View some of our 2021-22 ISA season best ISA platform sellers.
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 2021-22 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.
It’s looking more and more likely we’re past the worst of the pandemic.
For five shares that could be worth a look in this context, download a FREE factsheet to discover Hargreaves Lansdown’s experts’ latest picks.
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.
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".
Sign up to our Newsletter to get exclusive news and offers direct to your inbox.
ISA.co.uk is a trading style of Fair Investment Company.
We've been comparing and recommending ISAs for many years so you can trust you're in good hands.About us
I found the way the different options are presented very clear - much more useful than some other comparison sites. I sent it to my daughter as well.
Very informative, find myself a good ISA account with best return in terms of interest.
Easy to use website and up to date. Saved the link on my tablet.
The website was very useful and informative.
ISA can be confusing at first and this site includes a useful and helpful introduction into the world of ISAs