What is the ISA allowance?

The ISA allowance for 2024/25 is £20,000, unchanged from the last tax year. This means you can pay £20,000 into ISAs from 6 of April 2024 to the 5 of April 2025.

The ISA allowance is how much you can pay into an ISA during a tax year. The £20,000 limit applies across Cash ISAs, Stocks and Shares* and Innovative Finance ISAs*.

*We don’t offer these types of ISA. 

This means you could split your allowance across those three ISA types, as long as the total is £20,000 or less.

You can also pay into a Lifetime ISA as part of your allowance. There’s a limit to how much of your allowance you can use in a Lifetime ISA.

While you can pay £20,000 into ISAs in total, there are limits for how you much you can pay into each type:
 

• Cash ISA – £20,000 per tax year.
• Stocks and Shares ISA – £20,000 per tax year.
• Innovative Finance ISA – £20,000 per tax year.
• Lifetime ISA – £4,000 per tax year, but you must make your first payment before you are 40 years old. You can’t pay into a Lifetime ISA after the age of 50.

You can transfer some or all of your money saved in previous tax years into a Cash ISA, Stocks & Shares ISA, Innovative Finance ISA or Lifetime ISA without affecting your annual allowance.

For example, if you transfer a Cash ISA from the previous year, it won’t count towards the allowance of the current tax year.

Be careful not to close the Cash ISA, withdraw the money, then pay into a new Cash ISA. This can mean losing tax-free status.

Always check for charges if you plan on transferring an ISA to a new provider.

The ISA allowance resets at the end of each tax year, which is 5 April. You can’t carry any allowance over into the next year, it will reset to the limit again once the new tax year starts on 6 April.

No, saving into a Junior ISA for a child or grandchild won’t count towards your ISA allowance. The allowance for Junior ISAs is £9000 for the tax year.