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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

ISA Option
Allows ISA Transfers
Regular Savings
  • Protection Scheme: FSCS
  • Fund Choice: Choose from over 4,000 investment options, including one of the widest fund ranges in the UK, plus shares, investment trusts and exchange-traded funds. There’s also expert guidance to help with your investment decisions, which includes a selection of tools and insights from Fidelity’s experts. Capital at risk. Tax and ISA rules apply.
  • Invest From: £25 through regular savings or £1,000 lump sum

Why we like it: Fidelity has lots of investment options, plus an extensive range of guidance tools to help you decide what to invest in. Their award-winning ISA is easy to start and offers great value, their a typical service fee of just 0.35%. Other ongoing charges apply. On top of that, everything is backed by Fidelity’s 50 years of investment experience.

Important: The value of investments can go down as well as up so you may get back less than you invest. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.

Tax treatment depends on individual circumstances and all tax rules may change in the future.

Junior ISAs

Junior Stocks & Shares ISA

from Fidelity

Regular Savings
  • Investment Options: Over 4,000 investment options, including funds, shares, investment trusts and exchange-traded funds

Why we like it: Fidelity’s guidance service makes it easy to find investment ideas for your child’s savings, plus Fidelity don’t charge a service fee on junior accounts meaning you keep more of your investment for your child. Ongoing fund charges and other fees may apply.

Important: The value of investments can go down as well as up so you may get back less than you invest. The value of tax savings and eligibility to invest in a Junior ISA depend on personal circumstances. All tax rules may change in future. Withdrawals from a Junior ISA will not be possible until the child reaches age 18. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.

Peer to Peer Lending ISAs

Premium Innovative Finance ISA (IFISA)

from easyMoney

ISA Option
Allows ISA Transfers
Interest Rate 5.12% annualised target return
  • Term: No Fixed Term
  • Invest From: £10,000

Why we like it: Invest up to £20,000 this tax year and/or transfer in from an existing Cash ISA, Stocks & Shares ISA or IFISA. When you join the easyMoney family you will automatically become an easyMoney plus card member, offering savings at over 1,000 of Britain’s biggest retailers and more! e-Money Capital Ltd trading as easyMoney is authorised and regulated by the FCA (FRN 231680). 

Important: Peer to peer lending is not covered by the FSCS. Returns are not guaranteed and your actual returns may vary. Capital is at risk

  • TAX-FREE Innovative Finance ISA
  • Minimum investment of £10,000
  • Secured by UK property
  • Maximum 75% loan to value
  • Significant buffer of 25% should the value of a property fall
  • Invest over £1,000 and you will automatically become an easyMoney plus card member, offering savings at over 1.000 of Britain’s biggest retailers
  • Also accepts ISA transfers from previous year's ISA's
  • Interest paid monthly
  • No fixed term, hold for as long as you wish
  • Can also be held outside of an ISA
  • As with all investing your capital is at risk when you lend to businesses. easyMoney reduces this risk by taking security over property
  • Returns are not guaranteed and your actual returns may vary
  • Capital is at risk
  • Must be aged 18 or older
  • Peer to peer lending is not covered by the FSCS

Calculate your interest with this plan

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

The Callable Deposit Plan

from IDAD

ISA Option
Maximum Potential Return 3.50% pa or 50% x FTSE growth
  • Deposit Taker: Goldman Sachs International Bank
  • Term: Up to 7 years

Important Information: This is a structured deposit plan and is capital protected. There is a risk that the company backing the plan or any company associated with the plan may be unable to repay your initial investment and any returns stated. In this event you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS), depending on your individual circumstances. In addition, you may not get back the full amount of your initial investment if the plan is not held for the full term.

  • Plan can be ended early by Deposit Taker
  • 3.5% per annum if plan ends early
  • 50% x FTSE 100 Index growth if plan runs full term
  • Capital protected product*
  • Eligible for the Financial Services Compensation Scheme (FSCS)
  • If plan runs full term returns not guaranteed. You may only receive a return of your original capital
  • Minimum investment £10,000
  • If you withdraw your money during the plan you may get back less than you originally invested

Important Information: * The return of your initial deposit depends on the ability of the deposit taker (Goldman Sachs) to repay your money. Structured deposits offer you the potential to earn higher returns than you would with a regular savings account. Your returns are based on the performance of an index or commodity. If the investment does not perform well you may receive no income or capital growth, but you can be confident that your capital will be repaid. You have no access to your deposit during the term of the account, typically 3 to 6 years but your original capital will be repaid in full at the end of the term. In the event that the deposit taker is unable to repay your initial investment and any returns stated you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS) depending on your individual circumstances.

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

5 Considerations for Your Next Investment ISA

15th March 2021

You've decided to invest your savings into a Stocks and Shares ISA. You'll be using your tax-free ISA allowance for this year before the deadline, while also investing your money for your future. But what do you need to consider before opening an account? We've put together a list of our top five considerations for you to think about before you click "apply". 

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