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The amount of money a saver can contribute to their ISAs each year is affected by the current ISA allowance.
The current ISA allowance per person for 2020-21 is £20,000.
Adult Cash ISAs, Investment ISAs and the not yet launched Lifetime ISA all sit within the same overall contribution limit.
Junior ISAs have their own separate annual allowance.
The current junior ISA per child is £9,000.
The ISA allowance is the maximum amount you are allowed to invest each tax year across all of your ISAs, this means that if you have more than one type of ISA you will need to break your ISA allowance up across your ISAs to ensure that you do exceed the overall limit.
Each ISA may have their own additional specific limitations imposed by the provider such as a minimum investment amount.
The maximum ISA allowance is reviewed annually so make sure you’re always up to date with how much you can save.
If you want to move your money already in an ISA to another one, with either the same or a different provider, there is a specific way of doing so.
This is because if you just withdrew money as cash and paid it in to another ISA this would count towards your allowance for that tax year and you would lose the tax-free benefits. This could be avoided by doing an ISA transfer instead.
You can transfer all or some of your ISA balances and you are permitted to transfer between different types of ISA such as from Cash ISA to a Stocks and Shares ISA or vice versa.
Thanks to recent guidelines, transferring an ISA from one provider to another is now a fairly straightforward process:
Your existing ISA manager cannot stop you transferring, but they may charge you for it.
However, this is becoming less common, particularly with cash ISAs.
You should contact your current ISA provider and confirm their policy on this before making a decision.
While ISAs can be straight forward, there are some rules to follow and it’s useful to know before you get started:
The rules on ISAs have been relaxed since April 2016 and you can now choose how you split your savings.
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.
Types of Stocks and Shares ISA include:
Stocks and Shares ISAs
21st January 2021
Considering your 2021 ISA Options? We look at investment trusts worth a closer look and our 5 top picks for consideration for your stocks and shares ISA.
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