ISAs Explained

You can invest in two separate ISAs each tax year; 

• A stocks and shares ISA, and
  
• A 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.

From 6 October 2009 the ISA subscription increased to £10,200 for anyone eligible to invest in an ISA who was born on or before 5 April 1960 (i.e. who will be aged 50 or over during the current tax year).  Up to £5,100 of the new ISA allowance can be saved in a cash ISA with one provider.  The remainder of the 10,200 can be invested in a stocks and shares ISA with either the same or another provider.  Alternatively, the full £10,200 can be invested in a stocks and shares ISA with one provider.

These higher limits will apply to all eligible ISA investors with effect from 6 April 2010.
At Progressive we offer the cash ISA.

If you would like further information on the cash ISA, feel free to contact Your local Progressive branch.