year, this can be up to £4,368 - but for next tax year this allowance is doubling to £9000 each tax year. 

This will suit you if...

  • You are a parent or guardian of a child and you want to put aside money for their financial future. 

What's a Lifetime ISA? 

A Lifetime ISA is an ISA with a very specific purpose - long term saving. You can but in up to £4000 per tax year (this is the allowance for 2019/2020 which is unchanged for 2020/2021). The government will then give you a 'bonus' of 25% of what you have put into this account: which means you can get a boost of up to £1000 each year. This money can only be used to help you buy your first home or as long-term retirement savings. 

This will suit you if....

  • You are looking to buy your first home 
  • You are saving for retirement

What's a Peer to Peer ISA? 

A Peer to Peer ISA, otherwise known as Innovative ISAs, allow savers to lend their money to other borrowers directly - bypassing the middle-man and thus, benefiting from a better interest return. 

This will suit you if... 

  • You've invested before, and are familiar with the process
  • You're comfortable with the associated risks 

Read more about our Cash ISA rates & Investment ISA rates. 

Investment Fund Supermarket ISAs

Stocks & Shares ISA

from Fidelity

Allows ISA Transfers
  • Protection Scheme: FSCS
  • Fund Choice: 2,000+ Funds
  • Invest From: £50pm

Why we like it: Invest from as little as £50 a month or with a £1,000 lump sum. Investment choice from over 100 fund providers, giving you access to 2,000+ funds. One low-cost service fee of 0.35%*. Great service – from investment guidance on website through to UK-based phones team. PathFinder, Select 50, Investment Finder - investing tools for beginners to advanced investors. 24/7 access via online Account Management system.

* depending on how much you have invested

Special offer:

Invest and get £25 cashback » 

Build your savings with an ISA and receive £25. Exclusions, T&Cs apply.

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Junior ISAs

Junior Stocks & Shares ISA

from Fidelity

Regular Savings
  • Investment Options: Fidelity offer Over 140 providers with over 4,000 investment options

Why we like it: You can tell Fidelity your risk preferences and they will suggest funds for you to consider for your child. You can also use their "Select 50" list of Fidelity's favourite funds. Alternatively If you want to look at all investment options you can use their poweful search tool. Fidelity have a low cost service fee that starts from 0.35% pa.

Special offer:

Invest and get £25 cashback » 

Build your child's savings with a junior ISA and receive £25. Exclusions, T&Cs apply.

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Investment Growth Plan ISAs

FTSE 100 8 Year Kick Out Plan

from Investec

Allow ISA Transfers
Maximum Potential Return 8.25% per annum
  • Counterparty: Investec Bank plc
  • Term: Up to 8 years

With such a high potential return if the FTSE 100 goes up by any amount, this could be an appealing investment, especially with the current uncertainty in the markets.

Important: Structured investment plans are not capital protected and are not covered by the Financial Services Compensation Scheme (FSCS) for default alone. There is a risk of losing some or all of your initial investment due to the performance of the underlying investment. There is also a risk that the company backing the plan known as the Counterparty may be unable to repay your initial investment and any returns stated.

  • 8.25% for each year (not compounded) provided the FTSE 100 finishes higher than its starting value (subject to averaging)
  • Potential to mature early, from year 2 onwards
  • Available for ISA, ISA transfer and direct investment
  • Capital is at risk if the FTSE 100 Index has fallen by more than 40% at maturity from it's initial level, in which case your initial investment will reduce by 1% for each 1% fall
  • Minimum investment £3,000
  • Product designed to be held for the full term

Calculate your interest with this plan

Your savings:
£
You could gain:
£0.00 (per tax year)

Important Information: Structured investment plans are not capital protected and are not covered by the Financial Services Compensation Scheme (FSCS) for default alone. There is a risk of losing some or all of your initial investment due to the performance of the underlying investment. There is also a risk that the company backing the plan known as the Counterparty may be unable to repay your initial investment and any returns stated.

Lifetime ISAs

Lifetime ISA

from Nutmeg

  • Protection Scheme: FSCS
  • Fund Choice: Fully Managed or Fixed Portfolios
  • Invest From: Min. Pay in from £100 to £4,000 to start your Lifetime ISA.

Why we like it: Simple annual portfolio management fee from 0.45% to 0.75%, incl VAT. There are also some underlying fund costs and market spread charges. Easy, online set up in minutes. Start with as little as £100 up to £4,000. Plus, live chat, helpful customer support and really useful investor tools and guides. Nutmeg are regulated by the Financial Conduct Authority and are covered by the Financial Services Compensation Scheme. Capital at risk.

  • Nutmeg Lifetime ISA: Invest in high-quality, low-cost exchange traded funds
  • Contribute up to £4,000 per year until you’re 50
  • Get a 25% government bonus: For every £4 you invest you receive a £1 bonus
  • Use your savings to buy your first home up to a value of £450,000
  • You can contribute to both a stocks and shares Lifetime ISA and a ‘regular’ stocks and shares ISA in the same tax year
  • Must be UK resident aged 18-39
  • If you need to access your money for any other reason, you’ll pay a 25% penalty
Important Risk Information:

The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website aims to provide information to help you make your own informed decisions. It does not provide personal advice based on your circumstances. If you are unsure of how suitable an investment is for you, please seek personal advice.

High Income ISAs

High income ISA ideas:

ISAs Products

Cash ISAs

Fixed Rate & Instant Access ISAs:

Cash ISAs: 

Stocks & Shares ISAs

Types of Stocks and Shares ISA include: 

Stocks and Shares ISAs

Latest News

What is a Peer to Peer ISA?

18th September 2020

A Peer to Peer ISA sounds complicated – but to the experienced and keen investor, it can be a great way to diversify your portfolio, try a new, innovative form of investing, while benefiting from the tax benefits associated with an ISA account. But what exactly is a Peer to Peer ISA, and which ones should you be looking at? 

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