How much Can I Put in An ISA?

POSTED ON Monday, 16 November, 2020

The tax benefits of ISAs are very attractive – so lots of Britons look to put their money into them each year. But just how much can you put into an ISA? And how much can you put into each type of ISA account? We’ve got all the answers you need, right here. 

The Government-allocated ISA allowance changes year-on-year. So what you need to know is…

  1. The 2020-21 ISA allowance is £20,000 per person
  2. You have until 5th April 2021 to make use of it
  3. HMRC set the allowance every year based on the Consumer Price Index (CPI) as of September.
  4. There are different ISA allowances for different ISA types.
  5. You can spread your ISA allowance between a Cash, Stocks and Shares or Innovative Finance ISA or simply place all your savings in to one of these types of accounts. You can only have one of each.

How Much Can I Put Into A Cash ISA?

There is no sub-limit on the amount you can put into a Cash ISA each year, as long as it stays under the overall ISA limit of £20,000 each year. You can put this all into the same type of Cash ISA, or spread it over the different ISA types. These include:

  1. Instant Access Cash ISAs
  2. Fixed Rate Cash ISAs (terms up to 1,2,3,5 years)
  3. Structured Cash ISAs

How Much Can I Put Into An Investment ISA?

Like a Cash ISA, there is no sub-limit on the amount you can put into an Investment ISA each year as long as it’s within the £20,000 allowance. You can only pay into one Investment ISA each year.

Your options are:

  1. Ethical ISAs
  2. ETF ISAs
  3. Fund Supermarket ISAs
  4. High Income ISAs
  5. Gold ISAs
  6. Index Tracker ISA
  7. Share Dealing ISAs
  8. Structured Growth ISAs
  9. Stocks and Shares ISA

How much Can I Put Into A Lifetime ISA?

There is a limit on the amount that you can put into a Lifetime ISA beyond the overall “ISA limit”.

You are allowed to put £4000 into an LISA each tax year; for this you will receive a 25% bonus from the government, so you could stand to gain £1000 each year in a tax-safe bonus.

How Much Can I Put Into Junior ISA?

Year on year there is a cap on how much you can put into a Junior ISA – and this year (2020/2021) is a particularly generous.

You can put away £9000 into a Junior ISA this tax year in order to start your child’s savings.

Read more about ISAs here.