Who can open an ISA?
To open a Cash ISA, you will need to be a UK resident over the age of 16. Stock and Shares ISAs require you to be aged 18 or over. You may only open an ISA for yourself, with the exception of Junior ISAs for those under 16.
How can you withdraw money?
How money can be withdrawn from an ISA will vary depending on the type of ISA you open. Providing the ISA you own allows it, you will have instant access to your money without losing your tax benefits on the remaining savings.
Cash ISAs can be flexible or non-flexible. In a non-flexible ISA, once you have withdrawn your money from the account, you will not be able to return it. Meanwhile, a flexible ISA will allow you to take out money and return it within the same tax year.
Can you switch ISA providers?
Yes. Switching providers for Cash ISAs and Stock and Shares ISAs is possible and, in some cases, recommended. Ensuring you receive the best interest rates is one of the benefits of ISAs, so switching providers can be a regular occurrence.
The main rule when switching ISAs is to never withdraw your money yourself. You should always speak to the new provider to begin the process.
Don’t hesitate to get in contact with our team of experts to find out more; we’ll be waiting for your call.