Following the Chancellor’s tinkering with Individual Savings Account (ISA) rules in November 2023 savers will, from 6 April 2024, be able to pay into more than one of each type of ISA annually.
This effectively means that savers can search out the providers which deliver the highest returns, ultimately making the market more competitive. For anyone over the age of 18, you can save a maximum of £20,000 per annum across the ISA products listed below:
- Cash ISAs
- Stocks and Shares ISAs
- Innovative Finance ISAs
- Lifetime ISAs
For those under the age of 18, the rules are slightly different and include access to Junior ISA’s.
So with more ISA options available, here’s 3 golden rules to consider when looking at investing money into a stocks and shares ISA.
Embarking on an investment journey can be both thrilling and daunting. To gauge whether it’s the opportune time for you to personally invest and determine the optimal level of contribution, consider these rules as guiding indicators to ensure you’re on the right track!