SIPP |
Stock and shares ISA |
Lifetime ISA |
Dealing account |
|
| Age you can start | Any age | 18+ | 18-39 | 18+ |
| Annual savings limit | Max £40,000 per year. Highest earners restricted to as little as £10,000 | Max £20,000 across all ISAs | Max £4,000 per year (overall ISA limit is £20,000) | None |
| Government contribution | 20% tax relief (equivalent to 25% bonus) paid into pension. Higher rate and additional rate tax relief can be claimed separately. | None | 25% bonus (max £1,000 per year) | None |
| Employer top-ups | Can be paid | None | None | None |
| Investment options | Invest in full range of funds, shares, bonds and trackers | Invest in full range of funds, shares, bonds and trackers | Invest in full range of funds, shares, bonds and trackers | Invest in full range of funds, shares, bonds and trackers |
| Tax on withdrawal | 25% tax free, then subject to income tax | None | See Early access penalty | Subject to Capital Gains Tax |
| Age you can access | 55 (rising to 57 in 2028) | Anytime | For the purchase of first home, for retirement from age 60 or in the case of terminal illness. See below for penalty if withdrawing at any other time. | Anytime |
| Early access penalty | No early access permitted unless in ill health | None | 25% charge if withdrawn for any reason other than to buy a first home, at 60 for retirement, or in the case of terminal illness | None |
| Read more on SIPPs | Read more on Stocks and shares ISAs | Read more on Lifetime ISAs |
Read more on Dealing accounts |
Compare our range of accounts for children
Choosing the right account to give your offspring the best possible start in life is important. We offer a range of options to help you save for your children and choosing the correct one for you will depend largely on how and when you expect your child to be using the money you have saved for them. See our account comparison table for more information on the range of accounts.
