You can save tax-free with Individual Savings Accounts (ISAs).

In the 2023 to 2024 tax year, the maximum you can save in ISAs is £20,000

There are 4 types of ISA:

  • cash ISAs
  • stocks and shares ISAs
  • innovative finance ISAs
  • Lifetime ISAs

You can put money into one of each kind of ISA each tax year.

This guide is also available in Welsh (Cymraeg).

Who can open an ISA

You must be:

  • 16 or over for a cash ISA
  • 18 or over for a stocks and shares or innovative finance ISA
  • 18 or over but under 40 for a Lifetime ISA

You must also be either:

  • resident in the UK
  • a Crown servant (for example diplomatic or overseas civil service) or their spouse or civil partner if you do not live in the UK

You cannot hold an ISA with or on behalf of someone else.

You can get a Junior ISA for children under 18.

Opening and managing an ISA for someone who lacks the mental capacity to do this for themselves

A close friend or relative can apply to the Court of Protection (COP) for a financial deputyship order to open and manage an ISA for someone who cannot do this for themselves.

In Scotland, applications need to be made to the Office of the Public Guardian in Scotland.

In Northern Ireland, applications need to be made to the Office of Care and Protection.