ISAs Explained
You can invest in two separate ISAs each tax year;
- a stocks and shares ISA, and
- a cash ISA
At Progressive we offer the cash ISA.
To open an ISA you must be over 16 and a resident in the UK. If you are aged 16 or 17 you may invest in a cash ISA each tax year. If you are over 18 you may invest in a stocks and shares ISA or a stocks and shares ISA and a cash ISA per tax year.
This means that if you are married you and your spouse can each have an ISA.
You can open a cash ISA for as little as £10. You can add to this at any time up to the yearly subscription limits. The maximum, which may be subscribed to a cash ISA for the current tax year is £3600. You cannot subscribe to another cash ISA in the same tax year, though you may subscribe to a stocks and shares ISA. If you would like more information on the cash ISA, feel free to contact your local Progressive branch.
