When is the ISA deadline?
There’s not long left until the ISA deadline at midnight on 5th April 2019. This date marks the end of the 2018/2019 tax year. If you fail to use your full ISA allowance in a tax year, you will lose it. So if you haven’t opened an ISA yet, now’s the time to do it.
What is my ISA allowance?
If you are a UK resident, this year, you get a £20,000 ISA allowance. This allows you to save and invest up to £20,000 over the course of the tax year without being subject to tax.
What can I do with my ISA allowance?
You can use your ISA allowance to save your money in cash and/or invest it via a stock market ISA or a new innovative finance ISA (IFISA).
The rules allow you to spread your allowance across all three types of ISA – cash, stocks and IFISA – if you wish, but you can only have one of each type in each tax year.
Cash ISAs are simple savings accounts which do not tax interest and offer a low-risk return on your money.
Stock market and IFISAs offer higher potential returns than a cash ISA, but do come with more risk. See our quick guide to ISAs for more information.
There is also the option to put your money into a Help to Buy ISA if you’re saving for a home or a Lifetime ISA which can help you save for retirement.
How do I open an ISA account?
There are lots of options out there when it comes to ISAs and many companies now offer them. Anyone over the age of 16 can open a cash ISA and over 18 can open a stock market or IFISA. There are also Junior ISAs available for children.
Opening an ISA on Propio.com is easy and you can sign up in a few minutes. All you need is a National Insurance number to get started, and once you’ve passed our eligibility checks, you can invest from £100.