You can save tax-free with Individual Savings Accounts (ISAs).
In the 2020 to 2021 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.
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.