A really simple guide to ISAs and how to choose the right one for your savings

Here’s your guide to the pros, cons and different types of ISA that are out there, as well as a couple of good alternatives.

2/26/2021 2:10:00 PM

Here’s your guide to the pros, cons and different types of ISA that are out there, as well as a couple of good alternatives 💸 myfrugalyear

Here’s your guide to the pros, cons and different types of ISA that are out there, as well as a couple of good alternatives.

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Let's talk about money…In partnership with2 days agoA junior ISAis an account that you open for a child under the age of 18. These also come in both cash and stocks and shares varieties, and the child won’t be able to touch the money until they turn 18. Because these tend to be long-term savings, choosing the investment option gives you a good chance of seeing significant growth over time but there is always a capital risk with any kind of investing. You can save or invest up to £9,000 per tax year, per child, in a junior ISA.

AdvertisementHow much can you save, and what are the conditions?You can pay up to £20,000 per year into ISAs in your name per tax year, whether that is paid into one single account, or split across several different ones. So, you could choose to keep a chunk of your savings in an accessible cash ISA and invest the rest in a stocks and shares ISA, as long as the total amount doesn’t exceed £20,000 per year. The limit for Lifetime ISAs is £4,000 per year, and this makes up part of your total ISA allowance. Junior ISA limits are £9,000 per year, but as you’re saving for someone else (your child, for example), this doesn’t count towards your allowance. headtopics.com

Money that you put in a Lifetime ISA must be used for either retirement or buying a house, and money that you put into a junior ISA is locked away until the child turns 18.Is there a better way to save? Read more: British GLAMOUR »

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