Please remember that the value of an investment and the income from it can go down as well as up and you may get back less than you invested. If you are in any doubt about making your own investment decisions we recommend you seek advice from a suitably qualified financial adviser.
There are three main types of ISA: Cash ISAs, stocks and shares/investment ISAs and innovative finance ISAs. We offer two for you to choose from. Cash ISAs – where you don’t pay tax on the interest you earn (tax-free), and stocks and shares/investment ISAs – where growth in your investment is free from income tax and capital gains tax (tax-efficient). Whichever you choose, you can put in up to £15,240 in this tax year. Either as a lump sum, smaller monthly amounts or both. You can choose to invest your full allowance into a cash ISA, an investment ISA or a combination of both.
There are also junior cash ISAs and junior investment ISAs for children under 18 years old. A child can have both types of Junior ISA, provided they don’t exceed the annual Junior ISA allowance of £4,080 this tax year, which covers both cash and stocks and shares.
From December, if you’re a first time buyer and saving for a new home then a Help to Buy: ISA can help. Help to Buy: ISAs are a type of cash ISA designed to help first time buyers save up for a deposit for their new home with the government adding up to 25% to all money saved - up to max £3,000.
Following the introduction of flexible ISAs, you will be able to withdraw and replace funds from some of our cash ISAs without affecting your yearly ISA allowance, providing you replace funds in the same tax year you withdraw them.
Your ability to withdraw and replace funds may be limited by the particular account conditions of your ISA, for example, if you have a Help to Buy: ISA as you can only deposit £200 a month.
If you want to choose from a wider range of investments, we also have a Self-Select Stocks & Shares ISA available through Halifax Share Dealing Limited.
Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.
Halifax Share Dealing Limited. Registered in England and Wales no. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire, HX1 2RG. Authorised and regulated by the Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). For further information about the compensation provided by the FSCS, refer to the FSCS website at www.fscs.org.uk/. You can also visit our Financial Services Compensation Scheme page for more details.