ISA Rules Simplified
You can save up to £20,000 a year in an Isa, where this money can grow completely tax-free. Interest you earn on savings outside an Isa can also be tax-free, as long as it doesn’t exceed your personal savings allowance
Under current rules, you can only pay into one of each type of Isa in a single tax year. For example, if you open an instant-access cash Isa in 2023-24, you can’t also open a fixed-rate cash Isa..
But this will no longer be the case from April 2024. From that point, savers will be able to easily move between different providers in search of higher returns.
And those with innovative finance Isas will be able to invest in a broader range of investments.