Currently, the available types of ISA are:
- Stocks and shares
- Innovative finance
- Lifetime (LISA)
The big benefit of ISAs is that no tax is payable, either on interest from cash or on investment returns.
Everyone has a yearly allowance for how much they can pay in. This is currently £20,000 a year, and this can be invested into a single ISA, or split across different types depending on how you wish to save. The only exception to this allowance is the LISA, which has a £4,000 annual limit.