7 Mar 2025
ISAs: what are they, and which one is for me
Since being launched back in 1999 Individual Saving Accounts (ISAs) have been very popular for those wanting to put money into savings. There are four types of ISA, and the majority allow flexible saving and the ability to withdraw funds easily. There are financial penalties on certain products, these usually pay the most interest.
Four types of ISA
- Cash ISA
- Stocks and shares ISA
- Innovative finance ISA
- Lifetime ISA
You can choose to save up to the personal allowance across a number of accounts or products (excluding the Lifetime ISA).
Criteria to open an ISA
In the UK you must be a UK resident (or if not meet other specified criteria). You must be 18 years old, unless you are opening a Junior ISA (under 18 and a British citizen). If you are opening a Lifetime ISA you must be under 40 years old.
Lifetime ISA
The Lifetime ISA is specifically to either help savers purchase their first home, or to save for later life (pension). You need to be over 18 and under 40 years old to open an account and you can put in up to £4,000 each year until you are 50. The government will add a 25% bonus up to a maximum of £1,000 each year.
Not for everyone
Depending on the product you go for, you may end up locking your money for some time and aren’t able to withdraw it without penalty. ISAs are aimed at people who pay tax on the interest their savings make. If you don’t pay tax on interest (total ISA allowance is £20,000 per financial year), you may find you earn more interest on a standard savings account.
Recent posts
Analysis from the Office for Budget Responsibility (OBR) shows that those looking to buy their first home could face a sharp increase if house prices follow the latest predictions, as Coventry Building Society suggests.
According to Zoopla, four in 10 homes are now cheaper to buy with a mortgage than to rent due to lower-cost mortgages - a sign that ownership is becoming more affordable.
Best UK Mortgage Rates this Week
4 days ago
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
World Sleep Day Tips
10 days ago
There are many people who struggle with getting a good night’s sleep. Having poor sleep hygiene can be the reason for bad sleep quality in adults. Sleep hygiene refers to habits that can help you sleep better.
Here we have shared some tips to create a healthier sleep.
What you need to know about remortgaging
12 days ago
If your current fixed rate is due to come to an end within the next six months, you will want to start thinking about the options available to you.
Nationwide is the first lender to allow mortgage deeds to be signed electronically and without the need for a witness.
‘My First Mortgage’ from major high-street lender Santander is specifically for those wanting to buy their first property. It allows first-time buyers to purchase 98% of the property’s value. However, certain criteria must be met to be eligible.
Maidenhead, Berkshire – 26th January 2026 – Dedicated independent mortgage experts, Mortgage Required, are delighted to have acquired fellow experienced brokerage, Y-Not Finance.
The acquisition connects two well-respected brokerages, both with a wealth of experience and shared values, to continue providing the best advice on all aspects of the mortgage market.
More information
Trusted by
