An Individual Savings Account provides a tax-favoured way to hold eligible savings or investments. Income and gains within an ISA receive the relevant tax protection, subject to the account rules.
The account type and your eligibility determine what you can hold and contribute.
Check the allowance and account terms
Annual subscription limits apply. Junior accounts have separate rules, and some ISA types have particular access conditions.
Use the current ISA guidance for allowances and eligibility rather than relying on a previous year’s limit.
The tax rules and the provider’s terms are separate considerations. Notice periods, charges or product-specific withdrawal conditions may affect access to your money.
Withdrawals and replacement
Whether withdrawn money can be replaced without using further allowance depends on the account’s flexibility and the applicable rules. Check before taking money out if you intend to put it back.
Transfers
Use the receiving provider’s ISA transfer process to preserve the appropriate treatment. Withdrawing money yourself and paying it into another account is not necessarily equivalent.
Transfers can be possible between different ISA types, subject to restrictions. The official transfer guide explains what to check.
Keep provider statements so you can track subscriptions and transfers across your accounts.