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An ISA or individual savings account is a wrapper that helps you shelter your investments from tax so that your money can grow more quickly. The government sets a maximum amount that you can invest in ISAs each year - this is currently £15,240.
Our ISA is a stocks and shares ISA. This means you can hold investments as well as cash within your ISA account with us. We have a wide range of investments for you to choose from and our account is easy to manage online.
ISAs offer great tax benefits.
You can invest up to £15,240 in one cash ISA and one stocks and shares ISA each year, how you split your money between the two doesn’t matter, provided you don’t go over the limit in total. You can also take your money out of an ISA when you need it, although if you pay it back in again it will count towards the £15,240 limit. This means that if you want to transfer an ISA from one company to another you need to do this as an ISA transfer rather than take money out and pay it back in again.
It is worth remembering that the annual allowance is only available for each single tax year, so if you don’t use your allowance this year you will lose it.
An ISA is free from capital gains tax and you will pay no further tax on any income or interest. You don’t even have to declare it on your tax return.
You can fund your AJ Bell Youinvest ISA instantly by debit card or set up a direct debit to make regular payments.
If you do have some investments that you want to transfer into your ISA then you could use our bed and ISA service. This involves selling your investment and immediately buying it back into your ISA. You need to remember that you will pay stamp duty and dealing charges as well as losing the difference between the market buying and selling price. You could also be liable for capital gains tax on the sale, depending on your tax position.
We will also accept shares acquired through a Save as You Earn (SAYE) or Share Incentive Plan (SIP) provided you have some remaining ISA allowance, the shares are in your name and they are eligible to be held in an ISA. The transfer must be made with 90 days of the exercise of the SAYE option or release from the SIP.
Our ISA gives you access to a market-leading range of investments, including bonds, shares from 21 markets, around 4,000 funds, investment trusts, exchange traded funds (ETFs) and exchange traded commodities (ETCs). In fact, you would struggle to find such a wide range of investment options anywhere else.
You must be at least 18 to open an AJ Bell Youinvest ISA and you must be resident in the UK or be a Crown employee or their spouse or civil partner who is working overseas.
You can only invest in a stocks and shares ISA if you have not already subscribed to another stocks and shares ISA in the tax year and if you have not subscribed your full annual allowance into either a cash or stocks and shares ISA or combination of the two in this tax year.
If you are under 18 then our Junior ISA could be right for you.