Wrong! The main types of ISA are:
Wrong! You can put money into one of each type of ISA each tax year, as long as overall you do not exceed your annual ISA allowance of £20,000. Also, transferring ISAs from previous tax years does not affect your allowance for the current tax year. Learn more
Wrong! Any interest earned via an ISA is tax free not only in the current year, but also in future years, and has no bearing on any other tax allowances you may be entitled to. Also, ISAs do not need to be disclosed on HMRC tax returns, so ISAs make life a little simpler too. Learn more
Wrong! Most Innovative Finance ISAs, Stocks & Shares ISAs and some Cash ISAs allow you to access your money when you need to. Flexible ISAs, like RateSetter’s Innovative Finance ISA, allow you to replace any money you withdraw within the same tax year without it affecting your ISA allowance for that year. Please note there may be fees for early access. Learn more
Wrong - it doesn’t have to be complicated or time-consuming! The best ISA providers keep it simple to open an account and make operating your account easy too.
Wrong! Many ISAs can be opened with a small amount of money – for example, you can open an Innovative Finance ISA with RateSetter with just £10. Most ISAs allow you to top up your pot throughout the year.