1. Tax-free savings
Whether this be a cash, lifetime or stocks and shares ISA (to name a few), the main benefit is always going to be the fact of having a tax-free allowance in place.
2. Investment opportunities
If you are opening stocks and shares ISA, you can have a say in where your money is going.
Most providers will allow you to browse their opportunities, meaning you can invest your money wisely, especially if you are in the know of your chosen market.
3. The potential for growth on stocks and shares ISAs, depending on the current economic climate, is always greater than keeping it in cash.
This is particularly apparent in investment ISAs, as if you are able to invest your cash for five years plus, then you could be adding to your pot at quite a rate.
4. Transferring made easy for whatever reason you have changed your mind on the type of ISA you have chosen, well, now you can change it. If you’ve opened a stock and shares ISA but you know you’ll need the money at some point, then why not transfer to a cash ISA.
This is made easy with the help of your provider, giving you as a customer, great flexibility. However, once you transfer you may not be able to transfer back to your original investment.
5. You can have multiple on the go given you have just one of each type, then you can open one of every ISA going.
As long as this meets the combined tax-relief amount of £20,000 then it is within the allowance.
You may like all aspects of each ISA and wish to open one of each, or in most cases, open both a cash and an investment ISA.
This is completely doable but it is always best to seek financial advice if you wish to open several accounts.
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The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.