Lloyds Bank ISA
Lloyds Bank have a selection of both Cash and Stocks & Shares ISAs, however in addition to seeing what Lloyds Bank ISA plans are available you may want to shop around other providers in addition to Lloyds Bank to try and make sure you get the top deal for the type of ISA you are interested in. You can use the comparison table to compare a selection of different ISAs from various providers and click the links to find out more.
Lloyds Bank Cash ISAs:
- Cash ISA Saver – Offers a variable rate of interest, paid yearly, for savers who want the flexibility to be able to make unlimited withdrawals on their saving if they need it.
- 2 Year Fixed Rate Cash ISA – Savers who can lock away their savings for two years can achieve a fixed rate of interest with this particular product. You can access your money but will lose tax free interest on any amount withdrawn so you could get back less than you deposited. Choice of interest being paid annually or monthly.
- Lloyds Bank Junior Cash ISA – Allows people with parental responsibility to save for a child’s future, or those aged 16 and 17 to save. No withdrawals are allowed until the child turns 18 at which point the account becomes an adult Cash ISA.
Lloyds Bank Stocks & Shares ISAs:
- Stocks & Shares ISA – Offers a choice of three managed funds, with their own levels of risk. Invest a one of deposit, smaller monthly amount or both.
- Share Dealing ISA – Gives you the choice to make direct investments in products such as; shares, gilts, bonds and funds. Deal online or by phone in UK and global markets.
There are two different kinds of ISA commonly available; Cash ISAs and Stocks & Shares ISAs these products are considerably different from each other. Each tax year you can open a maximum of one of each of these types of account. Although if you prefer you can just open a Cash or S&S ISA. If you do decide to open both kinds of account you will need to break up your annual ISA allowance between the two accounts, however the split can be at a ratio of your choice for example; using 40% of it in a Stocks & Shares ISA and the using the remaining 60% in a Cash ISA.
- Cash ISA – This type of product is a type of savings account, however up to your maximum ISA allowance the interest that accumulates on your savings will be paid tax-free. Banks and building societies may offer different types of Cash ISA such as Fixed-rate plans which generally work under the understanding that the savers locks their cash into the product for a predefined period of time and Instant Access accounts which usually allow the saver to make unlimited deposits and withdrawals.
- Stocks & Shares ISAs: Offer a tax-efficient wrapper you can use to invest in other products like bonds and shares. Providers may offer you a choice of self-select accounts where you directly pick the stocks and shares you invest in or an account that offers you a selection of managed funds to invest in. With Stocks & Shares ISAs you still have to pay tax on dividends however there is no capital gains tax on any profit you make in the ISA within your allowance and income from corporate bonds and gilts is tax free.
It is possible to transfer an ISA from one provider to another; as such you may want to occasionally check if there are other best buys that could offer you a better deal. However you may incur an interest penalty for transferring, as such before you make a move to another provider it is worth first checking that any penalty that you would not actually be better off staying with your existing provider.