ISA allowances explained: how much money can you save?

This second video in the series looks at the ISA allowance - just how much can you pay into an Individual Savings Account?

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ISAs explained

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#ISAs #savingsaccounts #taxfree

00:00 What is the ISA allowance?
02:02 How is the ISA allowance split?
07:10 How long does the ISA allowance last?
09:00 Is there a lifetime ISA allowance?
10:12 How much can you add to an ISA?
12:40 What happens to an ISA when it matures?
14:40 What happens if you go over your ISA allowance?

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A B O U T A N D Y

DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.

[danfw]

Another top drawer video Andy. I feel I have a decent amount of knowledge about ISA's but still learnt a lot here. Thanks.

[alanmeasures]

Love these videos helps me alot old man takes alot getting in l understand and don't but thank you

[itsmecal]

What about the 100k life time limit they are thinking of introducing, any news on that? 🤔

[DB-dscg]

Does the interest I gain on my cash isa contribute towards my isa allowance?

[Williamsimmonite]

If I have an isa with virgin and another company offers a better interest rate can I move isa or do I have to ride out my fixed term

[ed]

Are you able to do a video on cancelling credit cards?

I am planning to cancel my Amex gold at the end of its first year, but want to know more about keeping points and the impact it will have on my credit score

[leonabaffour]

Thank you for this Andy, what happens if you have a JISA and your child turns 18 half way through the financial year? Does there allowance remain at £9K or change to £20k on their 18th birthday or do you have to wait until the following financial year when they would be 18 and a half?

[dafyddjones]

How do you go about transferring a stocks and shares ISA so that you pay lower annual fees.

[dutchtrucker]

If you transfer money in to an cash ISA, will you get paid interest on the full amount or just the first 20k?

[Bossmanplayzzz]

Of i put 20k in for 2 years so 40k total will i have to pay tax

[rled]

Why withdrawals don't reset or replenish the ISA allowance within the same tax year?

[TheGeoffnut]

I am opening a new fixed term cash isa shortly but have not used my £20000 allowance this year. This new isa is reinvesting a fixed term cash isa which is maturing, can iadd my £20000 to this?

[joannehudson]

I’ve just opened a Santander ISA in Sept. Does this mean I can open a new one in April next year with an another provider or do I have to wait till Sept 2024.?

[doomsday]

Is it possible to just use one type of isa - cash Isa in one tax year for one bank and another bank in the next tax year using cash isa?

[DesmondWalker-jh]

If you open a fixed isa on 1st of April and it has a 7 day window to add funds… if you add funds on 8th April then which year would it count for?

[BazGriffo]

Hi do you know what the personal savings tax allowance would be, as of the April 2024 and beyond?
I'm a basic tax payer.
Ive searched all over the internet without any luck.
Thank you,
Regards,
Barrie

[jedijooj]

What if you still have a help to buy isa ???

[aronreynolds]

If the isa pays dividends and you re-invest those dividends, does that form part of your allowance?

[wolvoman]

I had a cash isa with nationwide, at 4.25%, with the full allowance of 20k, i transferred to Barclays isa at 5.25%, when the transfer completed i had £20, 175.06 balance, i assume the £175.06 is interest earned from nationwide, question is, will i get taxed on that £175.06?

[Roludo]

bro you can buy a tshirt for 1 pound in any charity shop.